How payment technology is changing insurance distribution in 2023
What is payment technology?
Payment technology is a system that digitally coordinates financial transactions between two parties using APIs. This is referred to as an electronic payment which can be facilitated via Payment Service Providers (PSPs).
What is a PSP?
“Payment service providers are an important part of the payment ecosystem. For any business that wants to deliver a simple payment experience to their customers" says Rob Keating of Go Cardless (Keating, Rob. “What is a PSP (payment service provider).” A PSP is a third-party merchant that helps accept payments by connecting them to a bigger financial infrastructure, in other words, a payment gateway.
Advantages of paytech
Paytech is the future of online payments. For insurers the advantages of payment technologies are undeniable; faster, more secure, and all done quickly via a PSP, saving resources overall
What put the revolution in motion?
During the pandemic, everyone was forced to go online. Businesses had to adjust to fulfill the new needs and wants of their customers, insurers were no exception. After many years of legacy systems fighting the change, Covid-19 brought no option; it was digitise or die.
How this change is for the better
Improved customer experience
Say bye to fraud (additional security layer)
Increased operational efficiency
Gaining a competitive edge
Lower costs with higher return
Insurers pivot to digital solutions
The insurance industry became quickly aware of the need to digitise to keep a competitive edge and keep hold of loyal clients and customers. By updating payments, infrastructure, and workflows, insurers will find themselves on the upper hand of operational efficiencies leading to a business prepared for any shifts in the marketplace.
How does distribution get affected?
Insurance distribution has not moved very far from legacy systems. With the demand increasing drastically for digital adaption - not only from the end-customer but also from clients of Briisk - direct digital distribution is key to being part of the future of insurance.
API integration with legacy systems
APIs are a set of functions allowing applications and platforms to interact with external sources such as software components, operating systems, and payment technology. With antiquated ways of doing still present, APIs offer a bridge between legacy systems and paytech solutions, while the move to completely digital is still in motion. Briisk makes use of APIs by integrating with PSPs and PAS which leads to the smooth creation of insurance products through the Briisk Instant Transaction Platform.
The secret to being part of the paytech revolution
“The secret to easily overcoming all these challenges is finding an industry-specialised and highly experienced partner.” says OneInc (The OneInc Content Team. “6 challenges to digital payment adoption”).
A technology partner like Briisk that understands insurance is essential to keeping ahead of the modernisation and digitisation in the industry. Integration is complex and establishing multiple payment methods is no easy feat.
With experience in digital insurance distribution, Briisk will assist in developing your products in a digital format (web/mobile), distributing via your personalised interface (brand label), and reaching your customers in a modern way. Legacy onboarding is eliminated with the use of the Instant Transaction Platform that offers a full-house end-to-end insurance workflow for any insurance product.
See how Briisk can power your business in 2023 while overcoming the ever-changing insurance environment.
What is payment technology? Payment technology is a system that digitally coordinates financial transactions between two parties using APIs. This is referred to as an electronic payment which can be facilitated via Payment Service Providers (PSPs). What is a PSP? “Payment service providers are an important part of the payment ecosystem. For any business that […]
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