Subscription Billing Service Qorus Innovation in Insurance Awards 2018

We wanted to create a consumer journey that followed popular subscription services and gave customers flexibility in paying insurance premiums. With our Subscription Billing Service, customers can purchase insurance products online at their convenience and their policy will stay active as long as funds are available each month on their credit card. This billing method has many benefits. Standard pay plans can be problematic due to risks associated with non-payment of premiums. In Canada, credit card payment reports take several months to realize insufficient funds. In addition to the lost premiums during that time, there’s also a significant amount of administrative work involved with non-payment. With Subscription Billing, if a customer’s credit card has insufficient funds, their policy will automatically lapse at the end of the current monthly term. No other insurer is offering a Subscription Billing Service in North America. For our standard products, non-payment of monthly credit card pay plans cost us thousands of dollars annually. We wanted to create options for our digital products that wouldn’t put the company at risk for further non-payments. That’s why we built our Subscription Billing Service. Several departments were involved in creating it including Digital, Information Services, Finance, Compliance/Legal and Marketing. The service is being piloted with three brokerages and is scheduled for full roll-out this summer. The feedback so far has been overwhelmingly positive. Customers and brokers are happy with the service and we’ve received numerous messages from brokers and competitors asking how we created it.