Paymentus is a leading electronic bill payment and presentment (EBPP) platform helping insurers make their billing and payments process hassle-free for their policyholders. 

The new solution will, according to its developers, act as a payments engagement point for insurers and policyholders, making it easier for digital transactions to be facilitated via the Paymentus platform. 

In a statement released by Paymentus, the fintech said: “Payments are a frequent engagement point for insurers and policyholders that can contribute to policyholder satisfaction. According to McKinsey, “more than four in five Americans used some form of digital payment in 2021.” With the continual rise in popularity of digital payments, insurers will likely have to adapt to new, modern payment methods to keep up with policyholder expectations.” 

The Paymentus Billing and Payments accelerator enables insurers to:

• Increase customer satisfaction by allowing policyholders to pay via their preferred method, ranging from traditional methods like credit and debit to modern methods like PayPal, Venmo, and Apple Pay;
• Easily view secure payment details within PCI compliance and process refunds and reversals with real-time updates; and
• Securely save policyholders’ account details, including payment method and preferred communication channel, enabling impactful payment notifications and reminders.

Paymentus also reportedly handles payment card industry (PCI) compliance for users, allowing them to focus those resources on more important uses.

Speaking about the launch, Eugene Lee, senior vice president and general manager, InsuranceSuite, Guidewire, said: “Congratulations to Paymentus on the release of its new BillingCenter app. Paymentus’ solution can help insurers stay on the leading-edge of payment technology, ensuring policyholders have a wide range of payment methods to choose from.”

Dushyant Sharma, Founder and CEO of Paymentus, commented: “Our new BillingCenter accelerator can help insurers keep pace with rapidly evolving customer demand for a streamlined billing and payment experience. With this app, modern insurers can rapidly upscale their billing and payments capabilities, increasing customer satisfaction and policy renewal rates through improved speed of payments collections and claims disbursements.”

Lee added: “We look forward to seeing our shared customers reap the benefits of its technology.”

Source: Business Wire