Insular Life, a leading underwriter of life, health and retirement insurance plans in the Philippines, implemented SmartPesa’s sp4Insurance solution to allow its financial advisors to take secure payments at customers’ premises.
The new system eliminates unnecessary paperwork by digitizing information at source, instantly reconciles all policy premiums and payments and provides customers with assurance that their policies are in force and up to date.
Using a mobile app, InLife financial advisors are able to get real-time updates on existing policies with due premium; accept secure debit and credit card payments for new business and renewal premiums for multiple policies using a mobile card terminal; view history, receive daily and monthly statements; and provide SMS notifications and electronic transaction slips for an end-to-end paperless process.
“This new payments experience is an important part of the seamless customer journey that we are continually improving. Our fintech innovation partnership with VISA supports fast, convenient and secure customer payment experience. Our customers are always our focus whenever we create innovations. This is also part of our company’s ambition to be the best digitally connected insurer in the county,” said InLife president and CEO Mona Lisa dela Cruz.