3. INTRODUCE:
E-payment refers to any payment made electronically, typically
through the internet or other digital channels such as mobile devices,
using various electronic payment methods such as credit/debit cards, e-
wallets, online banking, and digital currencies like Bitcoin. E-payment
has become increasingly popular due to its convenience, speed and
security allowing consumers to make transactions from anywhere at any
time, without the need for physical cash or checks.
4. 1. Register your claim
2. Submit relevant document
3. Verification and assessment
4. Approval and e-payment
5. Confirmation
5. 1.REGISTER YOUR CLAIM
First, you need to register
your claim with your insurance
company. This can usually be
done online through the
insurer’s website or mobile app,
or by calling their customer
service hotline.
6. 2. SUBMIT RELEVANT DOCUMENTS
You will then need to
submit any relevant documents
to support your claim. These
may include copies of your
policy documents, medical
reports, bills and receiopts.
7. 3.VERIFICATION & ASSESSMENT
The insurance company will
then verify and assess your
claim based on the policy terms
and conditions, and the
documents you have submitted.
They may also conduct an
investigation or request
additional information if needed.
8. 4.APPROVAL AND E-PAYMENT
Once your claim is
approved the insurance company
will initiate the e-payment
process. This usually involves
transferring the claim amount
directly to your bank account
electronically.
9. 5. CONFIRMATION
You should receive a
confirmation from your insurer
once the e-payment has been
made. Make sure to check your
bank account to ensure that the
payment has been received
11. 1. SPEED
E-payment allows insurance
claims to be processed much faster
than traditional paper-based
methods. This can help reduce the
time it takes for policyholders to
receive their claim payment, which
can be especially important in cases
where the policyholder needs the
funds urgently.
12. 2. CONVENIENCE
With e-payment, policyholder
can receive their claim payments
directly into their bank account,
eliminating the need for them
to physically go to an insurance
company or bank to collect a
cheque or cash. This can save
time and hassls for both the
policyholder and the insurer.
13. 3. SECURITY
E-payment is a secure
method of transferring funds, as
it eliminates the risks associated
with lost or stolen cheques or
cash. This can help ensure that
the policyholder receives their
claim payment without any issues
or delays.
14. 4. COST SAVING
E-payment can help insures
reduce their administrative costs
savings for both the insurer and
the policyholder.
15. 5. ACCURANCY
E-payment can help reduce
errors associated with manual
data entry, as the system can
automatically verify and process
claims. This can help ensure
that policyholder receive the
correct amount of compensation
for their claims.
