The insurance industry is experiencing a major shift from a business model, revenue source, product design and customer engagement perspective. At the centre of all of these is a core requirement to be able to transact.
While the initiatives are increasing and insurers are getting more ambitious about their customer proposition, managing payments has become a major roadblock to implementing innovative ideas and new solutions.
Where insurers are looking to establish a closer relationship with customers, launch “pay as you go” insurance models, sell profitable micro-insurance, offer a loyalty program or develop new customer journeys, it is essential to leverage the appropriate technology to best complete the transaction.
Use Cases For The Insurance Industry
Build Loyalty Programs
Set up or build
Payment Factories (Treasury 4.0)
Too many payment technologies to integrate with
Insurance companies need to deal with millions of transactions per month across multiple markets. To best service the individual market preferences and be relevant to consumers insurers need to work with and integrate multiple payment technologies, Payment Service Providers and strategic partners.
Legacy systems are slow and expensive to integrate with
For insurers who deal with older or legacy IT systems even a single integration is costly and time-consuming exercise, often taking years to deploy. Needing to do multiple integrations on a regular basis is just not something insurers are able or willing to do. For companies that want to compete, grow and are looking to benefit from significant cost optimizations a more efficient and faster solution is needed.
Multiple integrations are more difficult to secure than a single one
Where insurers are integrating external services into their own IT landscape they need to secure that integration and maintain that integration in order to minimize the associated cyber risks. In the expansive and fragmented markets around payment technologies Insurers are now faced with effecting multiple integrations into core IT systems that all need to be secured and maintained.
Single solution to integrate with
Imburse offers insurers a single platform through which they can connect to all payment technologies and payment providers.
With just one integration opens up a world of transactional opportunities.
Rapid deployment with maximum variety
New business models and services become simple to deploy. The technological complexities of premium collection, claims pay-out or reward offers no longer need to get in the way of your business ambitions.
No geographical or line-of-business limitations
Test and deploy your ideas easily and quickly. Our platform lets you define target markets or selected channels for new business models and services. No additional integration or development is required.