Fairfirst Insurance to make insurance premiums more affordable

Traditional payment methods generally involve payments being made in one go. And if it’s a hefty sum then the impact on one’s wallet is even bigger. But, what if there was a way to go easy on the wallet? What if we could pay in bite-sized proportions instead of lump sums?

The same could be said about paying insurance premiums. The impact of paying a premium, in full, can at times be a money cruncher. That is why Fairfirst realised this uneasy situation and introduced for the first time in Sri Lanka, payments via a subscription scheme. Subscription payments allows the customers to settle payments on an instalment basis across monthly, quarterly or half yearly schedules. 

To further convenience the customer, subscription payments can be settled via a debit card as well. Adding to the convenience is the registration of card/bank details. The registration is done on the first instalment payment itself followed by the frequency of payment scheduled – it’s that easy. The rest is automated with Fairfirst’s payment gateway ensuring that recurring payments happen on a timely basis.

So far everything looks great, from convenience to simplicity. But for Fairfirst, there was another crucial factor – affordability. If you think about it, a credit card is always on standby for a rainy day. And in most cases, once a large payment is swiped, the credit limit gets blocked, leaving you stranded. This is not the case with Fairfirst’s subscription payment, as only the due amount will be charged on a recurring basis on the scheduled date. Thereby ensuring the customer of having savings in case of an emergency.

Fairfirst Insurance Head of Marketing and Digital Solutions Sasith Bambaradeniya said: “We believe in making insurance simple and convenient. Which is why we have introduced for the first time in Sri Lanka, subscription payments for insurance. Our customers can now pay bite-sized premiums from anywhere in the world via a debit or credit card.”

Fairfirst Insurance is part of the Canadian-based Fairfax Group. Fairfax, through its subsidiaries, has an international insurance and reinsurance business with a global underwriting reach, longstanding relationships and a broad product range. Fairfax has a strong foothold in the growing insurance and reinsurance markets of Southeast Asia, Eastern Europe, West Asia and Brazil.