The Net1 U.E.P.S. Insurance System was designed to enable formal businesses to market and sell their products to the public at large.
The formal insurance industry brings with it compliance to the rules and regulations governing the industry, which are designed to protect its customers.
The U.E.P.S. Insurance System further facilitates adherence to these rules and regulations by utilizing the key features of the U.E.P.S. technology.
This system allows for the cardholder to choose one of the insurance products on offer and for the deductions to be made monthly from the smart card once funds have been loaded to their smart card.
This facilitates speedy settlement of claims by presenting the deceased client's smart card.
The policy is recorded in the chip of the smart card which protects the cardholder in the event of a claim arising and the insurance company having no evidence of the policy or its related debit orders.
Benefits to the Insurance Merchant
- Increased turnover
- Reduced reconciliation problems
- Reduced fraud and theft
- Facilitates legislative compliance
- Secure collection of monthly premiums
- Security - biometric fingerprint identification
- MIS Reporting