Installment Bill Booklet
- 2. The Challenge Today In an environment of intense market competition, understanding constantly evolving consumer expectations is a major challenge facing the insurance industry. Companies often struggle to create tangible value for their customers and differentiate themselves in a digitally-driven environment. Compounding this problem is that the brief transactional nature of an insurance relationship seldom provides time to make a lasting impression. The moments thought to represent the largest advantage occur at the (A) point of sale, (B) claim handling, and (C) policy renewal. Aside from these instances, customers are free to blissfully ignore the insurance company – and their own policy…unless, of course, they need you. Then, fast, efficient service can successfully build long lasting trust and loyalty. “It’s more cost-effective to retain and sell to existing customers than to acquire new ones.” Successfully identifying or creating important touchpoints often requires the collaboration of multiple parts of a company and its outside partners. The IT team needs to be in sync with product development, which needs to coordinate with marketing and sales, who need to align messages with the operational component...and so on. Needless to say, this represents a real challenge. Billing represents the most visible and most frequently interacted-with touchpoint. It connects businesses to customers at every single payment and between payments during most account servicing periods. // In an environment of intense market competition, understanding the constantly evolving expectations of your customer is a major challenge facing the insurance industry today. Companies often struggle to create tangible value for their customers and differentiate themselves in a digitally-driven environment. The brief transactional nature of an insurance relationship compounds this problem, and seldom provides the time to make a lasting impression. The moments that represent the largest advantage occur at: (A) the point of sale, (B) billing, (C) claims handling, and (D) policy renewal. Aside from these fleeting instances, customers are free to blissfully ignore the insurance company – and their own policy – unless of course, they need you. However, when properly implemented, installment billing can provide a distinct communication advantage for companies. “Billing can be a differentiator, helping carriers to retain customers in a competitive marketplace. Retention is a key benefit, especially given that the cost of acquiring new customers can be up to 10 times the cost of retaining an existing customer.”(1) Billing represents the most visible and most frequently visited touchpoint. It connects businesses to customers at every single payment and in-between, during most account servicing periods. Identifying touchpoints requires the collaboration of multiple parties. The IT team needs to be in sync with product development, which needs to coordinate with marketing and sales, who need to align messages with the operational component...and so on. Input 1 is uniquely positioned to prepare your company for the future of insurance. // (1)SAS,“CustomerRetention,”www.sas.com,accessedDecember17,2013.
- 3. 03 04 05 06 07 08 09 10 11 Maximizing Customer Engagement Full-Service Mobile An Integrated Billing Solution An Enterprise-Class Servicing Platform An Exemplary Broker and Accountholder Experience Metrics that Predict Success A Story of Success Methodology that Matters The Overview Uniquely Positioned to Deliver For over 30 years, our expertise and practical approach have earned us lasting partnerships with major insurance providers, nationwide. We’re positioned to rise up and meet the challenges of today’s marketplace with an array of technology and servicing standards that you won’t find with any other provider.
- 4. Maximizing Customer Engagement At Input 1, we’ve streamlined the entire process and removed the complexities of maximizing the enterprise value of touchpoints. We help insurance carriers promote customer affinity using these touchpoints, and in so doing we help carriers grow their bottom line. At Input 1 we specialize in transforming your first-time customers into lifetime customers. Input 1’s outsourcing platform expertly produces and delivers on major opportunities for interaction, such as invoices, reminders, emails, and mobile management. We specialize in crafting these touchpoints to successfully cross-market your products and services, build brand awareness, and align your product offerings with your customer’s needs. We provide a highly competitive edge by dramatically increasing the impact and frequency of these valuable interactions, which: • Initiate important ongoing conversations with your customer • Successfully predict your customer’s needs • Align your brand with your customer’s goals • Connect you to their personal lives • Demonstrate unwavering dependability The FACT is: your current touchpoints should be differentiating you from competitors by building product knowledge and increasing brand loyalty. If they’re not, you’re losing business. // 04Make a Connection
- 5. Say Hello to Full-Service Mobile Insureds expect easy access to their account. Insurance carriers that don’t deliver will lose valuable renewal business to competitors that can. Input 1’s white-labeled mobile website addresses this expectation. Empower your insureds and agents with the freedom and convenience they expect from their insurance carrier! 46% 57% 51% 30% Great Service, Account Search Find any account at any time. Account Summary The detail you need, at your fingertips. Payment History A complete view of payments. Policy Summary The essential policy information. My Documents See all your documents in one place. Make a Payment Mobile payments made easy! Contact Us Provide faster access to great service. Settings Portfolio access for all types of users. Anywhere! FROM (1)Source:Novantas©March2016TheFinancialBrand Percentage of smartphone owners making regular mobile bill payments in 2016 (1) Under 30 Ages 30-39 Ages 40-49 50 or Older PROVIDE 05
- 6. Our Core Solution Overview Input 1’s flexible billing solution alleviates concerns of onboarding excess operational or IT resources. After integration with your existing system(s), account entry happens in real-time, or by batch mode, via a web service call to Input 1. Every aspect of the billing cycle is meticulously managed by our expert service center. The billing portal and customer care center, branded with your name, are managed to deliver metrics that help us reliably predict and prepare for your business volume. No matter the goal, our outsourcing team is capable of delivering a custom solution to fit your needs. // Payment Processing Lockbox File ACH File Invoice Recurring Credit Card and ACH Coupons Account Activity New Business/Renewals Endorsements Cancellation Requests Reinstatements Rescissions Online Access Mobile Website for Brokers and Insureds Account Information 24/7 Credit, Debit and ACH payment options Document Retrieval Agent Commission Information Automated Reports Data Exchange New Account Information Payment Information Disbursements Commissions Endorsements Cancellations Reinstatements Call Center Toll-Free Number White-Label Service Integrated Voice Response Notice Handling Welcome Letter Invoice Endorsement Letter Notice of Intent to Cancel Notice of Cancellation Notice of Reinstatement INTEGRATION FRAMEWORK A N I N T E L L I G E N T 06The Platform
- 7. Capabilities and Features The Input 1 billing solution delivers one of the most comprehensive and streamlined solutions for the P&C marketplace today. Our advanced real-time solution, expert staff, and results-driven service center deliver exactly what you and your customers demand in this rapidly evolving environment. The following are just a few of many features: Call Center • Professional, friendly, and knowledgeable staff • Open Monday - Friday, 9:00 a.m. to 5:00 p.m. in all four continental U.S. time zones • A unique, dedicated Toll-Free Number and greeting • Automated account information and payment options Technology and Online Services • Mobile Web Application • Online account information and detail 24/7/365 • Web Payment Services (Checks, Credit Cards, ACH, Debit cards) • Online Cancellation Holds • Customizable Automated Report Delivery (retail agent and management-level reports) • Online document storage and retrieval • Standard and customized Web Services/XML Data Exchange • Custom Web Portals • Extensive User Security Commission Management • Broker Statements • Multiple-party Disbursements Comprehensive Administration of your Billing Needs • Direct Bill and Agency Bill • Multiple policies per account • Flexible bill and installment plans (including irregular payment schedules) • Recurring Credit Card, ACH, Debit, and Invoice • Notice fulfillment (ODEN-based rules) • Highly flexible fee structures (Installment Fee, Late Fee, Cancellation Fee, Reinstatement Fee, Return Item Fee, and Finance Charges) • Remittance processing • Customizable Pre-cancellation Notifications (text or email alerts) • Pre-cancellation/Notice of Intent to Cancel • Cancellation processing • Reinstatement processing • Endorsement processing • Refund processing 07Input 1 Features
- 8. Staff • Access complete audit trails including every change made from inception • Reports delivered via email can be scheduled daily, weekly, or monthly • Manage security/access of company personnel Policyholders • View account summary information • Debit, Credit, and ACH payments • View and print invoices • Edit account information • View and print previously mailed documents Agents • View detailed account information • Manage electronic notice delivery • View and print reports, including: new accounts, pending cancellations, and reinstatements Broker and Accountholder Experience Accountholders and Brokers demand instant access to their account information. Failure to deliver on this will result in losing touch with an entire generation of customers. The Input 1 solution provides real-time access to the most critical billing details while also providing online solutions to the most common requests. 08The Experience
- 9. The Science of Customer Service: KPIs Every company talks about providing great customer service, but can they deliver it? Data-driven performance is where Input 1 excels and helps bridge the gap between where you are and where you need to be. Throughout the lifecycle of an account, meaningful metrics are derived from every aspect of our service. These data points, our Key Performance Indicators, are closely examined and acted upon to reduce customer wait times, reduce abandonment rates, and improve work flow. These analytics also highlight microtrends in customer service and accurately forecast even minor fluctuations in volume and staffing needs. What does this all mean? It means that we make adjustments to address service issues well before they occur. The end result dramatically improves customer engagement and, ultimately, retention. // Predicting Service Needs With Call Metrics Consistent management yields consistent, predictable production. Abandonment Rate The percentage of callers who hang up before being connected to a live representative Average Queue Time The average time that a caller has to wait before speaking to a live representative Average Handle Time The average time spent on each call, handling to completion the client’s needs Service Level The percentage of calls answered before being passed to the automated Voice Response Service 2.58 percent 18 seconds 2.56 minutes 97 percent 09Predictive Metrics
- 10. Our Methodology Matters At Input 1 we believe that the perfect billing solution must incorporate your core business values. Otherwise, the long- term success of the program will be jeopardized. When your values are at the heart of your service, your customers will sense this and your business will thrive. 01 02 03 04 FINALLY, after extensive testing, we launch. Valuable statistical data are tracked to maximize efficiency throughout the lifetime of the partnership. THEN, we build the operational and systematic components for your program. The program is a living, breathing business model that continues to change and evolve well after implementation. NEXT, we engineer a comprehensive and customizable solution, and build a project plan that outlines all of the moving parts and deliverables for the program. FIRST, we learn about your existing corporate culture and begin to conceptualize a shared vision for growth. Then we develop a solution that will exceed the expectations of both your staff and customers. 10Methodology
- 11. Tokio Marine HCC: A Story of True Success Many factors weigh into the decision to bring a new insurance product to market. Often, after completing the underwriting and financial projections, and the product nears launch, the inevitable question remains: how will the new product be billed? After the release of their Artisan Contractor program, Tokio Marine HCC was facing this dilemma. Should they try to build a team and a technology solution to handle the impending needs, or look to an outside vendor with expertise in this area? Conservation of time, money and resources all had a profound impact on the decision-making process. Ultimately, it was decided that outside expertise was the most sensible approach to ensure success. Input 1, armed with a long history of implementing advanced billing solutions, helped launch a seamless outsourced product. Designed in concert with the Tokio Marine HCC staff, Input 1 engineered mobile access and a customized web portal. This helped to facilitate and manage the purchasing process for small artisan contractors located throughout the United States. From concept to implementation, Input 1’s systematic and meticulous approach made certain that aspects of the billing process were carefully assembled to support the program in its entirety. “A successful launch was important to us, and the initial broker experience was absolutely critical to our long-term success. Developing and launching a new product offering is time consuming and stressful enough. With time-to-market concerns and IT resources dedicated to other projects, we relied on Input 1 to assist us. The results couldn’t have been more positive for both our brokers and policyholders,” said Chris Day, President of Tokio Marine HCC - Casualty Group. Input 1 allows brokers and account holders to access account information online, 24/7/365, via a white-labeled website, and a toll-free number - direct to Input 1’s professional call center. This ensures that all billing-related items are handled precisely how Tokio Marine HCC envisioned it from the beginning. 1 1True Success
- 12. Since 1984 Input 1 LLC has been a leading provider of products and services to the insurance industry. Our focus is on the billing of property and casualty insurance premiums. We provide comprehensive outsourcing solutions and customizable, automated receivable-management tools for insurance carriers, general agents, and banks, which can be integrated into virtually any system. Our intuitive, client-facing services, such as multi-policy single bill, online bill presentation, online payments, and payment reminders via email and text, make us the number one choice for business solutions. More than one million agents, brokers, and policyholders experience our services every day. With over 25 years of consistent growth, and a knowledgeable group of professionals devoted to the success of our customers, Input 1 provides stability and sustainability for the long run – a true partner for accelerated growth. Quality has no substitute 6200 Canoga Avenue, Suite 400, Woodland Hills, California 91367 | 888.882.2554 ext. 2135 | www.Input1.com