Fintech in insurance

23.06.2020 Fintech in insurance

In the first five months of 2019, 7.7 million electronic certificates of compulsory third party insurance were issued in Russia. But e-commerce opportunities in the insurance industry are not limited to this. They also include payment for insurance certificates on the websites of insurance companies, acceptance of insurance premiums and mass insurance payouts to individuals. But first things first.

Buying an insurance certificate on the website

Digital channels of communication between customers and insurance companies will be developing quickly, as they provide convenience to customers and save their time, to say the least. Also, they allow insurance companies to save on rental costs and employees’ wages.

This is why insurance companies should consider integrating a payment system for buying certificates of compulsory third party insurance, comprehensive motor vehicle insurance, voluntary medical insurance or travel insurance. VEPAY, a processing company offering relevant services, has a ready-made solution for this purpose. It is designed to make its integration and further use as convenient for clients as possible, allowing them to manage the cash flow in addition to accepting payments. VEPAY technical specialists and client managers are ready to help 24/7.

Insurance premiums and payouts

When concluding an insurance contract, the parties decide how the insurance premium will be paid: in a single payment or by instalments. Customers usually prefer to pay the premium on the insurance company’s website. This option is offered by the solution for insurance companies in the VEPAY payment system.

It is crucial for insurance companies to set up fast insurance payouts. The VEPAY processing company enables money transfers to cards of Russian banks, bank accounts or e-wallets. Registration, monitoring, security and convenience of payments are an integral part of the VEPAY solution.

Convenience of interaction between customers and the insurance company through its website, particularly when it comes to money transfers, may become a key to a successful insurance business and will help retain customers and enhance their loyalty.
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