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A solution specially designed for Automobile dealers, which streamlines the daily Insurance premium payments for new vehicles as well as the renewal insurance using a commercial card.

Features

Streamline the Purchase Process

  • Eliminates vast amount of paperwork needed for requisitions, invoicing and manual payments.
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Process Efficiency

  • Reduces transaction processing time and overall cost of high volume transactions
  • Relief from multiple invoice managements, cheque handling and payment system
  • On single platform for all insurance policies, created digitally
Key Image

Security

  • Closed loop card where payment can be made only to empanel insurance companies
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Improve accountability measures

  • Better Control on expenses basis spends data reports on expense patterns
Contacless Payment

Rebate

  • Cashback on selected deals with OEM
Fuel Surcharge Waiver

Savings

  • Upto 22 Days Credit Period
Welcome Renwal Bonus

Reduced Costs

  • Reduced Manpower Cost because of elimination of manual processing of invoices
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Frequently Asked Questions

The Product is designed for Automobile Dealer Industries, two wheelers, four wheeler and commercial vehicles dealers.

  • Reducing the transaction processing time and the cost of high volume, low value cheque payments. 

  • Real time policy issuance leading to customer satisfaction. 

  • Streamlining the cost of payment and financial accounting procedures. 

  • Maximizing control, accountability and reconciliation of payments 

  • Minimizing risks associated with fraud, forgery, thefts through a secure, totally automated card Program (only predetermined Insurance Companies are eligible for a financial transaction under this Program) 

  • Rebate on the usage – If agreed by the empaneled Insurance Company to bear the cost. 

  • Payment can be done 24/7 and all 365 days with nil dependency on the banking hours. 

The cashback can be offered from 0.5% to 1% depending on the plan approved with the OEM. 

  • Control and visibility on the payment being processed through the OEM’s insurance Brokerage portal to the empaneled insurance companies only thus minimizing the pilferage in the insurance being done outside the program. 

  • Ensuring the maximum commission as all transaction is being done through the empaneled insurance companies only. 

No, the cards issued under this program are completely CUG, the card will work on only emplaned insurance companies tied up with the OEM on the OEM portal.

The Credit Period given to the dealer is 15 day cycle and 7th day payment from cycle cut.

  • Yes, Channel ID is must for Auto Insurance Cards where OTB is shared to OEMs example – Maruti, Hero, Hyundai, Mahindra 

  • Sales have to manually update the Channel ID at relationship level post new card is approved 

  • Only one channel ID can be updated on one relationship 

  • Payment can be either on pull or push mechanism. 

  • Transaction done will be settled to the insurance companies in T+1 days 

  • Monthly recovery of the transaction cost. 

  • Daily transaction report to the insurance companies for easy reconciliation 

  • No collection and invoicing manpower required, thus considerably reducing the manpower cost 

  • Minimizes credit risk and write offs. 

Auto Insurance Card solution is a closed looped payment ecosystem for Automobile dealers, for making their daily new as well as renewal insurance payments..

The pricing is 0.65 % MDR for no cashback plan and 1.65% cashback for plan with 1% cashback.

  • Yes, plough back is automated through Prima, and the basic check to qualify a card for plough back is Promo ID. 

  • Sales have to select the Promo ID on the signed MID collected with the setup 

  • The Promo ID is updated though card operations team basis EDW file  

The MDR are charged to the insurance company for every transaction done by the dealer.