MicroSavings

Introduction to MicroSavings

MicroSavings is a convenient, off-the-shelf white label solution that allows companies to effortlessly enhance their products with flexible savings functionalities. With MicroSavings, your customers can save every time they spend, and you will take an active role in their savings journeys. Quickly deploy our customizable product into your existing journeys to improve your customer insight, create regular interaction and increase acquisition.

The Problem

Globally, savings rates are worryingly low. Traditional savings tools are not giving modern consumers the flexibility they require to save more. Savings platforms are already a proven mechanism that allow financial institutions to create engaging tools for their clients to save. However, deploying new technologies is an expensive and difficult process that involves a large amount of time and resources. The Imburse MicroSavings solves this problem by delivering a complete, cost-effective and easy to deploy end-to-end savings solution that is fully customisable.

Benefits of using MicroSavings

Our solution: step-by-step

The MicroSavings solution is easy and quick to set up. We do all the heavy work, so you save time and resources. Quickly set up MicroSavings into your existing system by following the process below:

Automated motor insurance settlements

 

What is the problem?

Traditional claim settlements to repair garages are a cumbersome process leading to delays in processing and payments. After a damage repair is complete, the customer pays the insurance deductible to the garage. At the end of the month, the garage issues the repair invoice and sends it to the insurance company. Once the insurer has validated the invoice, payment to the garage is initiated. The standard invoice process between garage and insurer is long and inefficient, with effort-intensive reconciliation processes between bank receipts and open credits.

Furthermore, garages may not receive their payment for up to 100 days due to periodic invoicing and invoice payment terms.

How do we solve it?

Through Imburse’s deep integration with payment technologies, such as Visa, we can deliver innovative solutions that can radically improve the claims settlement processes through payment automations.

After a repair is complete, the customer pays the deductible fee to the garage via Visa card. This payment automatically triggers an alert to the insurer, who issues a payment to the garage, provided that the repair value is already known. If the repair value is not known, a link is sent to the garage to upload the repair value and invoice. The insurer automatically sends payment to the garage, minus the customers’ deductible that is already paid. If more than one insurer is involved, the payment can be issued to other insurers automatically.

 

Enhancing claim reimbursements

 

The reimbursement of claims is the insurer’s moment of truth, yet the majority of claim reimbursements are still processed through slow and indirect payment methods such as Bank Transfers, SEPA Credit Transfers, or even Cheques.

Insurer’s existing claims handling processes are expensive, time-consuming and sit on multiple antiquated systems. The sheer lack of choice and visibility for the policy holder on when and how to get paid makes for poor customer experience. While policy holders often have to wait days, or sometimes even weeks, to get reimbursed, insurers are left in the dark about the reimbursements and struggle to confirm whether policy holders have received their claim or not.

 

How we solve it

Imburse does all the heavy-lifting, so you can access all payment providers and technologies through one single connection to us. The Imburse platform acts as your single entry into the payments ecosystem, establishing pay-out connectivity to any payment provider, payment method, or loyalty reward partner. Imburse delivers the payment capabilities needed to pay out claims in an effortless manner, to locally preferred payment methods and accounts. Our platform is easily integrated with core insurance and accounting systems to support any pay-out mechanism, causing no disruption to day-to-day operations or delays in claims decision-making processes.

Acting as the middleware that integrates with your front and back-office, Imburse enables insurers to deliver a seamless customer experience across channels and devices, while driving cost reductions through the optimization of payment operations. As your integration partner, Imburse normalizes payments processes to offer pay-out variety, as well as streamlines and consolidates reporting for improved visibility. In addition to Imburse’s

PCI-compliant hosted payment page and the secure storage of sensitive payment details at the store’s front-end, we can implement KYC, AML, and Sanction checks into the payment workflow and reporting to help reduce risks and prove compliance.

 

The process of accessing and delivering pay-out options through Imburse

Let your customers choose how they want to get paid and offer them a seamless payment experience through our white-label platform.

Broker distribution payment solution

What is the problem?

Traditional insurance policy distribution via broker channels relies on bespoke integrations and processes. Local brokers collect the premiums from customers and pass them on to the insurer in a bulk payment, deducting claims payments and brokerage fees. Each broker has a unique checkout payment process offering their set of payment options, which may not always meet customer needs. Bulk payments take longer to get to the insurer, creating reconciliation challenges and coverage uncertainty for policy holders. Client money is held in trust and heavily regulated, increasing the risk of fines for non-compliance.

 

How do we solve it?

Insurers can integrate Imburse’s payment solutions into the brokers’ checkout processes. With that, policy holders can have a unified payment experience across different brokers. The insurer has full control over the payment methods and providers on offer, and can easily change or add new providers with no additional technical integrations, which enables them to quickly adapt to customer needs. Premiums flow directly to insurers’ bank accounts and insurers set up pay-out instructions to automatically pay brokerage fees, minimising reconciliation efforts.

 

Real-time claim payouts

 

The reimbursement of claims is the insurer’s moment of truth, especially for those policy holders who require immediate compensation.

Claim pay-outs are a crucial moment for any insurer. In some cases, not only do insurers need to offer immediate compensation, they also need to offer a wide variety of reimbursement methods. For instance, if a policy holder loses both his luggage and his wallet when traveling abroad, he may require alternative options of reimbursement such as a virtual card or voucher. The speed and method of the pay-out needs to match the policy holder’s situation. However, this flexibility requires integrating and leveraging multiple providers, which is often a stumbling block for enterprises because it is costly, time-intensive and resource-draining to create and manage so many integrations.

 

How do we solve it?

The Imburse platform acts as your single access point to the payments ecosystem. Imburse does all the payment integration heavy-lifting, so you can access all relevant payment providers and methods. Imburse delivers integrations to the push-to-card capabilities from Visa and Mastercard to pay out claims in real-time to the policy holder’s credit card or bank account. Our platform is easily integrated with core insurance IT systems to support any pay-out mechanism, and causes no disruption to day-to-day operations or delays in your claims decision-making processes. In addition, Imburse integrates with KYC, AML, and Sanction Check providers to verify the policy holder’s identify, reduce risk, or prove compliance.

Variety for collections

 

Creating seamless payment experiences for one-off and recurring collections

Ecommerce has raised the bar for online payment experiences. Now, customers require the same convenience, speed and ease from any service, insurance included. Depending on the insurance product, insurers not only have to provide a seamless payment experience for premium collections, but also for recurring charges. Whilst most insurers are not new to collecting payments through direct debit mandates, they struggle to meet their customers’ unique payment needs.

Customer payment preferences vary widely based on factors such as age, location and accessibility. For instance, credit card is the payment method of choice for older generations, whereas young consumers are keener on using alternative payment methods to receive money. In order to meet specific customer needs, insurers have to integrate with multiple payment providers and technologies. However, the lack of payments expertise, resources and time, along with the reliance on antiquated infrastructure, hinders insurers from delivering best-in-class payment experiences.

 

How do we solve it?

Imburse offers a PCI-DSS compliant payments platform that allows insurers to collect premium and recurring premium payments using any bank, card, or alternative payment method. Through a single connection to Imburse, insurers are able to deploy any payment provider or technology available in any market. The Imburse marketplace gives insurers full flexibility over their payment operations, as they can change providers or add new ones depending on their customers’ preferred payment methods. Imburse also allows you to store and use any tokenized card and direct debit mandate across banks and payment providers.

 

Recurring payments

 

Automate the collection of monthly recurring premium

Insurers need to automatically collect monthly premiums from their customers across any payment method. This enables them to take the responsibility off customers and to avoid the administrative efforts of issuing invoices and tracking down late/non-payments. However, in order to do so, they require the flexibility to connect to multiple payment providers and methods. Single integrations to PSPs are complex, expensive, time-consuming and resource-draining, making it difficult for insurers to innovate.

How do we solve it?

The Imburse platform acts as your single access point to the payments ecosystem. Imburse does all the payment integration heavy-lifting, so you can access all relevant payment providers and methods to process recurring payments. Our platform is easily integrated with core insurance IT systems to seamlessly interoperate with existing billing processes. By integrating with Imburse your organization can automate the day-to-day operations of processing recurring payments.

 

Cheque replacement

 

We live in a digital world, yet many insurers still rely on consumer-unfriendly paper cheques to disburse claims.

Whilst today paper cheques are still used when the payees bank account details are unknown, the need for digital claim disbursements is growing. As consumers demand a more seamless payment experience, insurers are forced to rethink and optimize their processes. Aside from the costs for issuing cheques, which vary between 1 – 10 USD, the disbursement of claims through paper cheques is a cumbersome process for your payees, introduces unnecessary operational overhead and is more prone to fraud.

 

How do we solve it?

The Imburse platform acts as your single access point to the payments ecosystem. Imburse does all the payment integration heavy-lifting, so you can access all relevant payment providers and pay-out methods through our platform.

Imburse delivers the checkout components needed to obtain your client’s card an bank account details, as well as the payment gateway to pay out claims to the respective card or bank account. With Imburse’s unified reporting, your finance team is updated in real-time about the status of any pay-out that was initiated.

Our platform is easily integrated with core insurance IT systems to support any pay-out mechanism, and leaves day-to-day claims operations undisrupted. In addition, Imburse integrates with Identification, KYC, AML, and Sanction Check providers to verify the client’s identity, reduce fraud risk, and prove compliance.

 

KYC – Know Your Customer

The Anti-Money Laundering directive requires all financial companies to perform Customer Due Diligence (CDD) before all high-amount transactions or transfer of funds. The rules include customer ID verification for both collection and pay-outs. Generally, insurers either outsource this service to third-party providers, which comes with additional integration costs, or create their own back-office operations that require high investments in infrastructure and personnel.

 

How do we solve it?

Imburse is developing a CDD service that enables our clients to integrate ID verification before pay-out transactions, using their existing connection with us. Our new feature makes it easier and quicker to verify your customers’ identity and comply with regulations, all whilst saving time, money and resources.

This functionality is fully customisable, so you will be able to set up a value range, currency and country for each pay-out scheme. If a transaction meets the set criteria, your customers will automatically be requested to verify their identity, in a seamless and straightforward process.

The ID verification process is GDPR-compliant, so all your customers’ data is protected and safeguarded. The ID verification process is fully automated, and you can create thresholds to determine in which cases you would like to manually verify your customers.

 

 

Direct Debits

Insurers already use Direct Debit to collect recurring payments from their customers. However, having large customer bases across the globe requires insurers to use different Direct Debit payment schemes and for this, insurers need to integrate with multiple providers and deal with decentralized direct debit reports. IT integrations to payment providers are long, complex, and expensive, leaving insurers struggling to offer a seamless payment collection experience to their customers. Moreover, paper mandates are still being widely used, which hinders the day-to-day operations of mandate storage and management.

 

How do we solve it?

Imburse offers connectivity to the entire payments ecosystem. Through a single connection to us, insurers can execute both SEPA and Bacs Direct Debit, and provide their customers with a frictionless payment experience. Our platform enables integrations to any payment provider or method available in any market. Moreover, the Imburse platform provides an automated Direct Debit scheduler, along with a paperless mandate management tool, that allows you to easily store, update and manage Direct Debit mandates.

 

Imburse manages all components of your Direct Debit collections