Why did Worldnet enter the Insurance Sector?
In early 2012 our Sales Team began a new outbound call campaign to test our products in a variety of different sectors. We quickly realised that our suite of products was perfect for the Insurance Sector due to the nature of how brokers take payments. We are all familiar with calling up one of the many insurance companies, obtaining quotes and finally making payment to begin our policy. In the majority of cases these payments are made over the phone or through a broker’s website providing the perfect environment for our Virtual Terminal and eCommerce payment solutions. This is where Worldnet comes into its own.
How did Worldnet enter the Insurance Sector?
Once we had identified the Insurance Sector as a target we began to build our product proposition. We agreed that the Virtual Terminal was the most suitable product and began to call more and more brokers to see what interest levels there were. At this stage, many brokers were not familiar with Worldnet, and we recognised partnerships as the most effective way to really have an impact on the Insurance Sector.
From our initial conversations with Insurance Brokers we kept hearing one name mentioned again and again. The company in question was Relay Software. We immediately began to put the wheels in motion and in May 2013 we completed our integration with Relay Software. This integration allows any Relay user with the Relay360 or eQuote package to use Worldnet to accept payments from within their Relay System. By taking the payment from within Relay it makes for a much simpler payments process, eliminating the need for double data entry and reducing risk of input errors when processing a policy payment. Once we brought this integration to the market it made choosing Worldnet even more appealing to brokers and we quickly began to increase our market share to where it is today.
Later on in 2013 we began discussions with Brokerline Direct (BLD) about a potential partnership. BLD works on behalf of its members to negotiate reduced rates and group deals to cut costs and increase their ever-narrowing margins and we were happy to provide them with a group offer for their members. We announced our partnership with BLD towards the end of 2013 and began to see the benefits immediately.
In 2014 Worldnet added Worldnet Mobile Chip&Pin payments to our product offering, adding the final piece to our omni-channel payments package. We now allow our brokers to take policy payments over the phone, face to face and directly through their website all through one simple system. These strategic partnerships, combined with our constant development cycle and new products like Worldnet Mobile, have helped us grow our brand and create awareness within the Insurance Sector – which has in turn lead to an 86.5% year-on-year growth since 2014.
Results of Worldnet in the Insurance Sector
Since the initial steps were taken to increase our presence in the Insurance Sector in 2012, we have seen a massive growth both in the number of brokers using our services and the volume and value of transactions processed through their accounts. With over 100 brokers now using Worldnet as their primary card payments provider we saw some very impressive figures in 2015.
It is clear to see from the figures above how Worldnet is currently benefiting over 100 Brokers nationwide, with increasing premium costs making headlines a saving of over 19% on card processing costs can make a huge difference to brokers of all sizes. As well as providing market leading Payment Gateway services, we can also arrange all aspects of merchant accounts through our acquirer partnerships – making the process even more straightforward.
Whether you are new to card payments or thinking of switching from your current provider, the setup with Worldnet is quick and easy and as our in house Insurance Specialist I can assist in setting an account up for you within 7-10 days. For more information about Worldnet in the Insurance Sector please contact the office on 01-524 1099.