Bank Details Update

Process steps in TE Manual

During onboarding, client's have two payment options for their premiums:

1. Monthly debit order, when client provides their bank account information the system.

2. Monthly credit/debit card payments, when client provides the name on the card, card number, card expiry date, and the CVV number. All these details are entered into the system and encrypted to protect the client’s card information.

Clients must select one of the two payment methods and consent to debits being made to the provided payment information. Without this, we cannot conclude the sale and issue a policy.

We will then process a monthly debit via the selected payment method.

Updating the Bank Details

For a number of reasons, clients may want to change the bank payment details initially submitted, such as closing the account, having the account frozen, cards getting lost or expiring etc. Processing the changes is done through the payment request control process on TE.

Before making the changes, we need to verify the new payment details by way of:

• A Bank Statement not older than 3 months.

• A Bank Account confirmation letter with an issue date of not older than three months.

These documents can be submitted in the form of a PDF copy of the document or a picture of the document (e.g. taken with a cellphone) and attached to the emails/

If the client doesn't send bank account verification upfront, you will need to reply to the client and request these documents.

The verification of clients’ bank accounts ensures that we know our clients, screen them properly and collect the premiums from the correct bank account. This is automatically built into the backend system during onboarding, but if a change is made post sale we cannot update the details without the necessary documents.

Requests sent through by our distribution partners do not need the bank verification documents, as there will be a voice log of the client providing the information by phone. With these requests, you can proceed with updating the payment details as outlined .

Updating card details?

As previously mentioned, the card details that a client provides are highly sensitive, and the utmost precautions are taken to maintain the client’s card security. Because of this that we can't update the client’s card details on our end via TE, and a client will have to change over to their bank account details to continue paying their premiums.

In the future a feature on the client dashboard will allow clients to update card details safely and securely

Third Party Payers

While clients can't take out a policy on behalf of another person, we do allow third parties to pay for a client’s policy. Eg husband pays for the wife’s policy. In these instances, it is very important that the client applies for the policy in their personal capacity. Even with a third party payer, the policyholder still controls the policy, and any changes or information about the policy must come from the policyholder, and not the payer. We'll cover more about 3rd party payers and the process involved in adding them to a policy, and changing those bank details in a later session.