Attending and presenting at key industry events is one of the best ways the iCG Pay (formerly iCheckGateway.com) team stays updated with the ever-evolving landscape of payment solutions. The iCG Pay team attended the recent InsureTech Connect (ITC) Vegas event. Our VP of Partnerships, Spencer Royan, and Insides Sales Representative Phillip Edinboro represented us. With a keen eye on emerging trends and a focus on innovation, we are poised to revolutionize the intersection of insurance and payment solutions. Here are some of the key takeaways by Spencer and Phillip from the event this year.
Is ACH Still Relevant?
Yes, ACH payments can in fact, be seen as a game-changer for insurance payments.
The iCG Pay team recognized the potential to bundle ACH seamlessly into a comprehensive payment solution for the insurance industry. With its efficiency and security, ACH can streamline payments, providing insurance providers with a holistic payment platform that caters to their individual needs. Setting up recurring payments is the best way for insurers to automate their premium collection processes.
How Can InsurTech Companies Make the Most of Effective Payment Processing?
We realized that most insurtech companies see creative partnerships with tech-forward payment processors to increase their wallet share. They are willing to offer their in-depth understanding of the insurance vertical to learn how payment technologies can help them reduce turnaround times, eliminate friction in premium collection, and improve customer satisfaction.
The team at iCG Pay was glad to acknowledge the power of referral partners and is committed to exploring innovative avenues to understand the nuances of the insurance industry better. By creating meaningful connections and learning from the industry's details, we aim to tailor our solutions to meet the specific requirements of insurance providers.
How Can Effective Collaboration with Industry Players Lead to More Business Opportunities?
The breakout sessions at ITC Vegas left the iCG Pay team eager to delve deeper into meaningful conversations with Independent Software Vendors (ISVs), banks, and Independent Sales Organizations (ISOs) within the insurance vertical. Spencer and Phillip emphasized on asking the right questions to uncover opportunities for collaboration and partnership. By understanding insurance companies' needs and pain points, iCG Pay aims to develop tailored solutions that address specific challenges and fill functionality gaps. The key areas of improvement for insurtech companies include:
- Streamlining Customer support
- Adopting innovative hosted payment portal solutions
- White-labeling payment portals
- Identifying and partnering with a reliable Payment Facilitator (PAYFAC)
By collaborating with massive industry leaders, iCG Pay seeks to leverage its expertise and support to enhance its offerings.
How Can We Customize Partnerships with Development Resources?
Recognizing the importance of development resources, the iCG Pay team explored partnerships with several insurtech organizations. This strategic move aims to tap into additional development capabilities that can fuel iCG Pay's expansion and growth. By leveraging the expertise of external development partners, iCG Pay aims to stay agile and responsive to the market's evolving needs.
What is the importance of card present opportunities and technical capabilities?
The team saw many opportunities related to Card Present transactions in the insurance vertical. We are keen on leveraging our strengths and expertise to forge partnerships that capitalize on these opportunities. Exploring all technical capabilities available is a key focus, to gain a substantial market share within the sector. iCG Pay's commitment to innovation and adaptability positions it as a formidable player.
How Do We Plan on Leveraging Marketing Power for Strategic Goals?
Recognizing the symbiotic relationship between sales efforts and marketing strategies, iCG Pay aims to leverage its marketing team effectively. The focus is aligning marketing initiatives with sales objectives and new partnership goals. By strategically communicating its value proposition and market positioning, we aim to amplify its reach and attract like-minded partners.
Conclusion
In conclusion, we know that iCG Pay will play a pivotal role in ACH in insurance payments. We will focus on exploring creative partnerships and structuring collaborations with industry leaders. iCG Pay is in a fantastic position to transform the intersection of insurance and payment solutions. The journey will involve effective questioning, strategic partnerships, and a relentless pursuit of technical excellence. As iCG Pay continues to innovate and adapt, it solidifies its position as a trailblazer in payment solutions for the insurance sector.
MORE TAGS:
ISVs, Payments Education, Events, Insurance, Independent Software Vendors, Recurring Payments