10 Ways of Using Payments to Drive Business Growth and Improve Customer Experience in the Insurance Industry

Insurance payment processing is a complex system of many moving pieces, including insurers, hospitals, web aggregators, operators, dealers, and other third parties. Premium collections, policy renewals, commission payments, agent benefits, claim settlements, and policy refunds are only a few of the insurance payment services that might seem complicated to implement.

We’ve come forward with 5 ways payments can be used in the insurance sector to expand the business and increase consumer service, based on our work with a number of leading insurance companies.

  • Know your client better

Any insurer has an onboarding phase in which customers submit their KYC. But what if insurers should go a step further and verify the customer’s bank account information? (bank account validation). This knowledge would aid in the effective management of multiple situations, such as immediate returns, lawsuit payments, payment processing for insurance companies, and so on.

Insurers can also immediately determine whether a bank account number is valid, as well as the name of the account manager at the bank, thanks to Premium Payments’ bank a/c verification.

  • Allow the appropriate payment methods

There are no limitations to the types of payment methods that can be used. However, it’s critical to ensure that the proper payment methods are enabled.

For example, if the policy sum is large and wallet options are enabled, the balance would not be enough to cover the charge. As a result, purchases would crash, resulting in a bad customer experience.

Insurers can now select from over 100 different payment methods thanks to Premium payments Gateway. Opt for electronic check services for more efficient management.

  • Subscription is a win-win condition

For both the insurer and the consumer, subscription payment modes are a win-win arrangement. Insurers will have more leverage over redemption, and consumers will be able to renew on their own. As a result, registering customers for standing instructions on cards or via e-Mandate at any touchpoint is perfect. Policy purchase, policy issuance, and policy renewal are also critical contact points.

With Premium Payments Subscriptions, you can now handle your monthly payments and simplify your billing process with Standing Instructions on Cards and e-Mandate.

  • Using program renewal bill notifications Payment-focused reminder texts and emails are possible.

Instead of basic policy renewal notifications, insurers should be able to use payment connections in their messaging, converting the alert into a payment. You will alert your customers about the premium sum due via SMS, email, or WhatsApp using Premium Payments’ link-based Payment Gateway solution. In addition, receive payment from the same channel.

  • Provide agents with the tools they need to raise premiums online

Agents (both full-time and part-time) are employed by all insurers and contribute significant amounts to new product issuance and renewals. Customers typically write checks to brokers, who are then deposited at an insurer’s branch, delaying the issuing of policies to customers.

Instead, equipping officials with UPI QR codes or giving them the opportunity to create payment connections (via mobile apps) would significantly speed up policy issuance.

Customers can pay agents via their UPI applications using Premium Payments Gateway, which allows you to create both static and dynamic QR codes. Additionally, its UPI links solution will enable agents to exchange payment links for insurance premiums through WhatsApp.

More Ways to Drive Business Growth

Here are five more tips to accelerate your insurance business:

  • Ensure faster settlements of collected premium
  • Allow faster refunds to your customers on policy cancellation
  • Implement automated, faster claim settlements
  • Incentivize your agents
  • Allow Split Payments

Call us

As you can estimate, insurance companies that take electronic checks are way ahead of their competitors. So, opt for Premium Payments today. Call at (954)-934-9004 or/and (305)-747-5855. Or else, you may email us at info@premiumpymts.com.

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