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GREAT EASTERN
Case Study

Enhancing Insurance Premium Management: Great Eastern Insurance's Success with Betterpay's Recurring Cards API

Written by
John Doe
Published on
22nd January 2021

Company Background

Great Eastern Insurance holds the distinction of being the oldest and most established life and general insurance company in Malaysia. With a rich heritage and a strong commitment to serving customers' insurance needs, Great Eastern Insurance has become a trusted name in the insurance industry.

Integration Objectives

As Great Eastern Insurance sought to modernise its payment processes and improve customer convenience, they partnered with Betterpay to achieve the following integration objectives:

  • Automated Insurance Premium Collection
    Great Eastern Insurance aimed to streamline premium collection by implementing an automated payment solution, reducing manual intervention and ensuring timely payments from customers.
  • Efficient Onboarding and Management
    The company sought to expedite the onboarding process for new customers, allowing them to purchase insurance seamlessly through their website while maintaining robust customer data management.

BetterPay's Solutions

Betterpay's Recurring Cards API offered the perfect solution to address Great Eastern Insurance's integration objectives. The key solution provided by Betterpay was the implementation of the Recurring Cards API to manage and collect insurance premium payments from customers automatically.

Benefits of Recurring Cards API:

  • Automated Premium Collection
    The API allowed Great Eastern Insurance to automate premium collection from customers. With recurring payments, customers' credit or debit cards are automatically charged at specified intervals, ensuring timely payments without the need for manual follow-ups.
  • Minimized Lapse in Coverage
    By automating premium collection, Great Eastern Insurance reduced the chances of lapses in coverage due to missed or delayed payments. The API ensured that customers' policies remained active, providing them with continuous protection.
  • Improved Cash Flow Management
    This facilitated consistent and predictable cash flow for the company. Timely premium payments enhanced the company's financial stability and operational efficiency.
  • Enhanced Customer Convenience
    Customers benefited from the convenience of automated payments. With their cards automatically charged, they didn't have to worry about remembering payment due dates or facing payment disruptions.
  • Fast and Effortless Onboarding
    The Recurring Cards API allowed for fast onboarding and management of customers. New customers could seamlessly purchase insurance through Great Eastern Insurance's website, and their payment information was securely stored for future recurring payments.
  • Enhanced Security
    Betterpay’s robust security measures ensured that customers' payment data was protected at all times. Great Eastern Insurance could rest assured that sensitive payment information was handled securely.

Integration Process and Results

Great Eastern Insurance collaborated closely with Betterpay to integrate the Recurring Cards API into their payment system. The integration process was seamless, with minimal disruptions to Great Eastern Insurance's existing infrastructure.

As a result of this integration, the company witnessed the following benefits:

  • Streamlined premium collection process, reducing manual efforts and operational costs
  • Improved customer satisfaction due to convenient and automated premium payments
  • Reduced lapses in coverage, leading to enhanced customer retention and loyalty
  • Fast onboarding and efficient customer data management, facilitating a smooth purchasing experience

Conclusion

Through the implementation of Betterpay's Recurring Cards API, Great Eastern Insurance transformed its premium collection process, delivering enhanced convenience to customers and improving overall operational efficiency. The collaboration with Betterpay exemplifies how innovative payment solutions can empower insurance companies to better serve their customers and maintain their position as industry leaders. Great Eastern Insurance's success story is a testament to the value that Betterpay's Recurring Cards API brings to the insurance industry, simplifying premium management and elevating the customer experience to new heights.

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