InsuranceDekho has been making waves in the insurtech world, simplifying the way people discover and purchase insurance. InsuranceDekho offers a diverse range of insurance products, including motor, health, life, and SME coverage. Initially focused on B2B, the platform expanded into the B2C market, catering to individuals as well, becoming a one-stop shop for a comprehensive insurance discovery and fulfillment platform.
As their customer base grew, so did the need for a robust payment system. The company needed a reliable, scalable payment solution to manage growing transaction volumes while maintaining high success rates and excellent customer experience.
This is where Razorpay stepped in, becoming the crucial partner in streamlining and optimizing their payment operations.
Let’s break it down!
The Challenge: Navigating Payment Complexities in a Growing Ecosystem
As InsuranceDekho captured all strata of markets, managing payments across various insurance products became increasingly complex. They needed a payment partner that could efficiently handle transactions, offer flexible payment options, and integrate seamlessly with existing systems.
Managing a high volume of digital payments via cards for various insurance products presented an opportunity for growth and optimization. Understanding the importance of affordability, InsuranceDekho also sought advanced features like EMI on credit and debit cards, ensuring cost-effective options were readily available for customers, alongside, maintaining high transaction success rates was crucial to enhance customer experience and build trust in the platform.
Additionally, as UPI gained prominence, InsuranceDekho required a solution that could seamlessly integrate with existing systems while maintaining high transaction success rates and minimising failures.
InsuranceDekho sought a unified payment solution primarily focused on optimising digital payments, managing transaction complexities, and driving growth through a seamless payment experience.
The Solution: Razorpay – A Reliable Partner for Growth
In October 2022, InsuranceDekho partnered with Razorpay, launching a journey that transformed their payment infrastructure. Razorpay’s comprehensive payment suite addressed their critical needs by offering a wide range of payment methods, including credit and debit cards, UPI, and net banking.
Key features like credit card EMI and debit card EMI were introduced, which significantly improved customer payment flexibility. Razorpay also provided block settlement and route transfer products, ensuring that funds could be easily routed to respective insurance companies without delays, enhancing the overall efficiency of the payment process.
This high level of reliability made Razorpay an indispensable partner as InsuranceDekho continued to scale its operations.
The Impact: Significant Growth with Razorpay
With Razorpay’s seamless integration and robust payment infrastructure, InsuranceDekho saw substantial improvements in its payment processes.
Transaction Distribution
InsuranceDekho now processes majority of its card transactions through Razorpay. This strong inclination towards card payments underscores Razorpay’s ability to offer a seamless and secure card transaction experience, positioning cards as the hero in their payment journey. With an impressive 99.32% of payments made using saved cards, Insurance Dekho has significantly enhanced the checkout experience, leading to a month on month high success rate for card transactions—highlighting the critical role saved card payments play in boosting customer convenience and driving seamless transactions.
This distribution reflects the effectiveness of the partnership, highlighting how Razorpay’s card payment solutions have become a key driver of InsuranceDekho’s payment strategy.
Alongside this, Razorpay also facilitates transactions through UPI and the remainder via online banking, showcasing a versatile suite of digital payment options.
Reduced Failure Rates
Razorpay’s superior technology has successfully reduced the technical failure rate to less than 1%. Even when including customer-induced errors, the overall failure rate remains as low as 2-3%, demonstrating the reliability and precision of the payment infrastructure.
Razorpay has become the preferred payments partner for InsuranceDekho, powering almost 100% of their online transactions. This partnership highlights Razorpay’s ability to deliver seamless and secure payment solutions, enabling InsuranceDekho to enhance customer experience and streamline their payment operations. With Razorpay’s robust and scalable platform, InsuranceDekho has been able to focus on their core business, confident that their payment processes are efficient and reliable.
Conclusion
InsuranceDekho’s journey with Razorpay exemplifies how a strong payment partner can drive growth and operational efficiency. By choosing Razorpay, Insurance Dekho played their Cards right, unlocking seamless transactions and business success. Now, it’s your turn to start your journey with Razorpay and build your own success story!
