Guidewire (NYSE: GWRE) and Paymentus Holdings, Inc. (Paymentus) (NYSE: PAY) announced that Paymentus’ new Ready for Guidewire validated accelerator is now available to BillingCenter users in the Guidewire Marketplace.
Payments are a frequent engagement point for insurers and policyholders that can contribute to policyholder satisfaction. According to McKinsey, “more than four in five Americans used some form of digital payment in 2021.” With the continual rise in popularity of digital payments, insurers will likely have to adapt to new, modern payment methods to keep up with policyholder expectations.
Named the “Best in Class” provider by Aite-Novarica in 2022, Paymentus is a leading electronic bill payment and presentment (EBPP) platform helping insurers make their billing and payments process hassle-free for their policyholders. Paymentus’ technology allows policyholders to make payments and receive payment notifications when and how they want, whether they prefer traditional or modern methods.
The Paymentus Billing and Payments accelerator enables insurers to:
Increase customer satisfaction by allowing policyholders to pay via their preferred method, ranging from traditional methods like credit and debit to modern methods like PayPal, Venmo, and Apple Pay;
Easily view secure payment details within PCI compliance and process refunds and reversals with real-time updates; and
Securely save policyholders’ account details, including payment method and preferred communication channel, enabling impactful payment notifications and reminders.
Paymentus also handles payment card industry (PCI) compliance for users, allowing them to focus those resources on more important uses.
“Our new BillingCenter accelerator can help insurers keep pace with rapidly evolving customer demand for a streamlined billing and payment experience,” said Dushyant Sharma, Founder and CEO of Paymentus. “With this app, modern insurers can rapidly upscale their billing and payments capabilities, increasing customer satisfaction and policy renewal rates through improved speed of payments collections and claims disbursements.”
“Congratulations to Paymentus on the release of its new BillingCenter app,” said Eugene Lee, senior vice president and general manager, InsuranceSuite, Guidewire. “Paymentus’ solution can help insurers stay on the leading-edge of payment technology, ensuring policyholders have a wide range of payment methods to choose from. We look forward to seeing our shared customers reap the benefits of its technology.”
Paymentus is a leading provider of cloud-based bill payment technology and solutions for more than 1,700 billers and financial institutions across North America. The company was named the industry’s best-in-class provider of EBPP solutions by Aite-Novarica in February 2022. The Paymentus omni-channel platform provides consumers with easy-to-use, flexible, and secure electronic bill payment experiences through their preferred payment channel and type. Paymentus’ proprietary Instant Payment Network®, or IPN, connects IPN partners’ platforms and tens of thousands of billers to Paymentus’ integrated billing, payment, and reconciliation capabilities. For more information, please visit www.paymentus.com.
About Guidewire PartnerConnect and Ready for Guidewire
Guidewire PartnerConnect is designed to help Property and Casualty (P&C) insurance companies revolutionize their operations by connecting them with the largest peer network in the industry. Today, insurers can access over 200 integrations developed for the Guidewire Marketplace that have been validated for security, quality, and compatibility. The Guidewire Marketplace comprises an ecosystem of powerful yet user-friendly solutions that scale for improved customer experiences.
For more information, please visit the Guidewire Marketplace.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.