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.

 

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.

 

 

Multi-Tenancy

Many of the world’s largest insurers act through affiliate and partner structures to meet customer demand in local markets. However, a lack of operational efficiency and IT resources holds them back from fully empowering their affiliates and partners to deliver on local and product-specific payments use-cases. More often than not, payments infrastructure and functionality is still isolated by business line or insurance region, hampering scalability, operational efficiency and customer experience.

How do we solve it?

Developed for large corporates and platform operators, Imburse allows for the management and support of complex multi-business lines/business environments.

 

Single connection and unified reporting

Through Imburse’s multi-tenancy architecture, we can provide uniform, yet individualized payment experiences for each of your affiliates and partners. You don’t have to worry about system integrations, reporting structures, or onboarding efforts.

 

Energy & utility providers

Customers expect convenience, speed and ease from every product or service they purchase. For Energy & Utility companies in particular, payments play an integral part in the quality of the customer service delivered. However, more often than not, payments are treated as a cost centre and disregarded as being a strategic lever to improve customer experience.

Unlike Ecommerce companies, Energy & Utility providers not only have to focus on collections, but also on refunds, credits, and deferred payments. Despite being aware of how to shape the payments experience, they struggle to optimise it due to a lack of time, budget and payments know-how when integrating multiple payment vendors and technologies.

How do we solve it?

Imburse offers a PCI-DSS compliant payments platform that serves any payment need across the customer journey, from collecting the first invoice and setting up payment installments, to processing bill adjustment, refunding invoices, and rewarding loyal customers.

Through a single connection to Imburse, you can easily deploy any payment method or technology, and provide customers with a seamless payment experience across communication channels.

 

         

 

 

 

 

 

 

 

 

Oer the preferred payment method for any use-case

The Imburse marketplace enables your business to pick and mix payment technologies, so you can offer the right payment method for each region or country, and for any payments use-case. With our platform, you can offer your customers a seamless payment experience for the collection or pay-out of any invoice, refund, credit, installment, and loyalty reward.