The biggest challenge facing companies offering financial services to the under-banked and un-banked market segments is the non-existence of a secure and affordable distribution channel. In order to succeed in tapping into this market, one requires a range of affordable financial products and services, a simple means to market and sell these products in the rural areas and provide an automated electronic system to receive automatic deductions for premium collections.
Sale of Insurance Products (Life & Funeral)
The system allows the card holder to select one of the insurance products offered by the service provider and register these policy details against the smart card in order to lodge the deduction against the regular income for the collection of monthly premiums. The system further caters for other card holders not receiving regular income to pay their monthly premiums via a UEPS POS/ATM utilizing the 3rd Party Bill Payment facility.
Sale of an Embedded Insurance Product
Embedded Insurance Product provides both banking institutions as well as financial service providers an easy opportunity to tap into the under-banked and un-banked market to provide affordable banking as well as automatic insurance products. As the product is embedded on the UEPS Client smart card at the time of owning a UEPS smart card bank account, the Financial Service Provider in conjunction with a reputable banking institutions can offer these services/products to card holders and charge a monthly card management fee to cover the embedded insurance product’s monthly premium/s as well as collect a management fee for providing the card holder with affordable banking services on the same UEPS client smart card.
Insurance Benefit Upgrades
The software can be customized to allow the Service Provider a facility whereby the card holder can request additional benefit cover via the ATM/POS infrastructure.
Claim Notification
The application provides convenience to the clients in respect of CLAIM NOTIFICATION, to allow the primary member (card holder) or beneficiaries the ability to lodge a claim against the Financial Service Provider Call Centre. Contact telephone details are submitted online via the terminal infrastructure to the Service Provider’s Call Centre to enable them to make instant contact with the claimant and act accordingly.
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- Increased client base into un-tapped markets
- Minimization of risks associated with fraud.
- Provision of secure channel for collection of monthly premiums
- Detailed MIS reporting on premium collections/arrears
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