Why insurance companies need a payment gateway?

Why Insurance companies need a payment gateway?

Life is hard when you are torn between several life decisions. As an insurance consumer, choosing a suitable plan has always been one. While we have been meeting different kind of advisors, some of us would now prefer to communicate behind the screen.

The trend has been changing

Recent study has found that consumers does research digitally before purchasing an insurance. Majority of them are also willing to download and use the app produced by their insurance provider. Hence, presenting your plans on screen is very essential to approach today’s market.

Research before buying an insurance

Another research done by Accenture has also proven that consumers now are open to receiving computer-generated advices. These are among them who prefer to get the types of insurance advices on screen:


However, this change of trend does not mean the roles of advisors are weakened. Just like other industries, human-to-human touch remains the most important aspect to keep the interaction personalized, trusted and valuable especially when it comes to life and death.

Online Insurance: Why need a payment gateway?

1. Improve customer experience

As the above has mentioned about how digital advices are preferred, consumers also find it way convenience if the payment process is simplified. Previously, the process to authorize the payment is lengthy. With a payment gateway, the automatic deduction from the consumer’s account can be done straight away from card or consumer's bank account.

2. Give easy option to pay

Understand that not every segment has fixed income, salary deduction may not be applicable to all. With the support of a payment gateway, this can open another easy option to pay by one-time payment or recurring payment as scheduled. This can also help to retain the customers.

3. Enhance the accessibility

While there is an infamous perception about the cost to afford an insurance plan, this digital framework can help to at least give access to potential customers to know better. This will further transform insurance into a protection plan that is friendly to anyone regardless of age or what payment methods they use, including cash.

4. Get users to pay on-the-go

After consumers show their interest, give them an option to schedule a face-to-face appointment. It will be a good point to build strong trust and relationship. Once they decide to commit, they usually want to pay on-the-go. So, what you need to bring is a POS terminal in a form of mobile app, that can accept more than card payment.

If you are interested to get a payment gateway for your insurance company, feel free to reach our team!

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