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NEWSFLASH #69 | 29nd July
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Striata's Secure eDocument Delivery and Email Bill Presentment & Payment (EBPP) are solution sets that deliver a rapid reduction in operational costs, quicker payments and an enhanced customer experience.
Striata revolutionizes the way bills, statements, policies, collection notices, letters, paystubs and other high volume system-generated documents are delivered and paid. Registration requirements are eliminated by emailing feature rich, interactive, encrypted documents directly to the inbox and enabling innovative 1-click electronic payment from within the document itself.
Direct email delivery of bills and statements dramatically increases customer adoption of electronic documents, paper turn off and ePayments. This enables Striata's clients to achieve rapid ROI; complement their existing self-service and e-communication strategies; significantly reduce paper output and to meet their carbon footprint/environmental impact targets.
As a leading international provider of electronic messaging since 1999 with more than 200 blue chip customers, Striata has operations in New York, London, Sydney, Johannesburg and partners in North, Central & South America, Europe and Asia Pacific.
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Please join us at 3:00 Eastern time on Wednesday, August 6 for a webinar being hosted by one of our partners, Western Union Payment Services.
Entitled "Ensuring a Successful eBilling Initiative", the webinar will be led by our Vice President of Sales, Barrie Arnold.
Barrie is a marvelous speaker, and will be providing insight about what defines a successful eBilling initiative and how its measured.
The webinar is being hosted by Western Union, one of our partners.
Register here
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Striata eDocument Delivery is enabling insurers to realize significant paper turn off savings
Striata, a global leader in secure electronic document delivery, is successfully enabling insurers to eliminate paper.
Insurance is an industry sector well suited to Striata's eDocument Delivery solutions. With proportionately more expenses stemming from extensive paper output than most, insurers have significant cost savings to gain by turning off paper. Insurance companies worldwide are using Striata solutions to replace policies, updates, notifications, statements and bills with electronic documents that are delivered directly to customer and broker inboxes.
ePolicies to turn off paper
The ePolicies solution is just one example of the cost saving services that Striata provides for insurers. With a typical insurance policy running 30 pages or more, the quantifiable saving per policy averages more than $6, and significantly higher for complex commercial policies.
While impressive, these savings are not limited to the initial printing and postage. Industry regulations require that insurance companies generate and deliver a new policy or amendment for every change made. The true costs of paper usage therefore include reprinting and resending. In some cases, policies are also printed by the broker, a process which further compounds the expense and associated environmental impact.
Unlike paper policies where the expense of printing and posting is repeated with each policy change, the savings from delivering ePolicies can be realized again and again.
eDocument advantages for the insurance industry
• Proven user adoption methodologies ensures dramatic paper turn-off;
• Significant, immediate ROI;
• Builds customer loyalty by providing unique market differentiation;
• Adds new touch points that bypass Do Not Call and Do Not Mail lists, providing valuable up and cross-sell opportunities.
Replacing paper bills and statements
Insurance clients are realizing considerable savings with Striata eBilling, a specialized solution to replace paper bills and statements. However, paper reducing challenges facing insurance industry billers have added complexity: the multiple lines of insurance commonly offered by insurers often function as autonomous business units, requiring a bill payment and presentment model that facilitates consolidation.
Striata's eBilling solution addresses these complex billing conditions with consolidated, multiple recipient electronic invoicing that is tailored to the specific needs of commercial insurance lines.
Electronic documents replace paper invoices and are easily forwarded via email for multiple approvals - a typical barrier to electronic B2B billing. Delivered to customer inboxes as secure attachments, Striata's electronic bills and invoices include a unique BillPay opportunity that allows customers to make an electronic payment with just one click from within the secure eBill itself.
The ability to pay from within the eBill itself, without logging in to a website, is proven to encourage faster payments by customers. Insurance clients using Striata's eBilling and BillPay solutions are benefiting from significantly reduced Day Sales Outstanding (DSO), allowing them to reduce their average time to pay by more than 50%.
Delivered faster, opened sooner, and paid far quicker than paper bills, Striata eBills help insurance clients improve cash flow and maintain an important competitive advantage.
Striata eDocument and eBilling success
Striata provides services and strategies to some of the largest and well known insurance brands including AIG, Chubb, Arrowhead, Sierra Health, Plymouth Rock and Allianz. These clients are successfully using Striata solutions to replace paper intensive processes with cost effective electronic document delivery that reduces costs and improves cash flow, assisting them to distinguish themselves in their market.
ePolicies - When insurance in Massachusetts was deregulated, Plymouth Rock needed a way to differentiate themselves from larger insurers with significantly higher marketing budgets. Plymouth Rock selected Striata ePolicies as a unique product offering that could emphasize the value of personal relationships between brokers and customers as well as call attention to their commitment to preserving the environment. In an industry where service is a major differentiator, Striata's solution enhances Plymouth Rock's exceptional customer care.
Consolidated B2B invoicing - Sierra Health (A United Healthcare company), provides health insurance services to businesses. Sierra Health was looking to reduce its billing costs and required a solution that could cater to its complex invoicing requirements. Striata provides Sierra Health with secure, consolidated, ePayment enabled, electronic PDF invoices delivered via email.
Driving paper turn-off - Chubb Insurance implemented Striata's ePolicy Solution with a vigorous customer roll out schedule involving the distribution of introductory opt-out emails. Chubb has since achieved a remarkable 15% paper turn-off in the first 7 months. Not only is it more cost effective for insurance companies to distribute ePolicies than paper; customers also prefer receiving them in this manner for convenient storage and archiving purposes.
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If you have questions or comments you would like to share on this topic, please send me an email.
Kind regards,
Garin Toren
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Editorial: 48 Wall Street, Suite 1100, New York, NY, 10005.
© 2007 Striata North America. Contact us for reprints/story use at
info@usa.striata.com, or call +1 88 88 USAPAY.
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