Guidewire and Paymentus Holdings have announced the availability of Paymentus’ new ready for Guidewire validated accelerator.
The app is now accessible to BillingCenter users via the Guidewire Marketplace, marking a significant step forward for both companies.
The decision to create this new product was spurred by the need for insurers to keep pace with the evolving landscape of payment technology. Payments, being a frequent engagement point for insurers and policyholders, significantly influence policyholder satisfaction.
A McKinsey report highlighted that “more than four in five Americans used some form of digital payment in 2021.” Given the ongoing rise of digital payments, it’s imperative for insurers to adapt to modern payment methods to meet policyholder expectations.
Paymentus, recognised as the “Best in Class” provider by Aite-Novarica in 2022, is a leading electronic bill payment and presentment (EBPP) platform. The company assists insurers in making their billing and payments processes seamless for policyholders. Paymentus’ technology enables policyholders to make payments and receive payment notifications according to their preferences, whether they lean towards traditional or modern methods.
The newly introduced Paymentus Billing and Payments accelerator empowers insurers to increase customer satisfaction by allowing policyholders to pay via their preferred method. This includes traditional methods like credit and debit cards and modern methods like PayPal, Venmo, and Apple Pay. Additionally, the app lets insurers view secure payment details within PCI compliance, process refunds and reversals with real-time updates, and securely save policyholders’ account details. Moreover, Paymentus also handles payment card industry (PCI) compliance for users.
Dushyant Sharma, founder and CEO of Paymentus, said, “Our new BillingCenter accelerator can help insurers keep pace with rapidly evolving customer demand for a streamlined billing and payment experience. 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.”
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