Sponsored content: Are you offering the right payment methods?

Australians are changing the way they pay, with new payment methods emerging, enabled by mobile and digital technological advances.

They want a seamless buying experience, where all the information is available, it is secure, auto-filled, quick, and the right payment method is available.

They want this too when buying insurance online.

When was the last time you looked at the payment methods you are offering your insurance customers?

According to the Reserve Bank of Australia, cheques are almost non-existent, cash use has fallen, Bpay and debit cards remained steady as a payment method, and credit cards have fallen significantly.

Digital wallets, Buy Now Pay Later (BNPL) and consumer finance are fast becoming the new norm.

So, do your insurance payment methods reflect these changing times?

Let’s say your insurance policyholder doesn’t have the money to pay their premium upfront and doesn’t have access to credit. With credit card issuances expected to fall 21.2% in 2020-21, this may be a likely scenario.

The youngest respondents of a 2020 Comarch survey found their biggest barrier to buying insurance is cost.  How can you help them afford to pay for their insurance premiums when Australian Millennials are 37% less likely than older Australians to own a credit card?

Offering a payment solution they are familiar with, without having to reach into their savings, may be the answer. Reserve Bank of Australia research found that 55% of BNPL users were under the age of 40.

etika’s insurance premium funding offers 12 monthly payments to your customers seeking BNPL convenience.

From your end, there is no need for manual emails and calls:

• using secure and sophisticated APIs, activations and cancellations are automated within your system or etika’s business portal
• you get paid the full year’s insurance premium the next business day
• download customer data from our business portal to get insights into your customer base
• use monthly installments to sell add-ons to increase your revenue.

Our insurance premium funding is a familiar payment method to help your customers shoulder the burden of annual premiums:

• no additional fees such as establishment fees, account or late fees
• a quick, seamless checkout experience

For more information and a demo, click here