Insurance businesses offer risk management to groups or consumers in the form of contracts. These companies allow customers to get insurance funds in case of loss or damage. Insurance businesses operates by collecting premiums from their customers and mutual stake holders monthly, quarterly, annually or in one lump sum payment. Although the industry is massive, there are mainly two types of insurance available for customers. The first one is individual customers insurance, which allows customers to get coverage that protects against different personal risks. The second type is group insurance which allows companies or a group of people to get coverage. This coverage is mostly purchased by companies for their employees and it covers them either completely or partially. In partial insurance, some part of the coverage is bought by the company while the employees pay for the remaining. There are different types of insurance coverage. The primary categories are related to life, accident, health, property and casualty.
Insurance companies operate off of premiums paid by policy holders and income from investments. Insurance policies are typically sold by agencies that represent insurance companies and service clients. Insurance agents or brokers work to understand client needs and offer suitable policies at various rates. Once a product is chosen, the client will go through an underwriting process and either be approved or denied. If the client is approved and wishes to procure coverage, premium payment must be made. Insurance companies and the brokers that sell policies typically run using on premise or software-as-a-service. These programs handle underwriting, insurance policy offerings, scheduling, accounting, billing and insurance policy payments.
Payment Integrator has integrations into the most widely used insurance policy software suites with the ability to accept a payment at every stage of an insurance policy lifecycle. We have hosted and iFrame payment intake and shopping cart integrations for online transactions. Our tokenized transaction process allows for the ability to create and store customer profiles to setup payment plans and scheduled insurance premium payments. We allow you to accept credit card and debit card payments as well as ACH, E-Checks and e-wallets like Apple Pay and Google Pay. All of our insurance payment payment integrations are secure and PCI Compliant.
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