There is plenty that human beings can do well, but at the same time, there is nothing we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown substantially more evident in recent times, and assuming one new insurtech development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Guidewire, an industry-leading player in P&C insurance, has officially teamed with Paymentus Holdings to launch a new validated accelerator called Ready for Guidewire. Presented as both a billing and payments accelerator, the new solution is designed to enhance customer satisfaction, and it does by so letting the policyholder pay through whichever medium they prefer. Among available mediums, we have options like credit and debit cards, PayPal, Venmo, Apple Pay, and a fair few others. Moving on, the new Paymentus accelerator further makes a point to allow a seamless access of all relevant payment details within PCI compliance, while simultaneously processing refunds and revenue in real-time so to ensure optimal speed throughout the operation cycle. Interestingly enough, it also has the means to store policyholders’ account details, including payment method and preferred communication channel. This feature, in particular, is worth your attention because of how it paves the path for targeted notifications and reminders.
“Our new BillingCenter accelerator can help insurers keep pace with rapidly evolving customer demand for a streamlined billing and payment experience,” said Dushyant Sharma, Founder and CEO of Paymentus. “With this app, modern insurers can rapidly upscale their billing and payments capabilities, increasing customer satisfaction and policy renewal rates through improved speed of payments collections and claims disbursements.”
The partnership follows up on a McKinsey report, which claimed “more than four in five Americans used some form of digital payment in 2021” Fast-forward to two years later, the technology is now an indispensible part of the global economy, and yes, also of our insurance industry. So, when something has such a big say in the works, it’s important to try and give it the best shape possible. Fortunately, the partnership between Paymentus and Guidewire does that very job. From what we know, the Ready for Guidewire delivers at your disposal the largest peer network in the industry. Alongside its huge network, the solution also boasts more than 200 integrations that have been duly checked for security, quality, and compatibility.
Talk about what made Guidewire an ideal partner here, the company’s excellence in combining digital, core, analytics, and AI has earned it the trust of over 500 insurance carriers, with its clientele stretching across 38 different countries. In case that’s not convincing enough, then we must acknowledge how Guidewire has, so far, completed over 1,000 successful projects.
“Congratulations to Paymentus on the release of its new BillingCenter app,” said Eugene Lee, senior vice president and general manager of InsuranceSuite at Guidewire. “Paymentus’ solution can help insurers stay on the leading-edge of payment technology, ensuring policyholders have a wide range of payment methods to choose from. We look forward to seeing our shared customers reap the benefits of its technology.”
As for Paymentus, it provides cloud-based bill payment technology and solutions to more than 1,700 billers and financial institutions across North America. While that clientele is surely a source of validation for the company, it was also named industry’s best-in-class provider of EBPP solutions by Aite-Novarica in February 2022
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