Swarnali Paul, Domain Consultant, TCS BaNCS Insurance


Tech-savvy customers equipped with smartphones, tablets and smartwatches have been gradually bringing about a digital transformation in the payments landscape. The global pandemic has accelerated this trend and is now succeeding in shifting a vast majority of the world’s population, including the older generation, to the electronic contactless medium. Even high value payments are being made through digital channels these days.

Customers are constantly seeking easy options for making and receiving real-time payments. In the insurance space, this would mean a seamless digital experience in premium collection, claims payments and payment reconciliation.

QR Codes

QR codes are used everywhere in today’s world. Insurers can append an app store QR code to documents (including payment slips) and emails sent out to applicants and policyholders.

Users can scan these QR codes, follow the instructions provided online and choose the payment method for premium payment. All of this can be achieved without pre-linking any credit card or bank account details.

An effortless QR code scan can also help an insured initiate a hassle-free claim by redirecting them to fill in the relevant form online. This will significantly reduce processing time and operational costs, leading to increased customer satisfaction in the process.

Digital Wallets

Credit card users are gradually moving towards digital wallet-based payments such as Apple Pay, Google Pay, Samsung Pay, etc. Integrating payment buttons for various digital platforms is a simple task and will give customers an elevated level of convenience.

Payment Modernization

Insurers worldwide need to align themselves with ISO 20022-driven payment modernization. ISO 20022 is increasingly being adopted as the industry standard for electronic fund transfers globally and covers over 200 payment types including domestic, ACH, real time, high value and cross border payments. Insurers need to embrace ISO 20022 messaging in order to stay competitive. Of particular interest is the Request to Pay (RtP) functionality that will allow insurers to get in touch with payees in real time before settling claims, thereby enhancing customer experience in the contactless payments space.


Customer satisfaction is key and comparing the facilities delivered by different insurers online is just a click away. A satisfied customer who has enjoyed a seamless and hassle-free experience is likely to recommend the insurer to others.

Disclaimer: Views or opinions represented in this blog are based on the author’s own research and do not represent TCS BaNCS.


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