Whether you’re collecting premiums or settling claims, digital is the way to go for insurance payments.
Follow our steps to digitizing and optimizing your payment operations.
THE DIGITAL PAYOFF
FOR INSURERS
TIP SHEET
GET INSURANCE PAYMENTS COVERED
Why wait to digitize payments? Find out how FIS can help – and why we should be your first port of call for digital collections and payouts.
Get in touch
Accept card or online payments easily and securely via your website, with help from a payment partner. By giving policyholders more digital ways to pay for their premiums, you’ll improve their buying experience and get paid more quickly.
Either link to a separately hosted, PCI-DSS compliant payment page, or integrate the gateway directly with your own web page. But make sure your payment partner can support your traditional payment channels, too, for all-around customer satisfaction and compliance.
OPEN A PAYMENT GATEWAY
With digital technology comes new speed. Near real-time payments can be made directly to the same bank account or card that was used to buy a premium. Then policyholders receive funds when they really need them, for example to replace lost or damaged goods or equipment.
Your digital system can send a payment notification to recipients by email or text message, with instructions on how to claim the payout from a secure claim portal. And the big payoff? A better customer experience all around.
PAY OUT IN AN INSTANT
Once you’ve attracted a new policyholder, you want to retain their business for as long as possible – and continue receiving those premium payments. But what happens if customers replace their debit or credit card, or switch bank accounts?
Fear not. Clever payment partners have the technology to automatically update a policyholder’s payment details, whenever or whyever those details change. Never again will losing a card mean losing a sale – or spell the end of a beautiful customer relationship.
KEEP VALUED CUSTOMERS
Writing checks and processing payments manually increases risk for you and your customers. While checks can give away valuable information about your business, you must hold sensitive data on policyholders in your organization’s database.
The best digital payment systems mean your firm doesn’t have to either reveal or store private data. Customers enter their own payment details on a highly secure third-party URL, which not only protects but also authenticates their financial information.
REDUCE RISKS
©2022 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 1948367
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).
About FIS
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FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
About FIS
Offer convenience
Boost cash flow
Please your policyholders
Speed up payments
Drive loyalty
Protect payments
Minimize fraud
Strengthen security
Access new markets
Improve connectivity
Improve your reach by teaming up with a top global card acquirer. With vast international experience, this ideal payment partner will hold acquiring licenses for territories around the world, so you can easily and cost-effectively accept premium payments in any currency.
With deep local knowledge and contacts, your global partner will also support every country’s banking network and alternative payment methods. When policyholders can pay how they want, wherever they live, they’ll always feel at home.
GO GLOBAL BUT FEEL LOCAL
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Reduce delays
Increase visibility
When you manage payment processes digitally, you get a clear window onto their status. So, you can easily monitor who has opted in for digital payments, received a payment notification, claimed their money and so on.
Plus, as well as tracking payments, you could define their expiration date to make sure that funds are claimed as promptly as possible.
TRACK YOUR PROGRESS
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Access new markets
Improve connectivity
Improve your reach by teaming up with a top global card acquirer. With vast international experience, this ideal payment partner will hold acquiring licenses for territories around the world, so you can easily and cost-effectively accept premium payments in any currency.
With deep local knowledge and contacts, your global partner will also support every country’s banking network and alternative payment methods. When policyholders can pay how they want, wherever they live, they’ll always feel at home.
GO GLOBAL BUT
FEEL LOCAL
Reduce delays
Increase visibility
When you manage payment processes digitally, you get a clear window onto their status. So, you can easily monitor who has opted in for digital payments, received a payment notification, claimed their money and so on.
Plus, as well as tracking payments, you could define their expiration date to make sure that funds are claimed as promptly
as possible.
TRACK YOUR PROGRESS
Learn more
linkedin.com/company/fis
twitter.com/fisglobal
fisglobal.com/contact-us
fisglobal.com/insurance
