Traditionally, an insurance policy comes with a mountain of paperwork and plenty of hassle. In the digital age of technology, there is no real need for these antiquated methods. Policyholders are realizing that there are easier options out there, and insurance providers will soon have no choice but to adapt.

Slow adaptation to the digital age

While people have been ordering food, hailing cars on rideshare apps, and filing taxes online for years now, insurance policies have continued to be applied and paid for with physical forms and payment methods. Unlike other areas of the economy, which are forced to adapt quickly or fade away, the insurance industry has been able to hold off from making modern technological updates. [Read about how Insurance UX needs updating here]

In part, it is due to the mental construct about what an insurance policy stands for that has been holding the industry back from embracing these advances. Such a critical, important agreement shouldn’t be bought and paid for as easily as you might order a pizza, right?

We respectfully disagree.

Time for companies to make the move to digital

There is no reason that obtaining or paying for an insurance policy should be challenging, cumbersome, or inconvenient. The technology needed to make the process easy and digital is readily available, and will improve consumers’ overall experience with insurance.

Wasting paper with policy packets and forms

Although kept out of a feeling of obligation, no one actually needs all of that paper. Most paper form insurance packets and records remain tucked inside a drawer or cabinet, never to be opened (let alone read).

Suppose a customer has a question about their policy; they are far more likely to perform an online search or contact their insurance company directly rather than digging through piles of forms and papers.

In reality, printing pages and pages of policy paperwork is an old habit that became obsolete long ago.

Mailing physical checks is costly & time consuming

When it comes to making payments, sending an old-fashioned check through the mail is no longer the most efficient nor most reliable method. Checks often take a bit of time to arrive and are occasionally lost along the way to their destination.

The hassle and fallibility of sending a paper check for payment is just not practical in today’s digital world. You’ll find that digitizing the process will save you money as well.

Nothing is holding back digitization

The primary reason that the change to digital hasn’t been made already is because of a lack of reasons to push it forward. There simply hasn’t been enough pressure to advance the technology insurance companies.

Without motivation to make the changes, insurance companies have remained complacent. At this point, there is no real reason not to join the rest of the digital world; digital documents are just as safe and effective, and are far more convenient for consumers. Slowly, we are seeing the pressure finally building to make this transition occur across the industry.

Consumers want insurance to be as easy as other online purchases

In a world where you can get almost anything quickly and easily online, why should insurance be any different?

The online payment process is easy

Making a payment online or through an application is secure, fast, and easy. Getting the appropriate information from the customer’s bank to the intended destination is a well-established online process in today’s world. It doesn’t really matter if those funds are paying for a pizza or an insurance policy, the process is the same.

Customers expect to be prompted for the appropriate information and can be notified instantly if something is missing or incorrect. An incorrect address or missing digit can be dealt with in the moment so that there will be no reason for delay.

Paying online is convenient and intuitive

When it comes to making on-time payments, it is easier for policyholders to quickly pick up their phone or laptop and immediately take care of the bill.

Removing any roadblocks between the customer making their payment, a convenient digital process can be completed anytime and from anywhere.

There are very few—if any—people in the modern world today who have not processed a payment online. Consumers will be familiar with the process of logging into an account, entering their payment information (or letting it autofill), and clicking submit.

Consumers will seek out easy policies with online payment options

Consumers avoid the hassle of paperwork and antiquated payment methods. When seeking out a new insurance policy, they will be drawn to the companies that are making it easy, fast, and convenient with online sign-up and payment processing options.

They will shy away from companies that needlessly hold to outdated, traditional methods because they recognize that there is no reason paying for insurance should be any more challenging than ordering a pizza.

In time, the companies that refuse to make these changes and meet the demands of the modern, digital world will begin to fall behind and eventually fade away. The customers have immense power in these situations. Customers choose to support the companies that give them the convenience they want, and disregard those that refuse to advance.

Genius Avenue can help

Consumers want to live in a world where paying for a pizza and paying for insurance are equally convenient and easy. Unfortunately, creating a digital payment system for pizza is slightly less complex than creating one for insurance on the provider side.

Genius Avenue was born in the insurance and benefits industry and our solutions are designed specifically to address industry issues. We can handle digital payments, enrollment, and administration, help grow your sales and more. Want to learn more? Click here to speak with an expert.