Fairfirst Insurance to offer most comprehensive online payment gateway in industry

Official signing of MOU between Fairfirst Insurance and PayHere

Fairfirst Insurance recently signed a Memorandum of Understanding with the internet payment gateway PayHere. Approved by the Central Bank of Sri Lanka, PayHere enables businesses to conveniently accept online payments from customers irrespective of which part of the world they are at. 

Fairfirst is home to the only, fully fledged online insurance purchasing platform – www.fairfirst.lk. Now in its growth phase, the Online Shop has been attracting the attention of people for its convenience and shelf of novel insurance solutions. Offering the very basic third party cover to the make your own vehicle insurance policy, motorbike insurance and pet insurance, Fairfirst has been at the forefront of giving insurance a renewed meaning. 

Moving away from the traditional payment methods that would require the customer to pay their premium in full, the PayHere tie up allows for secure, instalment and subscription based payments for customers. The subscription payment option in particular gives customers the ability to continue transacting with their credit card without hitting their credit limit subsequent to one major transaction. More importantly it simplifies the entire payment and payment collection process for both customers and Fairfirst, since the act of drawing up cheques, depositing them, traveling to a branch to hand over cash, etc. is completely eliminated in an online payment system. What’s more, once the customer selects the frequency of payment and specifies the time period, the rest is automated. 

Commenting on this initiative was Fairfirst Insurance Head of Marketing and Digital Solutions Sasith Bambaradeniya: “We are aggressively pushing our online agenda and in doing so, felt that our platform had to be supported by a fully-fledged internet payment gateway that would enable customers to pay in instalments or subscriptions via their credit/debit card and from anywhere in the world.”  He further added, “We started our journey on the digital space with the view of personalising insurance solutions, but now, with PayHere onboard we are able to offer a personalised user experience with regard to making payments too.” 

PayHere Founder and CEO Dhanika Perera added, “We launched PayHere with a vision to empower Sri Lankan businesses with modern and futuristic payment technologies, which were not available in Sri Lanka before. It’s exciting to see how Fairfirst has leveraged on innovative payment technologies to deliver an outstanding user experience for their customers. We hope this will be a game changer for Fairfirst.”

Fairfirst is currently the only general insurer to offer people the ability to buy online via a plethora of online payment options. Visa and MasterCard payments, Mobile wallet payments such as eZcash and mCash are all accepted payment options on the Fairfirst Online Shop. Going forward American Express, Discover and Diners Club too will be supported on the site. 

Among the top General Insurance companies of Sri Lanka, Fairfirst serves individuals, businesses and institutions across this beautiful island through a versatile workforce spread across a comprehensive branch network, affinity partners and leading brokers in the market. 

Fairfirst Insurance is also 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, the Middle East, and Brazil.