Malaysian Insurer Allows On-The-Spot Policy Payments

Singapore-based SmartPesa has announced that it is enabling Tune Protect Malaysia (TPM) to use its mobile Point of Sale (mPOS) payment solutions to allow agents to accept on-the-spot policy payments, address payment delays and reconciliation challenges. This will expand the reach of SmartPesa’s service offering into the insurance industry for the first time .

Established in 2014, SmartPesa is powering transactions for over 8,000 small and medium-sized enterprises (SMEs) and merchants in five countries through its payment solutions (mPOS, miniPOS and Android POS).

A total of 690 terminals are being deployed for TPM agents in the go-to-market. These terminals combine the meta-data with payment information that is captured in SmartPesa payment gateway. The meta-data is also available for export and historic reporting purposes.

“Providing our solution for TPM is significant as it marks SmartPesa’s entrance into the insurance market to deliver a real differentiator. The novel use creates a seamless payment process for the agents and better customer experience for the clients. It allows agents to engage and maintain personal relationships while reducing churn risks and payment delays.” – Cofounder and CTO of SmartPesa, Thorsten Neumann.

“Tune Protect Malaysia is delighted to be a first mover. By partnering with AmBank and adopting the SmartPesa integrated solution, we can offer a more efficient and frictionless policy payment experience to our customers. We believe that this opens up new opportunities for both new policy sales and policy renewals across our insurance agent network.” – CEO of Tune Protect Malaysia, Khoo Ai Lin.