An insurer sends electronic invoices with ISO 20022 request-to-pay functionality for monthly or annual premium payments due from those policyholders not set up for pre-authorized debit as they do not wish to share bank account info with the insurer. Payment links in the e-invoices enable policyholders to initiate payments from their bank accounts with data…
Use Case Sub-sector: Property & Casualty
An insurer sends a payment request using ISO 20022 request-to-pay functionality to a policyholder when their monthly premium payment via direct debit fails to go through. The policyholder accepts by clicking on a payment initiation link in the message. A payment instruction is auto-populated with remittance data (e.g., policy number) provided by the insurer in…
An insurer receives a single payment from an insurance intermediary (e.g., broker or agent) for premiums they collected on behalf of the insurer over a period of time. The broker/agent deducts their commission fees and other adjustments from the payment. With ISO 20022-enabled payments, richer data can travel with the payment, which could be extracted…
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