Here’s How Metromile Is Boosting Customer Experience with Digital Payments
Even before the global COVID-19 crisis, digital transformation was a hot button topic, with some industries racing ahead in their adoption of innovative technology to streamline workflows, refine processes, and supercharge customer experience.
The insurance business has understandably been in the vanguard of this movement and has, for many years, been offering customers more convenient ways to buy insurance and switch providers. Indeed, having to visit an insurance broker in person or call them on the phone to buy insurance is all but a thing of the past, and for great swaths of the population, buying insurance online – either directly or through a price comparison site – is now default setting.
However, one area which has been slow to adopt digital transformation is at the other end of the insurer/customer interaction – payouts.
Digital Payments
For any member of the public who has ever had to make an insurance claim, the process will often be remembered as a frustrating and analog process involving phone calls, manual form filling, and physical checks.
Pay-by-the-mile digital insurance disruptor Metromile is looking to change all that with its fresh integration of digital payments technology from Dwolla. By integrating Dwolla’s payment technology into its proprietary no-code claims automation platform Metromile STREAMLINE, Metromile can now empower insurers all over the world to offer a more streamlined and client-driven claims experience including Real-time Payments via the RTP® Network, Automated Clearing House (ACH) transfers via the ACH Network, or Push-to-Debit disbursements.
Not only will claims processed using this system offer a superior customer experience in terms of convenience and automation, but it will also speed the entire process up, offer new levels of claims accuracy, increase employee efficiency, and reduce loss adjustment expenses.
With 75% of claims still being paid using outdated paper checks – ask a GenZer what a check is to find out what a relic this payment method really is in today’s world – customers can often have to wait an additional week to access their funds and see transaction costs almost ten times those associated with digital payments.
"The majority of consumers want digital payments to receive their much-needed funds sooner, but many insurers cannot meet these needs with their current technology and processes," said Metromile Enterprise General Manager, Amrish Singh. "Our integration of Dwolla into Metromile STREAMLINE empowers insurers to provide multiple payment options and modernize their claims experience with greater efficiency and flexibility."
"Our partnership with Metromile is a win-win for both the policyholder and the insurer," adds Dwolla President and COO, Dave Glaser. "Because we are so accustomed to digital interactions, archaic processes such as waiting for a check really stand out. Especially during time sensitive situations, being able to digitally transfer payments is not only more timely – It’s more affordable. Both sides of the transaction win with our partnership."
Gig Economy
Metromile is also innovating its offering to better meet the needs of a transforming economy and adapting to new travel habits. With courier work seeing a massive uptick in the wake of the COVID-19 pandemic and more people than ever using rideshare platforms such as Uber, insurers need to adjust their offering to fit these more unstable work patterns.
To this end, Metromile has partnered with Buckle – a company which specializes in addressing the insurance needs of rideshare and delivery drivers. Through Metromile’s digital, contextual, self-service FNOL solution for customer-facing data collection and customer service agents, REPORT, Buckle will now be able to provide its customers with around the clock access to critical services and support digital claims via mobile devices or the web.
Through REPORT, rideshare and delivery drivers who have an accident while on the job can quickly and easily file a claim – including the ability to upload photos and documentation directly from their own digital smartphone. Simplifying the claims process helps these drivers get back on the road and back to earning faster than before – something which is essential to the long-term financial health of those involved in gig economy work.
"Gig economy workers can face significant financial challenges if they have an incident on the job or off, so our goal is to make things simple, fast and stress-free," said Buckle Vice President, George Rosen. "We conducted a thorough evaluation of possible solutions, and Metromile’s digital-first, road-tested approach was the clear choice. I’m confident it will improve our customers’ experience throughout the claims process."
"Like Buckle, we believe that the economy is changing, and insurance products and services should be built to address the future: digital first and meeting customers where they live, work, and play," continued Singh. "Rideshare and delivery drivers are highly valued contributors to the economy, and we’re proud that Metromile’s technology will help Buckle improve the claims process for them."
Final Thoughts
Customer expectations of their insurance providers are transforming. Brands operating in this space need to be ready to adapt to changing work patterns and look to the technologies which can make engaging with digital insurance companies a more pleasant and convenient experience for all involved.
You can hear more about this topic at Digital Insurance Summit 2022, taking place in May at the Renaissance Chicago, IL.
Download the agenda today for more information and insights.