Computer Sciences Corporation has released the results of two US surveys of P&C insurance customers that show a large, untapped opportunity for cost control through electronic billing.
Conducted by MarketSearch Corporation, CSC says that the survey of car and homeowner insurance billing methods found that 88% of auto insurance customers and 93% of homeowner insurance customers still receive bills by mail. Yet 73% of respondents surveyed indicated they would be willing to pay their insurance bills over the internet.
CSC argues that by moving from traditional billing to electronic billing methods, companies can improve cash flow, lower invoicing and postage costs, automate data entry of payments, eliminate lost invoices and make dispute resolution simpler. In total, CSC says, a company could be saving around 20 to 50% by adopting an electronic billing solution.