Types of POS Systems: The Ultimate Guide for...Mar 03,2023
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The insurance business needs to deliver a consistent payment experience across multiple customer touchpoints to improve the persistency ratio and drive operational efficiencies. With rising complexities in payment processes, insurance companies need to analyse the payment behaviour of customers at regular intervals and understand their preferences. However, it becomes difficult when you have multiple payment services providers integrated across the customer journey.
With the help of the Payment Orchestration Platform (POP) by Worldline, insurance companies can now consolidate payment infrastructures, reduce the hassle involved in managing multiple integrations with different payment partners, and simplify operational services to enhance business value. POP offers complete control over the payment ecosystem by minimising transaction failures and increasing conversion.
We spoke to Aditya Chatterjee, Vice President – Enterprise Sales, Worldline India about his views on how Payment Orchestration Platform (POP) can drive operational efficiency for the insurance industry. Read on to know what he had to say.
“Payment Orchestration Platform (POP) is an innovative payment interface that offers a simplified and hassle-free payment experience to your valued customers. It consolidates payment infrastructures, reduces the hassle of managing multiple integrations with different payment partners, and simplifies operational services to enhance business value. The product gives complete control over the payment ecosystem by minimising transaction failures and increasing conversion.
It is a comprehensive payment interface that assists you in delivering an enhanced payment experience across multiple customer touchpoints. The platform consolidates payment infrastructure and reduces the hassle of integration with different payment partners.
POP seamlessly automates the offline branch-based customer transactions for Insurance players to assist them in understanding the payment journey of their customers. An all-integrated dashboard also ensures efficiency in the business by helping them manage day-to-day operations easily. The dashboard allows one to analyse both assisted and unassisted payment journeys of the customers. A unified view of the customer payment journey brings about an improvement in the online conversation rates. Digital mandates enabled with one-time payment options also improves the persistency.
The platform has multifarious uses that meet your expectations. With its user-friendly interface and easy adaptability, you have a lot to gain. It handles all forms of payments while supporting merchant-specific customary payment vault for storing multiple payment instruments like debit and credit cards, net banking, e-wallets, and UPI. Payment Orchestration Platform (POP) also helps you smoothly migrate from your existing integration. You just have to integrate once and we, at Worldline, will help you manage all the payment partner integrations in the future.
Let’s get to know more about the benefits of POP for the insurance industry –
Flexible and well-integrated across Android, iOS, and other hybrid applications, Payment Orchestration Platform (POP) has the ability and the agility to make direct arrangements for enabling payment options that you have with multiple partners for aggregating and processing transactions.”
“Our company, Future Generali India Life Insurance Company Limited (FGILI) has greatly benefited from adopting the tailored payment solution from Worldline. We were on the lookout for a solution that was safe, convenient, affordable, and streamlined all aspects of our payment stack into one consolidated and customisable platform. That’s when we came across Payment Orchestration Platform (POP) by Worldline. POP’s solutions offered us a simple intuitive interface, universal token vault, maximised approval rate, add/remove provider based on performance, dynamic routing, and industry compliance.”
- Byju Joseph, CTO – Information Technology, Future Generali
If you’re an insurance player wanting to drive operational efficiency across multiple customer touchpoints and increase your persistency ratio, POP is the perfect payment solution for you.
POP your business growth with Worldline now!