Star Health and Allied Insurance have introduced a user-friendly payment option using UPI QR codes for policy purchases and renewals, simplifying the customer process.
The companies stated that this personalised solution streamlines the customer purchase experience, making it a seamless process with just a few clicks.
Anand Roy, MD & CEO of Star Health & Allied Insurance Co., stated, "The UPI QR code, integrated into payment reminder emails, empowers customers to complete their transactions within seconds. 'All essential payment details, including the premium amount, are pre-fed into the QR code, simplifying the payment process and eliminating the need for manual premium amount entry.' Embracing UPI payments aligns perfectly with the Government's 'Make in India' vision and IRDAI's transformative goals for the insurance sector."
In addition to the QR code-based payment option, Star Health has launched personalised UPI payment intent links to enhance customer convenience. For the same, it has collaborated with National Payments Corporation of India (NPCI).
In a statement, Kunal Kalawatia, chief of products at NPCI, supported the move, stating, 'œWith financial inclusion at the forefront of the nation's economic agenda, the integration of UPI will make the process of policy renewal and purchases more accessible, thereby further propelling the penetration of the Insurance sector in India.' This aligns well with the broader objective of enhancing financial inclusion nationwide.
When customers click on the provided link, the UPI app launches promptly. In cases where multiple UPI apps are available, customers can choose their preferred app.
The necessary payment details, including the premium amount, are automatically loaded into the selected app. Customers can then authenticate the payment using their UPI PIN.
Star Health said that customers can complete their payments within seconds with a simple scan of the customised QR code, ensuring a hassle-free, error-free experience.
The UPI QR code integration, incorporated into payment reminder emails, allows customers to finalise transactions swiftly. All essential payment details, such as the premium amount, are pre-loaded into the QR code, simplifying the payment process and eliminating the need for manual premium amount entry.
In parallel developments within the health insurance arena, ICICI Lombard has launched 'IL TakeCare' app to simplify access to the insurance sector. This user-friendly app boasts a range of health management tools, including a health dashboard that empowers users to track their fitness activities, monitor health metrics, and pursue their wellness goals efficiently.