Insurance company: Online payment is hotter and hotter

Currently, general insurance company does not pay enough attention to online payment. However, nothing can stop the development of online payment in the future although its rate is still not high at the moment.

Insurance company: Online payment is hotter and hotter

Online payment situation

Online payment is only about 10% of total number of fees and transactions of electronic commerce in 2015.  If you only count non-life insurace sector, the number is far lower. While online payment channel has been concentrated and invested by life insurance company for a long time, general insurance still doesn’t want to make progress in this fields.

There are many steps comprised in technology and electronic transaction system of life insurance company like consulting, completing contract and fee payment.

App allowing paying insurance fee via ATM card has been used by a life insurance company for years. It requires a smart phones to read the app.

Life insurance industry has applied many different sorts of insurance fee payment channels like payment via online payment gateway or via Internet banking. New type of payment will be introduced in the near future.

So, non-life insurance company does not catch up with life insurance company in the online payment race. However, we cannot deny that cash payment is still the most popupar payment type in Vietnam currently.

Development of online payment in the future

Online payment is hoped to develop profoundly in the time coming when cooperation between card companies, banks and gateways is becoming tighter and better.

Non-life insurance company has finally realized this unavoidable trend and they are making efforts to push online insurance in sales and payment.

When the card payment habit is developing dratiscally, the feature of online payment compared to cash payment and investment of insurance companies and banks will contribute to development of online payment in the fiture. That is no doubt about it.