Insurers can simplify through payment gateway says Novarica

Published: August 1, 2017

Updated: July 24, 2018

Author: Luke Jones

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Research and advisory firm Novarica says insurance companies are increasingly digitizing process, including payment gateways, as customers increasingly expect smooth digital transactions.

A new executive brief titled Payment Gateways in Insurance, the Boston-based firm shows how digital payment methods give insurers a way to meet consumer demands and evolve their own way of delivering services.

Payment gateways allows companies to have an efficient payment system, lower costs, and insure PCI (payment card industry) standards are met. Customers can get a secure and easy method of payment.

“Payment gateways can serve a vital role in meeting customer expectations and providing secure services,” said Chuck Ruzicka, vice president of research and consulting at Novarica, who co-authored the brief with Novarica associate Christina Choi. “They offer the ability to enhance consumer-facing services, improve IT’s response to market changes while reducing its complexity, reduce carrier risk and reduce costs,” Ruzicka suggested. “Carriers who are evaluating their digital capabilities should consider how they provide billing services and how they can best leverage the capabilities of payment portal service providers to address their challenges.”