23 Aug '18 Introducing integrated insurance agent policy payment
As part of the managed service with local acquirer AmBank, SmartPesa is deploying its market-leading mobile Point of Sale (mPOS) terminals to TPM agents to accept on-the-spot policy payments, address payment delays and reconciliation challenges. This will expand the reach of SmartPesa’s service offering into the insurance industry for the first time.
A significant portion of insurance payments are made manually after the closing of a new policy, or on the renewal of existing policy. This introduces delays and risk of non-payment, leading to higher operational costs and possible loss of business. SmartPesa accelerates policy payments with integration to the insurance company backend systems (APIs) to retrieve policy information, charge for the correct amount, and immediately inform the insured on the success of a customer’s payment. This streamlined process reduces friction for the insurance agent while delivering better customer experience.
As an experienced payments and agency banking FinTech, SmartPesa has been powering transactions for over 8,000 small and medium-sized enterprises (SMEs) and merchants in five countries through its next-generation payment solutions (mPOS, miniPOS and Android POS). SmartPesa provides enterprise solutions for payment and cash collections with highly integrated workflow processes. As part of the ongoing partnership with AmBank, SmartPesa has successfully deployed its Managed SaaS for the leading Malaysia bank. This has allowed it to tap on new market verticals and deliver payment solutions to cash dominated industries such as insurance, logistics and parking.
A total of 690 terminals are being deployed for TPM agents in the go-to-market. These terminals combine the meta-data with payment information that is captured in SmartPesa payment gateway. The meta-data is also available for export and historic reporting purposes.
“Providing our solution for TPM is significant as it marks SmartPesa’s entrance into the insurance market to deliver a real differentiator. The novel use creates a seamless payment process for the agents and better customer experience for the clients. It allows agents to engage and maintain personal relationships while reducing churn risks and payment delays,” said Thorsten Neumann, Cofounder and Chief Technical Officer of SmartPesa.
“Applying newer and more efficient payment methods to new use cases is now possible due to technology innovation and workflow automation. SmartPesa will continue to deliver enterprise solutions to reduce the operational costs for corporates while value adding through the reference data attached to the cash collection,” Neumann added.
“Tune Protect Malaysia is delighted to be a first mover. By partnering with AmBank and adopting the SmartPesa integrated solution, we can offer a more efficient and frictionless policy payment experience to our customers. We believe that this opens up new opportunities for both new policy sales and policy renewals across our insurance agent network,” said Khoo Ai Lin, Chief Executive Officer of Tune Protect Malaysia.