Technology

Come Onboard To Know The Digital Payment Journey Of Policybazaar

Come Onboard To Know The Digital Payment Journey Of Policybazaar

Since its inception, Policybazaar’s focus on innovation has not only helped the organization to become a market leader but also sustained its leadership position in a highly competitive market. The company has constantly added new features and technologies to make the customer experience better day-by-day.

The ethos of Policybazaar lies in ‘Customer first’ and ‘Continuous innovation’. Continuing with its tradition of innovation, we have evolved our digital payment journey in such a manner that it has immensely helped the customers make faster and seamless payments on our platform.

In December 2015, for the first time, we went live with the alpha version of the digital payment application of Policybazaar with only one insurer on board. Earlier, we used to engage with only 6-7 transactions per day via our Payment Gateway. Today, we have integrated with seven Payment Gateway providers. It was in July 2019 that Policybazaar became Payment Card Industry-Data Security Standard (PCI-DSS) certified digital payment and it was our biggest achievement as far as our digital payment journey is concerned.

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What is PCI-DSS Certification?
Policybazaar became PCI-DSS (Payment Card Industry-Data Security Standard) certified version 3.2.1 Level 1, digital payment in July 2019 and re-certified in July 2020. PCI-DSS is one of the toughest certifications in the payment domain. This certification is a mandate for the companies which either process or transform or store Card information.
Following is the link of Policybazaar’s PCI-DSS certification:
https://seal.gtisec.com/policy765p 

What digital payment does?
Policybazaar digital payment application collects payment from our valuable customers on behalf of strategic partners of insurers. Within two days, the funds are settled to the insurance companies. We have integrated the payment gateway with a Nodal Bank Account through which we pay to the insurers. Customers can add multiple insurance policies to their cart and make the payment in one go. The payment application identifies the products from various insurers and the funds are settled swiftly.

The charismatic team
As per the law of persistence: "Your ability to persist in the face of adversities, setbacks, and disappointments is the measure of your belief in yourself". Persistence is the iron quality of success. If you persist long enough, you must eventually succeed. Keeping these words in mind, the small tech team of digital payments has been working hard to make the payment journey for customers smoother.
The team comprises two people in tech, 1 in the product, 1 in MIS for reconciliation. The interesting part being that none of the team members had prior payment experience, still, they took a risk and embarked on the wonderful journey of transforming the payment mechanism of Policybazaar. 

Available payment modes
Currently, there are 7 Payment Gateway providers on our platform with a failover mechanism which means that in case one gateway transaction gets failed, the customer can switch to another gateway for the same payment mode. There are 2 banking partners for the nodal account for the settlement of collected funds to the insurer. Payment modes available on our seamless payment page are CC (Credit Card), NB (NetBanking), UPI, Wallet, EMI, SI (Standing Instruction), eMandate.

A win-win situation for the customers
Policybazaar has always believed in providing support to its customers, quotes comparison, quotes selection, proposal form filling process, a summary of selection, payment collection, policy issuance, endorsement & fulfillment, and claim settlement. 

Providing end-to-end digital services to the customers is our primary concern and making their insurance-buying journey seamless is what differentiates us from the others. This payment application has been a win-win solution and solved a lot of issues faced by the customers. Some of these were: 

  • Turnaround time (TAT) of refund reduced: Before our payment gateway, the customer used to receive a refund amount of the canceled policy in 15-30 days. However, after our payment gateway got introduced, TAT reduced to 1-5 working days. Some of the payment instruments received refund amounts on the same day itself and some of them take a maximum of 5 working days.  
  • Monthly mode of payment: We have shifted from yearly mode of payment to monthly mode of payment for few products in Term and Health Insurance via monthly subscription ( via Standing Instruction and eMandate). So, the business has grown and the customer is able to make payments in monthly installment.
  • Bundling of payment: Customers can easily pay for multiple policies in one go. ((newsletter))

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