How mobile payments solutions could streamline and speed up life insurance and funeral plan payouts
Technology has propelled humankind into a fascinating future, but are we creating technology solutions to solve problems that really matter? In this, the second of our two-part series on solving real-life problems with technology, we share a how mobile payment solutions can solve to the financial services market challenge of paying out unclaimed funds.
Life and funeral insurance policy advertisements are everywhere; from midday television slots, to magazines and your social media channel of choice. But few people know enough about how they work, the limitations of their policies, the benefits available, and most importantly, how to make sure that a payout happens when it’s needed most.
It’s not uncommon to sign up for a policy and not know the finer details. After all, most policies are agreed to over the phone today, and they take the form of “set and forget” agreements in the back of our minds; because let’s be honest, nobody’s spending time thinking about a funeral policy at the end of a busy week, or before their 10am meeting on a Monday morning.
It makes sense then that keeping your policy information updated wouldn’t be a priority either, but that creates an administration problem for policy providers when managing funds of deceased policy holders.
Recently, Metropolitan launched one of the most brazen and well-received campaigns we’ve seen in a while. The financial services giant kick-started the process of paying almost R20 billion in unclaimed life insurance and investment policies to South Africans.
This initiative set wheels in motion for what we see to be an innovative approach to solving real problems with technology. Today, all financial services companies deal with the same issue that Metropolitan does: finding beneficiaries and paying them.
Mobile payment solutions solving real-life problems
As a mobile payment solutions provider, we’re dedicating resources to finding new ways to leverage our technology to solve real-life challenges.
One solution we’ve come up with addresses the challenge of paying beneficiaries instantly using mobile wallets.
Here’s why this implementation of mobile payment technology works:
More reach & instant payments
Mobile phone penetration is growing rapidly in South Africa, giving financial services companies the reach they never had before. Using mobile wallets allows TuYu to enable every beneficiaries’ phone to receive cash payouts in seconds. No waiting for bank clearances.
Streamline payment processing
We’re able to process bulk payments securely and give administrators the ability to upload lists of beneficiaries.
Typically, bank-processed payments require a considerable amount of admin (setting up beneficiaries, payment references), and few if any banking applications are capable of processing bulk payments based on an imported list of all beneficiaries.
Enhance customer experience
We’ve integrated SMS and email technology to enhance the customer experience, allowing financial services companies to not only complete a cash payout, but also send the recipient a notification of the payment.
Complete payment history
Our platform allows administrators to easily access the history of all payments completed since the inception of their accounts, making less work during auditing season.
In good company
Recipients are able to spend mobile cash at over 70,000 till lanes across South Africa, including outlets of retail giants like Pick ‘n Pay, Checkers and Checker Hyper, and Shoprite to name a few.
Insurance isn’t known to be the most agile industry, but the use of mobile technology could change the way the financial services market engages with its customers. Rapid mobile phone penetration and the simplistic approach of TuYu’s mobile wallet technology make the important act of paying unclaimed benefits even simpler and faster.
Put mobile payment technology to work for your business
Call us on 021 812 1495/6 to find out how we can streamline consumer cash payouts using mobile technology.