Listening and learning

When we wanted to understand how we could help commercial lines brokers get the best out of our online payment solutions tool, Payment Services, there was only one place to go – to our broker partners themselves 

Streamlining customer payments to boost broker business is what Payment Services is all about, so we spent two months talking to 22 of our broker partners across the UK to take the temperature on the system – and get the inside track on how brokers can best use it for their benefit.

Customer choice and flexibility

Giving your customers choice and flexibility when it comes to paying for their insurance is what Payment Services is all about. Once an insurance policy is sold, brokers can choose which payment options are made available – you can offer premium finance to every customer alongside a pay-in-full option.  

All the customer has to do is click on the system portal to choose the payment method that works best for them and their circumstances.  

For Linkfield Corporate Solutions account handler David Batey, this has made a big difference. “The main benefit of Payment Services is that it has increased the penetration of premium finance,” he says.

Meanwhile Brenda Kahan, administrative officer at Prima Insurance, uses the Payment Services dashboard daily to check the status of payments. “I like that the system can take card payments at a time convenient to the customer,” she remarks.

A tool for new business

We developed Payment Services to give brokers a streamlined payment journey, managed and processed online – that much is well understood.

But what we quickly discovered was that some brokers were confused about where the tool sits in the customer journey. It wasn’t always clear to you that one of the best times that Payment Services can be used is at the beginning of a client relationship, when winning new business.

Used in this way, Payment Services can be a great tool for streamlining the whole process of signing up a new client.

But let’s not forget renewals

When it comes to renewing client policies, many brokers we spoke to manage the renewals process using details already captured in iPrompt.

Sarah Truscott, a commercial account manager at Shire Insurance with responsibility for client renewals, does just that. With information already in the iPrompt system, she says, “It’s literally a couple of clicks to arrange a renewal.”  

Keeping things personal

One of the surprising things we heard was that some brokers think that the automated emailing feature can seem impersonal.

Happily, you can change that.

Payment Services has built-in functionality that gives brokers complete control of the communication tools – allowing you to personalise every email sent to a client. 

Keeping an eye on compliance

One of the big benefits of Payment Services emphasised by the brokers we spoke to was with compliance. 

For Nicholas Dunning, head of operations and broking services at Coeus Insurance Management, this is key. “Payment Services is low-risk for brokers, as the client has to tick to accept all the terms and conditions,” he says. “This streamlines the process and makes it more efficient.”

A seamless payment journey for broker and customer alike

Payment Services has been designed to allow brokers to create a single payment request and track it all the way through to completion. At the same time, all the information the customer needs is provided to them throughout the payment process – saving you valuable admin time. 

Executive Insurance sales manager Martyn Owen uses the system every day. He’s happy to sum up why it works well for his business. “What we like most about Payment Services,” he says, “is that it is slick and very easy to use.”