Embedded insurance is changing how cover gets sold, from travel bookings to banking apps. See how Briisk’s platform powers it at the point of sale. Read more…
In the insurance world, missed premium payments might seem like a small issue — a single debit order that fails, a forgotten reminder, or a late salary run. But when scaled across a portfolio, the impact is anything but small.
For insurers, brokers, and UMA’s, missed payments disrupt cash flow, increase administrative workload, and threaten long-term profitability. For customers, they create coverage gaps, policy lapses, and unnecessary financial stress.
When these issues go unaddressed, they affect more than just the bottom line — they erode trust and retention. In a competitive insurance landscape, that’s something few businesses can afford.
A missed payment happens when a policyholder’s premium isn’t successfully collected on the due date, often due to insufficient funds, outdated payment details, or manual errors. While this may seem routine, the consequences can be significant:
✅ Cash flow disruption: Premiums are the lifeblood of insurance operations, funding claims and operational costs. Missed payments destabilise predictability and profitability.
✅ Administrative burden: Chasing arrears means extra staff time, re-debit attempts, customer communication, and compliance tracking.
✅ Regulatory pressure: Insurers must follow strict grace period and notification regulations to avoid wrongful lapses or penalties.
✅ Customer churn: Policy lapses due to non-payment are one of the biggest drivers of attrition and reputational damage in the industry.
Simply put — missed payments are more than a financial hiccup. They’re an operational risk.
To manage collections, many insurers rely on third-party payment providers (TPPPs) — regulated entities that process premiums on behalf of insurers. In markets like South Africa, these providers play a crucial role, handling collections, managing debit orders, and maintaining compliance with the Payments Association of South Africa (PASA) and the South African Reserve Bank (SARB).
While TPPPs streamline basic collection logistics, they don’t fully address the root causes of missed payments: limited customer flexibility, slow communication, lack of automation, and disconnected data flows. This is where InsurTech and a partner like Briisk goes further — bringing integration, automation, and intelligence into the equation.
The Briisk Instant Transaction Platform (BITP) takes the complexity out of premium collection, helping brokers, UMA’s, and insurers prevent missed payments before they happen — and recover them efficiently when they do.
Here’s how it works:
✅ Automation first – BITP automates recurring payments and running (arrears) processes, sending reminders and reattempts automatically. This reduces manual intervention and operational costs.
✅ Flexible payment options – Policyholders can pay via debit card, digital wallet, instant transfer, or traditional debit order. The more convenient the options, the lower the risk of failed payments.
✅ Real-time tracking – Insurers can view payment statuses instantly, identify failed transactions, and take proactive action before a policy lapses.
✅ Seamless recovery – If a payment fails, BITP automatically initiates fallback collection attempts or offers alternative payment channels — reducing failed collection rates significantly.
✅ Regulatory compliance – The platform is built to support regulated payment standards like DebiCheck, ensuring secure, verified collections and protecting both the business and its customers.
✅ Business insight – Through embedded analytics, BITP provides data-driven insights into payment patterns, helping businesses predict risk and plan for stability.
The result? Improved collection rates, reduced operational load, and a smoother, more reliable customer experience — all while maintaining full compliance and visibility.
Missed payments don’t just hurt financial performance — they damage customer trust. By modernising the collections process with automation, flexibility, and transparency, insurers can reduce risk and strengthen relationships.
The Briisk Instant Transaction Platform (BITP) empowers insurance businesses to take control of premium collection with a cost-effective, fully integrated solution that fits seamlessly into their existing ecosystem.
Are you ready to see how the Briisk Instant Transaction Platform can help your business reduce missed payments and protect revenue?
👉 Book a demo today: https://www.briisk.io/demo/
Embedded insurance is changing how cover gets sold, from travel bookings to banking apps. See how Briisk’s platform powers it at the point of sale. Read more…
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