Travel Insurance is one of the products that is most easily sold online, mainly thanks to security developments in the global payments systems industry. Clients are happy to purchase online because they are aware of what they’ll be receiving, and the terms and documentation can easily be passed on to the end user via email or website. If you are established in the travel industry, you are missing out on a great opportunity, if you have not yet started selling travel insurance online!
Some companies tend to hesitate at first because choosing the right payment systems for insurance and travel related products can seem complex. Here’s a list of things to consider when choosing your global payment system for your travel insurance company:
Travel products are sold worldwide so any limitations to accepting payments, in particular currencies or from certain areas, may result in lost opportunity. This is why you need to make sure that your payment gateway can accept payments from all the territories in which you operate.
Servicing a worldwide market does not mean that you need to have a bank account available in every currency that exists! You can choose to accept payments in just one currency, or a handful, depending on the best set-up recommended by your payment gateway. You will, however, need to make sure that your global payment system can easily extend into new territories when you’re ready to offer it. So, make sure that you know your expansion plans when going into discussions with potential suppliers. Watch out for conversion fees, the way prices are displayed, and changes on your website. Losing money on currency conversion could result in a big drop in your bottom-line!
PCI compliance should be a main reason for selecting your Gateway. It refers to the Payment Card Industry Data Security Standard (PCI DSS). This is a standard for credit card processing, and it is crucial that your gateway offers this level of security and processing as a safeguard against problems (such as fines) that may arise in certain markets in which you are operating.
As an insurance company, providing regular reports is a must, therefore your gateway and website should be able to operate simultaneously in order to generate the required reporting. Clear processes and tools need to be in place to easily create your monthly transactional reports, in compliance with insurance reporting systems as established by the industry.