Being able to easily make payments is one of the most sought-after factors for insurance buyers today. Day by day, customers are increasingly becoming comfortable with digital payments, and many prefer this option over the traditional methods. Right from researching for the right insurance policies to making payments for premiums, they look for the same convenience and capabilities from their insurers as they do from any other business.
Responding to this demand, more insurers are beginning to offer a multitude of digital payment options such as automated clearing house (ACH) services, credit/debit cards, mobile wallet payments, and pay-by-text to better serve digitally savvy customers. Enabling customers to pay with a card online, via mobile wallets, or through text can improve their overall satisfaction with insurance sellers.
Taking into consideration this increasing demand for multiple payment modes, we developed a payment instalment system for one of our clients- a leading insurance company in the Middle East. Let us dig deeper into how our solution helped them solve the issues in their existing system.
The client is Oman’s one of the largest composite insurance companies providing a comprehensive range of life and general insurance products to customers in Oman, UAE, and Kuwait. It offers simple, innovative, and tailor-made insurance solutions through its brokers, bancassurance partners, online and other channels. With an employee base of over 500+ people, an asset base of $450 million, operations in three countries, and further expansions and investments in digital technologies, they are on their way to becoming a market leader in the region.
The client’s existing payment system had several limitations, which failed to meet their customers’ changing needs and expectations. Their existing system only had a one-time payment option, which was leading to a loss of customers. The client’s requirement was to have a system that facilitates installment-based payment and allows their customers to make the payment in parts based on their convenience.
Experion assessed their existing payment system and devised a payment page that allows a policy purchaser to pay the premiums either in full or in monthly, quarterly, half-yearly or annual installments at their ease. The developed portal allows the client or system admin to configure payment modes for each customer by setting the EMI interval, down payment, installment period, EMI deduction reminder, number of payment retries granted, late fee, etc.
The payment page also features a dashboard that gives insights of the policies purchased such as the status of policies, policy split, payment due dates, card expiry dates, etc. In case of auto-debit failures, the customers can make premium payments through a click-to-pay (C2P) link received on their email or text message.
Moreover, this payment installment system is an independent platform which can be easily plugged in with other platforms and LOBs such as Motor, Medical, Travel, CPP, Home Insurance, ICL, etc. as needed.
The transparent and contactless payment portal developed by Experion makes it easy and convenient for the users to make payments, view policy details, and get detailed reports on their policies and payments through a single portal. The client was able to meet the customer demands, which led to an increase in the volume of customers by about 20%. Moreover, the option of multiple payment modes made it easy for the sales teams to get more leads and convert customers better.
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