Commercial Insurance Company Optimizes Payments and Enhances Customer Experience
Industry
Insurance
Region
Global
Service
Payments
Challenge
A leading commercial insurance company in the United States recognized the need to modernize its payment processes to reduce operational costs and deliver an improved customer experience. The company sought a partner capable of providing a thorough audit and advisory service to ensure payment systems adhered to industry best practices and aligned with evolving customer expectations. Key priorities included streamlining operations, reducing expenses, and exploring innovative payment solutions to enhance satisfaction.
Solution
The company engaged with Redbridge to perform an in-depth review of its payment environment. The audit revealed opportunities to renegotiate terms with acquirers, onboard new providers, and optimize interchange rates through enhanced
transaction data. Additionally, the Redbridge advisory team recommended expanding payment options, assessed the feasibility of a surcharge program, and introduced improvements to the company’s Interactive Voice Response (IVR) system to streamline the customer payment experience.
Results
The implemented changes delivered over $1 million in annual savings through optimized pricing, payment strategies, and interchange efficiencies. The enhanced payment options and improved technology created a more seamless customer
experience, while the successful implementation of a surcharge program enabled sustainable cost recovery. Over 10 years of ongoing advisory services continue to provide the company with valuable insights, helping maintain operational transparency and align payment operations with long-term strategic goals.
“In large insurance organizations, payments can become complex and fragmented. Our focus was to simplify the ecosystem, uncover hidden inefficiencies, and build a foundation that supports both cost savings and a better customer experience.”
Dan Carter
Senior Director, Payments, Redbridge