With a firm commitment to innovation and customer service, SSP undertook a strategic review to ensure its brokers continually benefit from a simpler way to manage and collect regular insurance premiums. The new solution enables brokers to collect, process and refund one-off and regular premiums, along with access to valuable transaction insight and simple to implement fraud rules.
The deal also provides members of Keychoice, the insurance distribution business owned by SSP, with access to a merchant account. This enables brokers to process and receive payment from all major types of card, both online and via mobile devices.
Global Payments processes the transactions on behalf of member brokers, passing the details through to the card issuer and crediting funds to the brokers’ bank accounts.
With brokers’ margins under continuous pressure in a competitive market, SSP is committed to helping brokers minimise their costs, so they can trade as effectively as possible. To this end, Keychoice brokers receive preferential rates on every transaction completed through the Global Payments platform.
Ron Atkinson, Distribution Director, SSP commented:
“Customers are now demanding the same payment experience from their insurance provider that they receive in other areas of their lives, such as retail, where paying by card is commonplace.
“I’m excited to be working with Global Payments to enable our brokers to meet these changing needs and thrive. With a single solution for all of their payment requirements, our brokers will be more competitive in the marketplace.”
Dave Wills, Chief Sales Officer, Worldwide eCommerce and Multinational Clients, Global Payments said:
“We are delighted to team up with SSP to deliver our all-in-one payment solution to its Keychoice customers. Global Payments partners with some of the leading brands in the insurance sector, delivering a payments solution that places innovation, simplicity and valuable insight at its very heart. We focus on solving the challenges that insurers face – from streamlining their entire payment system, to keeping card details up-to-date for regular premium payments and even help reducing fraud. With SSP, we are committed to working together to make insurers and brokers operate a more efficient business – today and in the future.”