South Carolina Marks a First in Insurance Data Security Law
Our secure payment solutions give the insurance industry peace of mind.
Insurance is a broad and diverse industry. There are many segments, from commercial to group— automotive, health, pet, home owners, renters, and so on. Oftentimes, each entity has their own set of payment processing needs and requirements. They leverage a variety of customer engagement channels to provide convenient and easy ways for customers to pay their premiums and related membership dues and fees. And don’t forget, premiums and dues are paid at regular intervals, so automated recurring and installment payments are a must.
Despite their uniqueness, they all face the same challenge when it comes to payment acceptance. How do they ensure that their business and customer private financial data is secure? That’s where TrustCommerce comes in.
What Is at Stake?
How important is payment security? In 2015, the average cost of a data breach was $3.8 million representing a 23% increase since 2013. Further, the cost incurred for each lost or stolen record containing sensitive and confidential information increased 6 percent from a consolidated average of $145 to $154.[1] The average abnormal consumer churn rate between 2013 and 2014 increased 15 percent.
Costs of a data breach can include:
- A higher than average loss of customers
- More resources put towards new customer acquisition activities
- Damaged brand reputation
If you don’t protect your customers’ sensitive information, everything is at risk.
TrustCommerce and the Insurance Industry
TrustCommerce serves insurance organizations of all sizes. A complex industry needs flexible solutions as well as hands on support. We deliver that and more. Here are some services which we provide to ensure our insurance clients are safe and secure:
- Layered payment protection using encryption, tokenization and EMV to reduce scope and address card present fraud.
- Support small to large organizations with multiple locations and agents in the field
- Provide the ability to take payments in person, mobile, e-commerce and call centers
- Recurring and installment payments to streamline payment plans and provide customer convenience
- Configurable, consolidated reporting with our Dynamic Reporting
- We are bank neutral, allowing clients to remain with their existing banking partner for credit card processing and the flexibility to change banks as needed or use different banks without different processes.
- Offer support for credit card, debit card, PIN-less debit, and ACH
- TrustCommerce is integrated with IVR solutions such as Demand Voice, Revenue Advantage and others.
- Our newest product, TC IPA™ – Integrated Payment Application is our most innovative processing solution to date. It allows core systems to be removed from the credit card transaction flow descoping them for PCI while providing a simplified path for EMV and compliance.
Service and Support
When you work with TrustCommerce you’ll find an organization with heart. We care about every person who works here at TrustCommerce as well as our valued customers and partners. It is this care that helps push everyone to put out the best solutions on the market and to provide live customer service and support from implementation through go live and beyond. Call us anytime 24/7 and you will speak to a real customer service representative.
Reduce Your Risk, Liability, and Exposure
TrustCommerce is dedicated to providing our merchants with the most comprehensive solutions and unmatched customer care. Features such as encryption, tokenization and EMV are just part of what makes TrustCommerce so valuable to our merchants. Our solutions are designed to remove credit card data from insurance providers’ environments and reduce their overall PCI DSS scope. Learn what TrustCommerce can do for your organization; contact us at (800) 915-1680 option 2.
[1] IBM Ponemon Institute Cost of Data Breach Study 2015
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