Play it safe.
Collections, Real-Time Payouts & Automated Reconciliation for Insurance
Your customers come to you when they need it most. Process insurance claims faster and offer near real-time emergency payouts for an unbeatable customer experience. Monoova automatically reconciles claim payouts, premium collections, and excess payments as they happen around the clock
- Accept payments via PayTo, BPAY, direct debit, direct entry, cards and Apple Pay or Google Pay through one provider.
- Near real-time payouts for claims to verified customer accounts to reduce fraud offering better customer experience with fewer payment inquiries and complaints
- Give customers a PayID to reduce errors in payments and increase trackability
- Automate reconciliation with virtual accounts and custom rules to process under and over-payments
- Improve cashflow visibility for reporting and auditing
- Prepare for BECS retirement in 2030
Upgrade your insurance payments infrastructure. Accept premiums and pay claims in real time, automate reconciliation and improve customer satisfaction with Monoova.
What Monoova brings to Insurance claims
24/7/365 payouts
Emergencies are never convenient. Payout customers in near real-time, 24 hours a day, 7 days a week, even on public holidays and weekends with Monoova.
Significantly reduce the number of manual steps for processing a claim. Pay out and verify customer accounts with PayTo via PayID to reduce fraud, all in one step. Submit payments via API rather than compiling ABA files or typing in BSB and account numbers for direct entry.
Key Features for Insurers
Automated reconciliation and customisable rules
With greater tracking on all payments in and out, Monoova reconciles transactions as they happen.
Payment error? No problem. When a customer’s payment includes a typo or incorrect sum, it can take days or weeks to notice and rectify the payment.
Monoova's customisable reconciliation rules automatically reject payments, notify customers, send requests for correct payment, and complete the reconciliation when it’s received.
Flexible Premium collections
Reliable fixed and variable recurring billing
Introduce PayTo for recurring fixed sum and variable billing and keep your established and trusted payment methods like BPAY, direct debit, and cards to give customers more choice.
Upgrade the insurance payment experience
Smoother checkout
A secure and easy to use checkout that walks customers through setting up seamless recurring payments.
Greater payment choice
Offer more ways to pay, from the latest technology like PayTo, to familiar and trusted with BPAY.
Instant Payouts
Complete the payment experience on a high with funds deposited into a verified customer account in near real-time.
How can insurers pay claims in real time?
PayTo for Insurance premiums
PayTo agreements are the new standard for recurring billing, for both fixed and variable sums. PayTo validates an account’s funds before making a withdrawal. If funds are insufficient, you’ll receive an alert and your customer will avoid overdrafts and penalties. Protect your customers and your cashflow.
Protect your PayTo agreements with traditional Direct Debit agreements, offering you an extra layer of assurances.
How it works: API enabled payments.
Integrate with your Policy Administration Software (PAS)
PAS providers can integrate with Monoova to offer policy management and payments in one platform. Strengthen your value offering and improve process efficiency for accepting payments and paying out to customers.
Turn one star into five.
Reduce customer complaints
Customers who’ve had a negative experience are 50% more likely to leave a public review. Upon reviewing one-star reviews for insurers, Monoova found bad payment experiences to be a common factor in leaving the review.
Reduce the odds of payments degrading your customer experience and leave them with something worth writing a five-star review about.
Your payment options with Monoova
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Preparing for BECS Retirement in 2030
BECS is retiring
The BECS payment system is being retired in 2030. With Monoova’s API ecosystem in your tech stack, start the integration and transition into other payment rails like NPP (PayTo and PayID), BPAY, cards to be ready.
More ways to make money move®
Cards
Accept debit, credit, Google Pay and Apple pay.
Direct Debit
Recurring and subscription pull payments.
BPAY
Send bills, receive payments and pay suppliers.
Monoova is your partner to make money move.
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