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).
“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.
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
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.
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.
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.
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 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.
Sources:
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 […]
Allianz, one of the world's largest insurers with a century-long foothold in Africa, has joined forces with Sanlam, the continent's largest non-bank financial services company. The alliance will enable Allianz and Sanlam to combine their existing and future operations in 29 African countries, becoming the continent's largest non-bank financial services provider. By merging Sanlam's expertise […]
In this interview, Rahul Khajuria, Vice President of Kotak Mahindra Life, talks about the full-stack Briisk Instant Transaction Platform. Kotak Life successfully introduced an innovative on-demand micro life insurance in rural India, to promote financial inclusion in emerging markets. We spoke with Rahul Khajuria, Vice President of Kotak Mahindra Life, about how they used the […]
InsurTech firms are having a transformative effect on the insurance industry. Studies show that at least 86% of insurers think their revenues will be at risk from future technological disruption – and perhaps nothing demonstrates this better than the rise of game-changing InsurTech. So what caused the rise of InsurTechs? And why was it essential? […]
This interview with our founder and joint CEO Hanno van Aarde is about the challenges that brokers face in the digital age and solutions to bring about digital transformation. We are especially looking at how due to the COVID-19 pandemic and the ensuing lockdowns the modern insurance broker has to find digital ways of how […]
The topic of ‘Life Insurance Distribution’ quite possibly conjures up stereotyped images of an overly cheerful and persistent door-to-door salesman in your customer’s minds and may even bring about feelings of dread and confusion. Like it or not, the adage remains true: Life Insurance is a product that is sold, not bought. In the past: […]
UK-based InsurTech Briisk has launched a new version of their Briisk Instant Transaction Platform (ITP). To celebrate the launch, Briisk recently announced the new V2.2 release via a live webinar, presented by Joint-CEO Chas Simpson and Head of Client Project Operations & Product Management Antonie Botes. The Briisk ITP is a powerful cloud-based insurance solution […]
From policy and claims management, insurance product configuration and premium collection, to white label distribution with tailored customer journeys - Insurance Software is disrupting the insurance industry. Especially driven by InsurTechs, insurance software innovations are designed to make the current insurance model more efficient, reduce costs and speed up time-to-market. Customers benefit from more convenient […]
The insurance industry has struggled to adopt technological innovation and digitally transform. Many insurers rely on centralised legacy systems with huge central databases and closed off architecture, which make it very difficult and expensive for insurers to transform and innovate. As a result, InsurTechs are exploring avenues that large insurance firms have less incentive to […]
Meanwhile, not only new players, new business models, innovative insurance technology and high customer expectations are forcing the insurance industry to perform a massive transformation in the way business is done, but especially the novel Coronavirus pandemic. Agents, brokers, and financial advisors will likely face many risk management and logistical challenges. Insurers may have additional […]