Competition in the insurance market is very high. To become a leader in this industry, it is necessary to offer favorable service conditions, high insurance payments, and the high speed of mutual settlements with clients and partners. It can be realized only when an insurance company uses an innovative Payment Card Solution. It helps simplify the company’s business processes, thus improving the quality of service and facilitating accounting.
Peculiarities of insurance companies
Insurance is a simple and very profitable way to protect yourself and your property from various force majeure. The cost of an insurance policy is always less than the amount the insured person will receive in the event of an insured event. Now you can insure anything:
• Life and health. You can insure yourself, your child, your parents or employees. It is possible to insure against accidents, critical illnesses or loss of ability to work;
• Automobile. You can insure both the vehicle itself against theft, accidents or damage caused by weather problems and your liability in case you cause damage to third parties and their property with your car;
• Housing. You can insure your apartment and house against accidents in engineering systems, roof leaks in a multi-story building, against vandalism, burglary and flooding by neighbors. You can also get liability insurance. Such insurance covers losses incurred by your neighbors due to unintentional damage to their apartment caused by you;
• Tourism. An insurance policy issued for the period of a tourist trip will allow you to timely and comfortably receive emergency medical care abroad.
Such a variety of offers from insurance companies indicates that they cooperate with many partners from different spheres, including medicine, tourism, automobile business and real estate. When an insured event occurs, each expects prompt reimbursement of losses caused by the insurance companies’ clients. Unfortunately, most insurance companies cooperate with traditional banks, so the time of crediting insurance payments is delayed due to paperwork and the inability of old payment systems to process a large number of payments at the same time. Co-brand Solution for insurance companies will speed up settlements with partners and simplify accounting without additional costs.
The best offer for insurance companies
Wallester offers insurance companies not to depend on the whims of banking institutions but to carry out сard Issuing on their own. These can be single-use and multi-use virtual cards issued individually for each partner or client. Own card program has the following advantages:
• cards have 3D Secure dual authentication;
• multiple independent payments can be made simultaneously and instantly;
• accounting is significantly simplified;
• payment confirmation takes place online;
• all cards can be tokenized, connecting them to the most popular mobile payment systems.
It is easy to manage cards, re-issue them, replace them, set limits, and block and unblock them. The proprietary card program will speed up key business processes of insurance companies and improve the quality of service, contributing to their profitability. White-label Card Issuing the insurance company’s logo on the plastic carrier, on the self-service portal and in the mobile application will help make the company more recognizable and increase its prestige.