Today, the collection processes for the insurance sector are manual, inefficient, and expensive to an extent. About 15% of customers forget to pay back on time. Many of these have to pay penalties that bear heavily on their pockets. They’ve reported that the collection funnels are confusing and require them to fill out physical forms to reinstate their policies. Many insurance firms remind customers on channels such as the native SMS platform where the open rate is a mere 3%. The digital payments collection funnel at insurance firms is dodgy and has multiple redirections resulting in customer drop-offs.
The opportunity for digital payment collection in India
India has 530 million WhatsApp users and 80% of Indian customers that prefer paying through UPI apps. India has seen a 92% increase in digital payments over the last 12 months in tier 2 & 3 cities, with UPI being the most popular payment method. There has been a 12% increase in payments in the Insurance category over the last 12 months.
Introducing WhatsApp Payments powered by SETU
In this offering, yellow.ai’s powerful collections bot is bundled with a UPI infrastructure to offer a seamless payment experience on WhatsApp. WhatsApp Collections can help you engage with your customers through personalised conversations directly on WhatsApp with in-built payments.
WhatsApp Payments – The ultimate all-in-one collections channel for your business
India has the most WhatsApp monthly active users (390.1 million). As per a December 2020 tweet by Will Cathcart, Head of WhatsApp, over 100 billion messages are sent each day on WhatsApp.
Over 25% of users organically re-visit their WhatsApp account to fetch bills and make payments!
Request your free demo to understand key features of our collections bot bundled with a UPI infrastructure, now.
We know that payment gateway links don’t really work with WhatsApp. Here’s why –
Not optimised for UPI – You’ll be surprised at how many people really remember their VPA. It’s next to nothing. Also in this case, the user has to manually switch to the app which can get confusing or can lose the session in case the internet is not stable.
Expensive – This method is mostly optimised for CC/DC/Netbanking payments (% by payment mode).
Non-native – The method is not for an app. It is mostly optimised for browser flow.
Reconciliation – Multiple dashboards to track transactions through the channel can get tedious when it comes to reconciliation.
Now let’s look at why WhatsApp payment links work!
3-click payments- No VPA entry, no app switching, no drop-offs, no confusion and faster transactions.
Up to 60% cheaper – There is no middleman! You get the flat UPI fares which are vastly cheaper than PG links.
WhatsApp native- You can have a ‘Pay now’ card optimised within the conversation. So the user doesn’t have to switch apps.
Unique VPA for every bill- Simplify reconciliations, avoid double credits & have a single WhatsApp dashboard.
There’s more! Here are some of the key features of WhatsApp payment collections for Insurance.
Send bills with in-built payment options WhatsApp Payments: Convert payment reminders into payment messages and collect in 2 clicks.
3-click experience: Customers can make payments in exactly 3 clicks. No switching to other apps, no drop-offs.
Cost-effective: Lower acquisition cost and lower cost of collections by 60% and above.
Plug-n-play on your existing account: Integrate our standard collection’s journey with your existing WhatsApp Business Account and go live ASAP!
Advanced analytics: Manage your collection strategy all in one place with SETU’s advanced collection analytics.
Vernacular support: Interact with your customers in regional languages and build trust.