The Insurance industry for a long long time has stuck to its conventional and traditional roots. The stakeholders in the Insurance industry till date shy away from making the digital transition. This is because of the mindset that humans are better than machines in connecting with the customers and also due to the privacy and security concern in the Insurance business. But now when everybody is riding the internet wave, people are getting comfortable with online purchases including banking products, insurance, etc which now support transparency, discounts, offers with quick and easy to use processes. Even insurance companies in India have started adopting Digital solutions with a host of benefits to the system like  lower customer acquisition costs, lesser manual error/data-loss and lesser resource allocation.

But as all the industries are looking forward and preparing themselves for the digital revolution, Insurance companies have also increased their grip on technologies to adopt the digital journey. Investopedia estimates that between 2019 and 2023, the global insurtech market will grow 41% annually. This means insurance companies and agents will have to convert the traditional paperwork into applications and the calculations and collecting claims will move online.

Digital transformation requires a lot of automation and tools for smooth operation. The market for such providers in India is saturated and it becomes essential to choose the right one in order to bring efficiency and cost optimization in the system. There must be one provider who provides all the services needed, that enables faster execution, better reporting and the least coordination effort. 

An important aspect of this merchant-customer relationship is the Insurance payment gateway, which comes into play in every transaction. While customers are looking for seamless ways to make Insurance payments, merchants or agents are looking for Insurance payment solutions which will reduce the security risk involved in accepting payments. 

Benefits of having a one-stop shop solution provider:

  1. Seamless integration
  2. Less coordination effort
  3. Faster execution
  4. Low Cost
  5. Reduced error and communication gap
  6. Better data capture and analysis like customer behavioral, payments etc
  7. Increased conversion
  8. Extended and effective support

Let’s see how an Insurance payment solution can make Insurance payments management easier –

  1. Webstore: One webstore, all sales. On a webstore that Insurance payment solutions like Easebuzz provide, all the Insurance policies and products can be listed out and there is a facility available to
    create payment links for the customers. In short, the webstore can act as an Insurance agent’s go to tool and customers will be comfortable interacting with a familiar platform even after they’ve
    made a purchase. The payment link makes it easier for the customers to make an Insurance payment anytime, anywhere and from any device.
  2. Data Security: In a world full of hackers, it can be difficult for Insurance agents with little or no technical knowledge to secure the data of their own Insurance business and ensure data security for
    their customers as well. Easebuzz is one such secured Insurance payment solution that encrypts all your data for data security purposes and uses PCI-DSS compliant platform to ensure secure
    Insurance payment services of International standard. Thus, ensuring that the sensitive Insurance payment management related details and data remain secured.
  3. Insurance payment gateway: Through a highly trusted and enabled Insurance payment gateway like Easebuzz, customers have a variety of options to make payments like Netbanking, Debit cards and
    Credit cards with a number of major banks across India. Customers can also use payment wallets Like PayTM, Mobikwik, OlaMoney etc. for Insurance payment. This, not only makes it easier for
    customers but also for the Insurance companies to accept and manage the Insurance payment.
  4. Sending Emails and SMS: Every Insurance business wants their customers to be up-to-date with the existing policies and they want to draw their customers to the new policies that they are
    introducing in their Insurance Company. There is a need for a marketing platform to stay connected with the customers. These days, Insurance Payment solutions like Easebuzz are providing the
    facilities for Insurance businesses to send a customized e-mail and SMS to their customers from the dashboard for easier connectivity and access to their customer base.
  5. Customized Dashboard: The dashboard also helps the Insurance businesses to keep a close eye on their customers and to reconcile Insurance payment easily. It is customized according to the
    Insurance Company so that they can track their Insurance payment with the transaction table which is updated in real time and also check the success and failure rates etc. Easebuzz dashboard also
    makes it quite easy for the Insurance agents to send refunds to their clients (only with a single click!). All the detailed analytics help in measuring the source of data and medium of payments-
    everything compiled at a single place.
  6. GST enabled invoicing and coupons: Along with the payouts to check which customer has made a payment and which one hasn’t, it helps Insurance companies to create a GST enabled invoice.
    Cashback coupons can also be customized from the dashboard.
  7. Easy sign-up: With every facility online, getting an online Insurance payment solution is also a 2-step process with KYC. Easebuzz provides a quick and simple sign-up with no setup charges and easy-to-integrate Insurance payment solution.

The author writes about fintech, banking, and future of SAAS services. He works as an SEO analyst at Easebuzz, so if you're looking for an account that tracks India's fintech scene, you should check out his Easebuzz blog.