Case Study: New Mexico Mutual modernizes premium payments with InvoiceCloud

New Mexico Mutual saves $30k and reaches 67% electronic payment adoption with InvoiceCloud

New Mexico Mutual, a medical liability insurer, faced significant challenges with its outdated legacy billing system. The system could not handle mid-term policy changes, leading to frequent payment disruptions, policy cancellations, and a heavy manual workload for its team. To modernize the premium payment experience for its policyholders, New Mexico Mutual partnered with InvoiceCloud for a new digital payments solution integrated with Guidewire Billing Center.

InvoiceCloud implemented a modern payment platform in just six months, offering a wide range of options including digital wallets, pay-by-text, IVR, credit card, PayPal, and guest checkout. The solution provided a stable ACH system that remained current with policy changes. As a result, New Mexico Mutual saw a 67% electronic payment adoption rate, saved $30,000 in print and mail expenses, and significantly reduced manual work and policy cancellations for its team.

New Mexico Mutual