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6. How Large is the Market for the Bill Pay Plan?
The Utility industries combine to make the largest billing and collection system in the United States and reaches into every household 4-8 times a month, depending on the number of energy, water, waste, wireless, broadband/ internet, cable, VoIP, telephone and streaming media services purchased by a household.
• Some services such as energy, water, wastewater and communication are so crucial that a household can’t survive without them.
• More and more, people work remotely and depend on their wireless and Internet service for work production and employment, communication, news, entertainment and job search.
• CGC’s research revealed that a significant number of customers would buy an insurance plan to cover their utility monthly bill for their energy, water, waste and telecommunications sponsoring Utility to offer them an “on bill” payment protection plan at an affordable cost.
That’s the solution you are bringing to market with the Bill Pay Plan. And with this new product, the majority of the over five billion residential utility and telecommunications transactions per year are commission-earning opportunities for you and a potential new source of revenue for your client Utilities.
7. How can I get CGC’s Support? How can you help me?
Marsh, AIG and our company, Consumer General, are working together to do three things:
• Protect America’s ability to pay household utility bills which provide access to life’s crucial services during difficult times of unexpected income disruption, such as we are sadly seeing every day;
• To help Marsh introduce to its utility and telecommunications clients and prospects to a new customer engagement and risk management toolkit with a potential for them to add a substantial new source of recurring non- regulated revenue for them;
• Improve and strengthen your client’s financial results by helping to stabilize revenues, reduce bad debts, improving cash flow; and
• Provide your clients with a product that will help them improve their customer’s experience during a time when they and their customers need help the most.
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