Websites that are difficult to navigate, internal processing complexities, PCI compliance and other challenges make payments particularly burdensome for insurances companies and customers alike. With the right technology, insurance companies can make the payments process far more efficient and user-friendly.

Inflexible payment options

Insurer websites often require consumers to complete lengthy registration processes to access member portals. Even after completing their online registration, policyholders are often frustrated by a lack of convenient payment options. Consumers prefer simple, one-time guest payments, but most insurance companies do not offer this capability on their websites. Not only is this detrimental to user experience and customer satisfaction, it can also impede an insurer's cash flow.

Complex processing requirements

Various kinds of payments flow into an insurance company at any given time, including binder payments. A binder payment is the initial payment made by a customer towards an insurance policy. Due to regulatory concerns surrounding these payments, they must be handled with care and processed separately from regular monthly premium payments. Even in the case of regular premiums, a single insurance company could process payments from any number of business lines (i.e. life, auto, and health) with distinct settlement accounts and requirements associated with each.