InvoiceCloud Customer Ellington Mutual Achieves 7x Increase in AutoPay Adoption
HORTONVILLE, Wis. & BOSTON–(BUSINESS WIRE)–Ellington Mutual Insurance Company has leveraged InvoiceCloud, an EngageSmart (NYSE: ESMT) solution for online bill payment services, to streamline payment processes and maximize operational efficiencies. Since implementing InvoiceCloud’s payment solution, Ellington Mutual has experienced a 7x increase in its AutoPay adoption and discovered new opportunities to increase customer satisfaction.
A leader in providing top-quality insurance in its field since 1878, Ellington Mutual provides property and casualty insurance throughout Wisconsin. Wanting to keep up with changing customer expectations and to future-proof its policyholder experience, the team needed a solution that would modernize their payment processing and remove friction from the payment experience. Ellington Mutual chose to employ InvoiceCloud for the range of tools it offers insurance policyholders. These include AutoPay, scheduled payments, and customizable payment reminders.
Since implementing InvoiceCloud in December 2021, Ellington Mutual has doubled its payment options to allow customers to pay bills via digital wallet, text, phone, or PayPal, in addition to traditional bill payment routes. Ellington Mutual has also seen a 63% increase in paperless enrollment and a significant decrease in print and mail costs for statements, all within the first six months of working with InvoiceCloud. As paperless enrollment and AutoPay enrollment have increased, payments made via standard mail have decreased, which also saves on payment processing time.
According to a 2016 report from McKinsey, insurance carriers that provide best-in-class customer experiences generate two to four times more growth in new business and about 30% higher profitability than carriers with an inconsistent customer focus.
“InvoiceCloud’s solution not only met our current needs today but gave us the capability to integrate next-generation capabilities as we scale, and to increase customer retention by meeting the needs of modern-day policyholders,” said Ellington Mutual CEO and President Howard Schwartz. “Plus, their support team included industry specialists, leading to the smoothest implementation I’ve ever been involved with.”
For more on Ellington Mutual’s integration with InvoiceCloud, check out their story here.
About Ellington Mutual Insurance Company:
Ellington Mutual is a Wisconsin based property casualty insurance company committed to superior service while utilizing today’s technology. Since 1878, Ellington Mutual’s philosophy has been local, friendly service, competitive rates and financial security.
InvoiceCloud, an EngageSmart solution, is the leading provider of online bill payment services. Founded in 2009, the company has grown to be one of the leading disruptors in the cloud-based electronic bill presentment and payment (EBPP) space, helping institutions put customer experience first. By switching to InvoiceCloud, clients improve customer engagement, loyalty, and efficiency while reducing churn and missed payments in the process. With over 2,700 clients across the US and over 50 million payments processed annually, InvoiceCloud is one of the most secure, innovative, and inclusive fintech solutions in the market. To learn more, visit www.InvoiceCloud.com.
EngageSmart is a leading provider of vertically tailored customer engagement software and integrated payments solutions. At EngageSmart, our mission is to simplify customer and client engagement to allow our customers to focus resources on initiatives that improve their businesses and better serve their communities. Headquartered in Braintree, Massachusetts, EngageSmart offers single instance, multi-tenant, true Software-as-a-Service (“SaaS”) vertical solutions, including SimplePractice, InvoiceCloud, HealthPay24 and DonorDrive, that are designed to simplify our customers’ engagement with their clients by driving digital adoption and self-service. EngageSmart serves 89,000 customers in the SMB Solutions segment and more than 3,200 customers in the Enterprise Solutions segment across five core verticals: Health & Wellness, Government, Utilities, Financial Services, and Giving. For more information, visit https://engagesmart.com and follow us on LinkedIn.
Certain statements about EngageSmart’s business in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as “expect,” “intend,” “anticipate,” “estimate,” “believe,” “future,” “could,” “should,” “plan,” “aim,” and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding the anticipated benefits and use of the InvoiceCloud platform and other statements that are not historical facts. These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results and events to differ materially from those contained in the forward-looking statements. Actual results and events could differ materially from those anticipated in these forward-looking statements for many reasons, including, but not limited to, the following: our inability to sustain our rapid growth; failure to manage our infrastructure to support our future growth; our risk management efforts not being effective to prevent fraudulent activities; inability to introduce new features or services successfully or to enhance our solutions; inability to achieve or sustain profitability; failure to adapt and respond effectively to rapidly changing technology, evolving industry standards and regulations and changing business needs, requirements or preferences; real or perceived errors, failures or bugs in our solutions; intense competition; lack of success in establishing, growing or maintaining strategic partnerships; COVID-19 pandemic and its impact on our employees, customers, partners, clients and other key stakeholders; legal and regulatory risks; and technology and intellectual property-related risks, among others. Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect EngageSmart’s operating results and financial condition are discussed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 and our Form 10-Q for the quarter ended June 30, 2022, as updated by our future filings with the Securities and Exchange Commission. Such statements are based on EngageSmart’s beliefs and assumptions and on information currently available to EngageSmart. EngageSmart disclaims any obligation to publicly update or revise any such forward-looking statements as a result of developments occurring after the date of this document except as required by law.
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