Generali initiates the payment of its insurance premiums by bank transfer.
FACTS
- The insurer Generali has just announced a French first by integrating the instant payment solution developed by Natixis to facilitate the payment of its customers' premiums.
- These will be paid by initiating a transfer made by Generali.
- Customer journey:
- the payment is initiated online or from a cell phone, in 10 seconds, according to the SCTinst scheme;
- the customer can choose to pay by SEPA transfer or by instant transfer;
- the customer receives a confirmation by text messaging or email following the transaction.
- The solution is first presented as a pilot. In the coming months, it should become a fully integrated offering within Generali's services.
CHALLENGES
- Facilitate customer operations and accelerate its digitization: The payment of contributions by initiated transfer is done in a secure way thanks to strong authentication, and in 10 seconds. This saves time and ensures simplicity to improve the customer experience, according to Generali. It is also a means of guaranteeing payment traceability.
- Adapting Instant Payment to the insurance world: this is indeed one of the very first use cases of instant payment initiation in the French insurance world. The BPCE group was also very early on to position itself as a pioneer in the field of instant payment. It announced at the launch of its service in 2018 that it would offer use cases in the credit, factoring and insurance sectors. Natixis is thus highlighting the crossover opportunities arising from the association of DSP2 (which enables payment initiation) with instant payment.
- Fighting fraud with credit transfers: Generali highlights the 46% fraud rate recorded in 2019 in France for check transactions, according to the OSMP’s annual report. Its objective is therefore to multiply the means of payment offered online, as an alternative to checks. Currently, payment by direct debit and credit card are possible online.
MARKET PERSPECTIVE
- In 2018, Natixis Payments became the first French financial institution to officially launch an Instant Payment service. Since then, the banking group has deployed its offer in several sectors.
- Generali, for its part, is continuing its strategy of digitizing all of its offerings via an option called "100% online documents".