General insurance company is not interested in only payment

Unlike life insurance company, general insurance company is not interested in online payment trend – unavoidable trend of insurance sector. The reason why this kind of payment is not popular in general insurance sector is that payment process is more complicated than other common goods.

General insurance company is not interested in only payment

Online payment when buying general insurance

A representative of a general insurance company shares that the rate of payment via cards is still not high. Customers mainly pay by cash. This number still doesn’t increase much even though distribution model via online has appeared for a long time. In 2015, online payment rates only accounts for 10% of total fee and transactions in electronic business. That is for all industries. To general insurance, the real number is much lower.

General insurance payment process is not simple and depends on insurance types that customers choose. Insurance products like material insurance for used cars or health insurance have high responsibility level and it requires precede check before signing contract. Therefore, customers do not want to pay immediately via online and wait until they receive contracts from insurance company.

Online payment is popular for common and low cost insurance products like travel insurance. A number of customers also choose to pay online for renew contract.

General insurance company which has high online payment rate like Liberty has developed online sale system.

As prediction of an expert, online payment trend will increase sharply in the time coming due to investement of banks and insurance companies. To increase the number of customers using online payment, many insurance companies do not hesitate to promote many promotion programs for customers paying by cash.

Online consumption is expected to increase profoundly in the time coming due to the development of card market collaborating with banks and payment gateways. Although increasing rapidly, online payment will ensure the security and safe for customers.

To create habit of online consumption, many current insurance companies introduce reduction cost and giving gift campaign for customers using online payment. For example, when customers buy auto insurance via online, in addition to get 2 – 4 million VND discount, they are given additional insurance.