During COVID-19 lockdowns and other related challenges, many insurers began realizing the more urgent need to automate parts of their businesses to increase efficiencies and profitability. In fact, one such function that has received intense focus is transforming manual billing systems to digital payment platforms.
While the pandemic was not the sole catalyst that kickstarted the need to automate or digitize, it surely helped advance it. Last year, KPMG’s annual CEO Outlook Survey found that 85 percent of insurance CEOs said COVID accelerated the digitization of their operations. It also noted that 78 percent ramped up the creation of a seamless digital customer experience. As such, more are moving to automated, easy-to-use digital payment platforms to provide customers with greater convenience and options.
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