Cashfree delivers more payment tools for India's insurance industry
Business payments gateway Cashfree has established new features for its insurance, web aggregator and broker clients in India to streamline policy premium collection, claim settlement and payouts to agents and hospitals.
The company's new Insurance Suite includes improvements to facilitate claim disbursals and instant payouts that hospitals send directly from the insurer's bank account, as well as faster verification of a policyholder's account number and bank.
It also includes recurring premium collection, allowing insurers to auto-debit policyholder accounts; QR codes and electronic POS for agent-based collection of premiums; and instant refunds when a policy is not approved by an insurer.
"The machinery of insurance is made of multiple moving parts …and the operational structure is changing," Akash Sinha, CEO and founder of Cashfree, said in a Wednesday press release. "Unrestricted movement of funds becomes essential, as it can directly relate to people's wellbeing, restoration of business continuity, property damage and more."
Insurers, web aggregators and brokers can integrate the Cashfree Insurance Suite with their bank account and initiate direct payments instantly upon claim settlement approval.
Bangalore-based Cashfree, which provides payment channel services for major card brands, PayPal, RuPay, Pay Later and various mobile wallets, says it helps 50,000 Indian and global businesses collect and deliver payments through more than 100 payment methods.