1What is pay as you drive motor insurance
The pandemic has led organizations to adapt to the new normal i.e. Work from Home. Contrary to the perception before the pandemic that work from home is easier, now that we have been practicing it for a year, we have realized that it has its own set of challenges and difficulties. As they say, difficult situations make us stronger, and the way Policybazaar aced work from home is a testimony to these beautiful words. Let us take you through the journey of how our centralized payments team has been tackling these challenges.
Firstly, let us understand what the centralized payments team at Policybazaar does?
Since, the centralized payments team has to deal with multiple stakeholders, it becomes imperative to prioritize & align their work. They also need to ensure communication across multiple teams, manage technical glitches, navigate their dependency on merchants and execute agreements.
Being proactive is the key to success
Planning & developing a product from a product/tech perspective and being proactive in gathering all relevant details helped the team emerge as winners and deliver their objective successfully. Through this strategy, they could easily tide over the key challenges such as - unexecuted agreements, account details unmapped in nodal account, live merchant ids not released by payment aggregator.
The Payment Gateway team proactively started asking all the stakeholders about their new requirements one week before the start of any new sprint.
All the mentioned strategies have helped the team in being clear, proactive & prioritizing the work plan for the coming month in advance. It also ensures that they are working in the right direction & their vision is the same as the business.
The undefeated conviction with which Payments team is working from Home is commendable. Being PCI DSS compliant, no team member can be complacent and is always alert regarding any fraudulent activity that might take place and they have put stringent measures to keep a check on the same.
The compliances in PCI DSS Certification & nodal accounts are stringent & have to be maintained strictly on weekly, monthly, quarterly, bi-quarterly & yearly basis. In case of WFH with respect to PCI DSS compliance & Nodal accounts, a few things have to be in place including:
For the payment gateway team, collection of funds and transferring those to the insurer happens on a daily basis. The team needs to ensure consistency in their reconciliation process which includes:
All these how’s can be only achieved by consistency & persistence because if there is a miss in any of the above mentioned points, it will affect the complete ecosystem. To ensure this, the team communicates on a daily basis at 4 pm because their settlement deadline time is 6 pm. Rest assured from collection to settlement, business is as per TAT and the team is more confident than ever before!
18 Apr, 2022
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