Payment Gateways in Insurance: Overview and Prominent Providers

Report Summary

Payment Gateways in Insurance: Overview and Prominent Providers

Deb Zawisza
Senior Principal

September 2020 - This report discusses the use of payment gateways for both premiums and claims/annuities payouts. It explores how payment gateways can help insurers and provides an overview of trends and changes in the vendor landscape.

Vendors included in this report are ACI Worldwide, Bankable, Bill It Now, Chase, Checkbook, Commerce Bank, Dream Payments, Enservio, Fiserv, Hyperwallet, Ingo Money, Input 1, InsurCard, Invoice Cloud, KUBRA, One Inc, Prelude Software, and VPay.

Topics

  • Risk management. Paper-based payment processing creates business continuity risk and health risks to employees.
  • Key features. Some vendors support real-time payments or customer/insurer portals.
  • Customer experience. Insurers should be mindful of specific strengths and weaknesses.

Key Points and Findings

Customer expectations are changing. Exposure to the retail industry and paperless utilities payments have changed the way customers expect to interact. These expectations go beyond the payment plans and claims payments that insurers typically offer.

Life insurers continue to lag. Vendors respond to market demand; there are only a few examples of life insurer adoption of digital payments.

Traditional payment types are still dominant. Insurance customers continue to prefer debit, credit, and check despite interest in digital payment types.

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