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In a fiercely competitive sector, innovation and efficiency in your payments function is key.
Improving profitability through accurate payment details
General Insurance providers are investing heavily in the technology and marketing to drive more customers online. In order to complete the online (unmanned) customer acquisition process however, it is critical that:
- internal processes are fast and secure
- applicant payment details are accurate
- applicant payment details can be processed
- rejected payments are minimised (as they may cause drop-off in the acquisition process)
In addition, the Financial Services Authority requires Life Assurance companies to comply with best practice legislation for Know Your Customer and Money Laundering regulations. Experian solutions can help with this by identifying the ownership of a bank account at the point of processing claims and annuity payments, offering a significant opportunity to drive out fraud and its associated costs.
Through market leading validation on Direct Debits, Faster Payments and Direct Credit (both UK and international cross border), Experian can significantly improve Straight-Through-Processing, directly impacting your sales conversion rates while helping to minimise fraud.
Electronic payment transmission for Insurance
Consolidation of insurance companies often means the acquisition of resource-heavy back-office processes with multiple channels for billing, refunds, supplier payments and treasury being operated. This drives a high cost of ownership and increases business risks in a highly visible part of the business (money in and money out). In addition, systems failure, internal fraud and failure to process and collect is common throughout the sector.
Experian have completed the consolidation of enterprise payments channels in the largest Insurance providers delivering:
- significant cost savings
- improved service
- lower risk of fraud and catastrophic events (i.e. failure to collect)
Used for the delivery and receipt of electronic payments, Experian solutions:
- reduce error rates and payment repair costs
- improve STP rates by up-to 2.5% delivering higher sales conversion rates and increasing customer lifetime value
- safeguard the claims and annuity payout function from fraud
- consolidate multiple costly and open to risk back end payments processes onto an enterprise platform