Impact
- Increased transaction success rates
- Reduced customer drop-offs, especially during policy renewal
- Faster policy issuance
- Better customer tracking, across online & offline channels
Products used
- Hyper Checkout
- Hyper Credit
- Mandates
- Unified Analytics & Reconciliation
- Smart Convert Dashboard
Star Health Insurance, India’s first standalone health insurance company, is a leader in offering comprehensive health, personal accident, and overseas travel insurance policies. As a brand committed to providing easy access to insurance, Star Health faced several payment challenges due to the complexity of its industry. In an environment where seamless payments are essential, Star Health needed a reliable, scalable, and compliant payment solution to enhance the customer experience. This led to a partnership with Juspay, which revolutionized their digital payment infrastructure, driving operational efficiency and improving the payment experience for their growing customer base.
Streamlining Checkout Experience with Hyper Checkout
Complicated payment processes and long transaction journeys caused high transaction failure rates, which resulted in brand switching and customer churn.
For a simplified and quick payment process, Juspay’s HyperCheckout integrated a custom-branded payments page across multiple platforms, ensuring a seamless experience:
- Multiple Payment Options: Included support for cards, UPI, wallets, net banking, and EMIs, all in one unified page.
- Seamless OTP Handling: The auto-read OTP feature minimized friction for card payments, allowing users to complete their purchases without delays.
- Frictionless Tokenization: Tokenized card payments ensured that repeat purchases were completed with just one tap, streamlining the user experience.
Flexible Premium Financing with Hyper Credit
A majority of customers did not have access to bulk funds to pay premiums in one go, and loan options were fragmented with limited digitisation.
To address the issue of bulk premium payments, Juspay introduced HyperCredit, a flexible solution that allows policyholders to break down high-ticket premiums into manageable installments:
- Instant Access to Loans: Enabled policyholders to access loans from multiple lenders, facilitating premium payments without financial strain.
- Seamless, Digital Onboarding: HyperCredit offered a frictionless loan application process, including auto-filled application forms and quick loan approvals.
- Profile Matching: Ensured policyholders were matched with suitable lenders based on eligibility checks, streamlining the loan process.
This solution enabled Star Health to improve affordability and make premium payments accessible to more customers.
Navigating Payment Challenges with Intelligent Routing
Star Health’s complex payment infrastructure required the integration of multiple payment service providers (PSPs) across various geographies and customer preferences. Juspay’s Payment Orchestration streamlined this by:
- Intelligent Payment Routing: Dynamically selecting the best PSP for each transaction based on factors like success rates, transaction costs, and network conditions.
- Centralized Payment Stack: Unified all PSP integrations into one platform, simplifying management and ensuring smooth payment processing.
- Optimized Transaction Success: Real-time monitoring of acceptance rates allowed for higher transaction success and reduced failures, improving customer satisfaction.
Supporting Mandates to Reduce Customer Drop-Offs
A majority of customers did not have access to bulk funds to pay premiums in one go, and there was insufficient support for UPI mandates and auto-debit mechanisms on credit/debit cards. In addition, reaching out directly to customers for payment of renewal premiums and EMIs often led to drop-offs and policy cancelations due to friction in the payment process.
To streamline recurring premium payments, Juspay introduced:
- Mandates: Autopay mechanisms such as multiple e-NACH and debit + e-NACH across different payment methods including UPI, cards, and net banking, reduces policy lapses due to missed payments.
- Auto-Retry & Retarget Dashboard: Juspay’s Smart Convert dashboard helps agents retarget customers and recommend alternate payment options to boost conversions.
Ensuring Regulatory Compliance with Ease
In response to recent regulatory changes, Juspay enabled One-Time Mandates (OTM) for Star Health, ensuring compliance while maintaining a seamless user experience:
- Compliant Premium Collection: Juspay’s platform helped Star Health stay compliant with regulations, including blocking premium amounts using UPI mandates before policy issuance.
- Frictionless Transactions: OTMs allowed for smooth auto-debit payments, reducing friction for policyholders and ensuring timely premium payments.
Real-Time Insights with Unified Dashboard
To manage payments across a fragmented customer acquisition strategy—spanning online and offline channels—Juspay’s Unified Dashboard consolidated data into one view:
- Centralized View of Transactions: Provided a real-time overview of payment success rates, acceptance trends, and transaction details across all channels.
- Actionable Analytics: Enabled Star Health to track premium collections and monitor performance across regions and PSPs, improving operational decision-making.
- Automated Reconciliation: Simplified the reconciliation process across multiple sources, reducing manual intervention and streamlining the payment flow.
Results: Faster Payments, Reduced Customer Drop-Offs
With Juspay’s advanced payment solutions, Star Health Insurance successfully modernized its payment infrastructure, providing policyholders with a hassle-free experience. This case study highlights how the right fintech partnership can drive efficiency, compliance, and customer satisfaction across the insurance industry.
- Increased Transaction Success: Dynamic payment routing, pre-filled details, and streamlined payment flows led to higher success rates.
- Reduced Drop-offs: Multiple payment options, support for mandates, and smart retries reduced friction, leading to fewer customer drop-offs during policy renewal or purchase.
- Higher Conversions: HyperCredit enabled more customers to pay premiums through easy, manageable installments.
- Improved Operational Efficiency: The Unified Dashboard allowed Star Health to monitor payments and optimize strategies in real-time, leading to better decision-making and improved performance.
Next Steps: A Future-Ready Payment Ecosystem for Insurance
At Juspay, we’re excited to continue partnering with Star Health to revolutionize the digital payment landscape for the insurance industry. With seamless payments, enhanced security, and compliance, Star Health is well-positioned to continue providing a top-notch experience to policyholders.
If you're looking to optimize your payment systems, get in touch with us to explore how Juspay can revolutionize your transaction processes today.
