Verified Market Research recently published a report, “Digital Remittance Market”, which revealed that the global remittance/money transfer market was valued at USD 15,9 Million in 2020 and could reach USD 40 Million by 2028. In southern Africa, where migrant work is common and many families have members abroad, the market is especially thriving.
As more and more consumers flock to these platforms and related digital banking apps, the time is right to meet their demand for convenient “all in one” service. In other words, platform owners should seek to offer a wider set of financial services on their platforms, beyond just basic transfers or banking. Consumers are always on the hunt for a platform that will service more of their financial needs in one place. With Click2Sure’s innovative SaaS, yours can be that platform.
Insurance, of one sort or another, is something almost everyone takes out. Click2Sure specialises in engineering cloud-based insurance products for a range of business sectors including manufacturing, retail, property and financial – where our products align well with our fintech clients’ current services.
Within just 30 days, our team can embed a revenue-generating insurance line into your remittance or banking platform, for products that will prove highly relevant and attractive to your customers:
- Funeral policies: consumers can take out funeral cover for themselves and their immediate or extended family members, in just a few clicks.
- Travel insurance: many consumers who regularly do cross-border money transfers often move between countries themselves.
- Transactional insurance: for instance, to insure financial transactions involving unvetted or unknown third parties.
- Medical insurance: providing pay-outs for consumers’ sudden, unexpected medical bills.
How will we make it happen?
During the COVID-19 pandemic and its lockdowns, Click2Sure has led the charge in responding to changing market needs in South Africa’s fintech space, as consumers seek to do more financial transactions “from the comfort of your home” (as the ads like to say).
Our first step would be to meet with you and discuss what kind of insurance product(s) would be best suited for your core target market. With the basic product(s) articulated, we would assist in partnering you with a suitable, licensed underwriter, for policy and compliance purposes. Then we would go into development mode, building your insurance line, and testing it with a core audience as a Minimum Viable Product (MVP), before launching it on your platform. The product would be white-label in nature i.e., wholly branded and presented by you.
Because you’re already a digital-first concern, the actual integration of our cloud software will be relatively simple, and you will experience zero disruption to your existing online services while implementation takes place.
What would happen once it’s live?
Your insurance line would be omnichannel in nature i.e., marketable by you and accessible to customers via your platform as well as via social media, WhatsApp, SMS, USSD, etc. Every possible digital touchpoint will be used.
We have done away with the old way of taking out insurance policies – endless paperwork or long phone calls with a call centre. Your customers will be able to take up insurance policies in just a few “self-service” steps online, after which they will be able to access their dedicated Customer Dashboard at any time to:
- View their T&C’s and policy schedule
- Submit claims
- Manage, extend or cancel their policies
- View your product or promotional messaging (consider the cross-selling opportunities)
- Take out additional lines of insurance cover as you add them in the future
On the other side, you will not be laden with hours of administrative management, because policy holders, and a degree of automation in the software, will have done most of the work already.
The back end of your insurance product will include dynamic product configuration; easy policy adjustment; claims management access; financial management (which can be reported via Bordereau); standard reports; easy to read dashboards, and business intelligence. You will be able to:
- Have a real-time overview of claims lodged
- See a timestamp of all events
- Track real-time claims status and updates
- Leverage automated claims approval mechanisms
- Rely on A.I. fraud detection mechanisms
- Rely on auto and manual flagging of potentially fraudulent claims
- Alert customers about policies purchased or activated
- Send premium payment reminders
- Provide claims-related updates and policy renewal notifications
The data difference
By adding insurance as a value-added service (VAS) to your platform, you will gain access to more customer data than you currently have. You will be able to start leveraging deeper customer insights in real-time and analyse your data to better understand who your customers are and what they most need. For instance, you might promote travel insurance in a big way ahead of the Easter holidays, or you might push medical cover strongly during the winter months. At times when more consumers are transferring money than usual on your platform (month-end, year-end), it would make sense to promote transactional insurance.
After 6 -12 months post-go-live, you will have gained a fairly accurate picture of how consumers’ engagements with your new insurance line ebbs and flows and, as revenue grows in tandem, you will soon pay off the cost of implementation and our monthly subscription fee (the only costs involved) tenfold.
Wishing you a successful 2022 and we look forward to collaborating with you, in empowering your customers to do more for their mamas than simply sending money.
Call us on +27 (10) 045 4019 or mail firstname.lastname@example.org if you have an international money transfer or digital banking platform and want a bigger footprint in the fintech space this year.