Understanding the Benefits of Open Banking by IRIS Solutions for Insurance Brokers
Insurance brokers today face numerous challenges, particularly in handling payments efficiently and securely, and incorporating technology to automate repetitive, mostly administrative tasks. IRIS Solutions, the leading Open banking provider in SEE, offers innovative open banking solutions that help in solving the above-mentioned challenges and ultimately enhancing the operational capabilities of insurance brokers.
Key Challenges for Insurance Brokers
I. Receiving Digital Payments
High Transaction Costs Insurance brokers incur significant costs when processing card and cash payments, whether it's through point-of-sale (POS) terminals or handling cash directly. These costs not only eat into profit margins but also add to the administrative burden.
Inefficiencies in Payment Collection Collecting and processing payments manually is time-consuming and prone to errors. This inefficiency is exacerbated when payments are made in-person or via traditional banking methods, leading to delays and potential loss of revenue.
Limited Payment Flexibility Clients increasingly demand more flexible payment options. Traditional methods, such as paying in-person or through bank transfers, can be inconvenient, especially for clients from different regions or countries.
Compliance and Security Concerns Brokers must ensure that their payment processes comply with stringent regulatory standards. Additionally, ensuring the security of client data and transactions is paramount, particularly in the digital age where cyber threats are prevalent.
II. Inefficient Internal Processes
1. Manual Data Entry and Errors: The need for manual entry of payment data consumes time and increases the risk of human error. These errors can lead to significant issues in financial reporting and reconciliation.
Open Banking Solutions by IRIS Solutions
I. Pay By Bank – The Convenient Payment Method for Insurance Brokers
Cost-Effective Payment Processing IRIS Solutions offers a more affordable alternative to the traditional card and cash payment systems - PayByBank. PayByBank enables payments via QR codes and payment links, which can significantly reduce transaction costs in favor of the brokers. Clients can pay using their bank accounts, streamlining the process and reducing reliance on expensive POS terminals.
Streamlined Payment Collection With IRIS Solutions, brokers can automate the payment collection process. Payments can be initiated via QR codes or links sent through SMS, email, or other communication platforms. This method speeds up the payment process, reduces administrative tasks, and minimizes the risk of errors.
Paying from All Around SEE Region IRIS Solutions' open banking technology provides clients with flexible and convenient payment options. Clients can make payments from anywhere, at any time, directly from their bank accounts. This flexibility is particularly beneficial for brokers dealing with clients in multiple regions, such as Bulgaria, Romania, Greece, and Croatia.
How Does PayByBank Work?
II. Automation of Payments to Insurance Companies
Automated Data Entry and Reconciliation – Paying to insurance companies requires a lot of manual work. Daily insurance brokers send money to numerous bank accounts of their insurance partners. It is a tedious job, which can be easily automated with the power of Open banking. The automation capabilities of IRIS Solutions eliminate the need for manual data entry which does not only saves time but also reduces the likelihood of human error, leading to more accurate financial records
Does this resonate with you? Contact us before 30 June and get –20% off our offer!
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