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Insurancebrowse around this web-site.jpg 768w, 900w" sizes="(max-width: 300px) 100vw, 300px" />The insurance business is multi-faceted, serving both everyday consumers as well as other companies, depending on the scope and focus of the insurance involved. Because of this, insurance transactions can be extremely complex, especially in the long term with changes to policies, ongoing payments and determining payouts in the event that a policy is invoked. Despite not having the same visible profile in the market as consumer or technology companies, insurance and its associated transactions form a major component of financial activity in almost every country of the world.

This is why insurance companies themselves must ensure that their merchant solutions are both comprehensive and efficient. In the 21st century, things have come a long way from checks and cash transactions, with payment processing systems that combine the ease of online access and the accountability of digital record keeping. Electronic billing is the new gold standard the industry, and every insurance company should strive to embrace these new methods both for their own convenience and that of clients. By being able to configure recurring monthly payments, new options, such as Automated Clearing House—or ACH—transactions can actually reduce the corporate fees companies face each month if transactions can be collated into “batches” that are handled in large groups, rather than processing each individual payment as and when it happens. 

Insurance companies must also be mindful of changes to payment methods that are on horizon. Many technology companies are now getting involved in the payment infrastructure, and while some companies like PayPal have been mainstays for a number of years, new, surprising companies like Apple, Google and most recently Microsoft are now looking into getting into the payment industry. While it’s unlikely to affect most insurance companies operating at larger corporate levels, there is an opportunity for companies that work with consumer clientele to reach out to younger market, making these payment systems available to the tech savvy and building up relationships with a new generation of clientele. 

Insurance is always going to be an important part of any company or individual’s financial life, but it is an industry that must continue to follow the changes that come to society, and adapt to the challenges and opportunities these new changes offer.

Posted in ACH Processing, Payment Processing on Sep 03, 2015