The rapid development of alternative payment methods is also having an impact on insurance companies
Insurance companies need to increasingly engage with modern, digital payment methods. On the one hand, customers are increasingly expecting flexible payment options from their insurers. On the other hand, insurers themselves benefit from this development.
The Payment Services Directive II (PSD2), for example, enables access to customers' bank account information through modern API solutions. This opens up new and diverse opportunities for insurers to optimize customer analysis and, consequently, improve up- and cross-selling strategies.
In international payment transactions, the transition to ISO 20022 has a profound impact on insurers' cash management. In the future, it will be possible to largely automate and optimize all cash management processes through comprehensive additional data in payment transactions. Combined with real-time payment systems, this allows for a complete rethinking of cash management.
Trust in our industry expertise
Our specialists are deeply engaged with these market developments. Drawing on extensive experience from numerous PSD2 implementations, we support you in the field of "Payments for Insurance" and the digitization of your payment processes with the following services:
- Development of a tailored and precise target model
- Evaluation of company-specific use cases
- Optimization of existing end-to-end processes
- Integration into your existing IT landscape
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Our Service Portfolio
The ISO 20022 Standard also impacts the communication between insurers and their house banks. Is your cash and treasury management system prepared for this? Do your applications support communication based on ISO 20022?
We provide consulting on format migration to enable forward-looking message exchange.
Payment Service Providers (PSPs) assist their customers in the technical integration of digital payment methods.
We support you in selecting and integrating the PSP that best suits your needs and guide you through the decision-making process, implementation, and ongoing operations.
Based on the available positions in the IBAN of a real bank account, a large number of virtual account numbers can be generated and directly assigned to customers. Incoming payments can then be accurately allocated to the correct contract based on their IBAN.
We provide comprehensive consulting for creating an optimal structure for virtual account numbers.
PSD2, embedded within an Open API strategy, offers significant opportunities for insurers but also raises strategic, professional, technical, and organizational questions.
Our experts understand these challenges and work with you to successfully implement your Open API strategy.
Customers who purchase their insurance digitally also expect digital payment options. Insurers must therefore focus more on integrating digital payment service providers such as PayPal, Sofortüberweisung, or credit card payments.
We provide consulting and support in connecting with the payment service provider that best suits your needs.
Instant Payments enables real-time payments 24/7, 365 days a year, based on the new SEPAINST standard. Would you like to enhance the customer experience in claims processing through real-time transfers?
We are familiar with the functional and technical requirements of SEPAINST and guide you from defining suitable use cases to implementation.
Digital end-to-end processes are essential for a sustainable and future-oriented IT strategy. Adapting or expanding the existing IT landscape is therefore a crucial component of every payments project.
With our consulting services on Digital Payments with SAP for Insurance, we support you in optimizing your processes and integrating your payment requirements into the existing IT landscape, particularly in conjunction with the In/Outsourcing solution SAP FS-CD.