California Mutual Partners with Invoice Cloud to Improve Insurer’s Efficiency and Simplify Process for Policyholders
BRAINTREE, Mass. (Dec. 7, 2020) – Invoice Cloud, a leading provider of PCI compliant, secure electronic payments and the highest adopting Electronic Bill Presentment and Payment (EBPP) solutions, has enabled California Mutual Insurance Company to implement a payment processing platform that significantly reduced administrative inefficiencies while greatly enhancing the user experience for policyholders.
Last year, California Mutual successfully transitioned to Invoice Cloud’s platform from its legacy payment processing system, which could be difficult to use, lacked self-service functionality, and was not fully integrated with the company’s core policy administration system. Since implementation, California Mutual has seen e-payment adoption rise by over 150 percent and paperless enrollment increase 15-fold.
“Invoice Cloud’s seamless integration with our core billing system has improved payment efficiencies so much that we save 15 hours a week in time spent on reconciliations. It has made our lives so much easier, and allows us to focus on more strategic priorities,” said Cheri Schmidt, Chief Financial Officer/Vice-President of California Mutual. “Our policyholders find Invoice Cloud easy for setting up recurring payments and retaining payment preferences, with invoice and payment history at their fingertips.”
The premium payment process is one of the most important and frequent touchpoints between insurance companies and their insured policyholders. A recent Invoice Cloud survey of more than 1,000 insurers found that positive online customer experiences are driven primarily by online payment systems that are simple and convenient to use, and make it easy to enroll in automatic payments and paperless billing. Invoice Cloud developed a research report based on the survey called “Customer Experience in the Insurance Industry” to share its insights.
“The research shows us that the online payment experience is a critical factor that impacts overall policyholder satisfaction levels, and may hold the key to reducing customer churn,” said Tom Griffin, President of Invoice Cloud. “We greatly appreciate the opportunity to support California Mutual on their journey to improving policyholder satisfaction and retention, while reducing their operating costs.”
About California Mutual Insurance Company
California Mutual Insurance Company, based in Hollister, Calif., is a domestic insurance company that has been serving policyholders and agents since 1920 with lines of personal and commercial insurance in the state of California. California Mutual is rated A- (Excellent) by A.M. Best Company and reinsures business with carriers rated “A” Excellent or better. For more information, visit www.calmutual.com
About Invoice Cloud
Invoice Cloud, 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 Invoice Cloud, clients improve customer engagement, loyalty, and efficiency while reducing churn and missed payments in the process. With over 2,100 clients across the US and over 50 million payments processed annually, Invoice Cloud is one of the most secure, innovative, and inclusive fintech solutions in the market. To learn more, visit www.invoicecloud.com.
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