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:
Personalisation and decision support through a digitised broker platform “There are so many options… how do I know what’s right for me?” It’s one of the most common — and paralysing — questions for insurance customers. Whether they’re 21 or 51, navigating product choices can be overwhelming, especially when financial literacy is low and the […]
At face value, it seems like a fair question. You’re likely just starting your career, still exploring your independence, and not exactly at the stage of life where you’re planning for worst-case scenarios. But this question isn’t just a conversation starter — it’s a reflection of a deeper issue in the insurance industry: a lack […]
It’s a foundational question, often asked, rarely answered well. For many, insurance remains complex, inaccessible, or something to “worry about later.” Yet in today’s unpredictable world, insurance is more relevant than ever. The problem isn’t a lack of need—it’s a lack of understanding. This is precisely where EduTech and InsurTech intersect to drive change. Enter […]
In the digital age, customer expectations are changing fast and the insurance industry needs to keep up. Consumers now expect the same seamless, fast, and intuitive experiences they get from tech platforms in other sectors. As insurers and brokers, this means rethinking how we engage, advise, and distribute. Enter: Digital broking, digital advice, robo advice, […]
Unlocking payment flexibility, operational ease, and customer satisfaction The insurance industry is undergoing a digital evolution, with customer expectations pushing companies to rethink how they handle payments. Traditional methods like debit orders and direct debits have served their purpose, but in today’s fast-paced, tech-forward world, they often fall short – especially when flexibility, retention, and […]
The insurance industry is changing rapidly. With online platforms, instant quotes, and digital policies, it’s never been easier for customers to purchase insurance products. But amid all this convenience, one crucial element is being left behind: professional, personalised insurance advice. At Briisk, we believe that no matter how seamless or digital the insurance journey becomes, […]
In a world where digital convenience is paramount, embedded insurance is quickly becoming a must-have feature for businesses looking to enhance value and customer satisfaction. But what exactly is embedded insurance, and why is partnering with an insurtech like Briisk the most effective way to implement it? Let’s explore. What is embedded insurance? Embedded insurance […]
The pace of technological change is accelerating—and so is the consolidation of the industry. As we enter the second quarter of 2025, mergers and acquisitions (M&A) continue to reshape the global tech landscape, including the fast-evolving insurtech space. For insurtech companies, M&A trends aren’t just background noise—they’re critical signals. Whether you’re preparing for growth, seeking […]
The insurance industry is on the cusp of a transformative revolution, driven by advancements in artificial intelligence (AI). At the heart of this change are generative AI and agentic commerce, two concepts set to redefine customer journeys and the buying process. Understanding generative AI and agentic commerce in insurance Generative AI refers to AI systems […]
The future of business technology is rapidly evolving, with concepts such as AI agents and automation sparking significant interest across industries. The potential move away from traditional models, like SaaS (Software as a Service), isn’t just a topic for the tech industry—it’s set to reshape how businesses, including insurers, operate and innovate. AI agents: Redefining […]