Now more than ever, your policyholders want flexibility over when they pay for their insurance premiums. It can be frustrating if the billing period doesn’t match a customer’s needs, such as misalignment with their paychecks, or they simply want to pay more or less frequently.
Until now, Socotra has supported upfront and monthly billing, which benefits some of your customers. But what about insurance buyers who want to avoid paying the full amount at the onset or would prefer paying twice a year? That’s where our additional payment plans come in.
With this new release, we are adding the following plans:
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Weekly
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Biweekly (every other week)
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Quarterly
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Semiannually
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Annually
You can add these additional payment plans to your insurance product in Socotra’s Configuration Studio. When building your product, go to “Settings,” then “Payment Schedules,” and click on the dropdown arrow for “Type.”
Additionally, with this new feature, you’ll be able to better leverage native Socotra functionality instead of potentially building something outside the platform, saving on implementation costs while providing choices to your customers.
To learn more, you can talk with a member of our team by filling out this form.
