Digital payment platform to create a seamless client experience

July 26, 2021

The rise of digital innovation has driven customers worldwide away from traditional practices, including the way they pay for products and services. That is why this insurance company has decided to enhance its digital payment capabilities to deliver a more relevant, customer-centric experience.

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Background

The client is a leading life insurer operating in Asia. Since its establishment, they have been serving millions of policyholders, offering premium insurance schemes that enable their clients to manage long-term savings and protection needs. Living up to its purpose of delivering service excellence, the company has undergone a continuous transformation to enhance its capabilities to meet emerging client needs. One of the initiatives they have made in that regard is their own online payment platform that facilitates a fast, simple, and safe payment.

Challenges

The centralized payment gateway was expected to help policyholders manage and pay all their premiums easily and securely. Such a simplified experience could promote better client satisfaction and management. Besides, the company could streamline the premium collection process, reducing manual exception handling due to inefficient payments. It could also manage the premium collection sources more efficiently and effectively. To address the convenience and preference of clients, the initial requirements from the company entailed:

▪️ the availability and compatibility of the gateway on multiple browsers and mobile devices
▪️ integration with payment service provider and the support for multi-local payment methods
▪️ simple and straightforward payment flow from logging in to verifying to confirming payment
▪️
bulk payment - clients can pay for several policies at a time
▪️
data security compliance obligations

Based on the outcome expectations, it could be seen that the insurer needed to strike a balance between reducing payment complexity and boosting customer experience while ensuring security compliance in a timely and cost-effective manner. Also, there were more technical aspects to consider. Given the insurer's complex applications infrastructure, the platform had to be stable and reliable to process a huge customer base and complex data query procedure. The server redundancy must be maintained at a certain level for the system to achieve high availability, enabling continuous uptime and future scaling. Apart from that, communication was one element all parties cannot overlook. Actually, the project’s first phase did not come up to the mark because all the stakeholders could not exchange information productively enough to identify the problems and define the requirements. Therefore, it was crucial that the company and GEM put it together to accomplish this modernization project.

Solutions

GEM had been an active participant in consultation with the company regarding its project enablement. To ensure that all parties are on the same page and understand the requirements accurately, GEM had sent a team of experts on-site to assess and discuss in detail the ongoing system operation, infrastructure readiness, and the company's proposed changes. The team designed a plan and implemented it after receiving all stakeholders’ approval based on such inputs. The expected outcome would be a responsive, reliable, and expandable web application with a straightforward and streamlined workflow. GEM was responsible for the requirement specifications, detailed design, development, and testing. The team added the Integration & API Management platform to the ongoing infrastructure, facilitating interoperability among the applications and flexibility in deploy and integrate the new ones. The payment platform, thus, can handle complicated queries smoothly and functionally. They also applied Integration System and Payment Technologies with top-grade security to ensure secure, frictionless, real-time payments. After three months of intensive deployment, the platform was completed. Before going live, it was audited by a designated large consulting firm and successfully passed the assessment as the system met all the criteria.

Impacts

The platform was launched shortly after the audit. The payment portal functioned properly and provided policyholders with a modern system that gives a fast, reliable, and strong user experience. They could access and manage their premium payments via browser or mobile application, choose to pay for more than one policy at a time with a payment method of choice, safely and conveniently. This hassle-free, seamless experience had strengthened the relationship between the company and its clients. The platform’s scalability also gave the company more room to innovate and stay relevant with the fast-paced technology world.