Taking payments online is something that insurers and brokers have been accelerating and adapting since Covid-19 and Brexit. When UK holidaymakers begin to travel again, the demand for green cards, pet insurance, plus health and repatriation insurance for families and the over 50s, will boom from Easter onwards. Anything you can do to make the transaction as easy as possible, plus compliant, is going to pay off.
Insurance software solutions trailblazer Genasys has today announced a new partnership with Imburse, a specialised software that simplifies the deployment of payment solutions and future-proofs IT systems against changes to the global payment ecosystem.This latest venture between the two platforms will enable insurance companies to achieve further digital efficiency by enabling integration-free access to multiple different payment providers across the globe.
Up until now, the process of integrating with single payment providers or payment technologies has proven costly and time intensive. This latest partnership will arm companies with the flexibility to effortlessly test, choose or alter payment and collection methods best suited for their business, product, or customer journey. Companies will be able to enhance reporting and improve data insight across all aspects of their payments. This venture will see Imburse join Genasys’ ecosystem. Genasys is currently serving clients in 16 countries worldwide, boasting a gross written premium of over £1 billion. Providing an API-based all-in-one connection will enable insurers, MGAs and brokers alike to leverage technologies and payment providers best suited to their business and customers. As a result, they will now be able to avoid costly, time intensive IT integrations while being able to implement payment transactions in any given market, effortlessly and quickly.
Imburse and Genasys’ partnership will come as welcome news to insurers, who are navigating an ever-evolving business landscape due to COVID-19. According to Deloitte’s 2021 insurance outlook survey, 79 percent of people believe the pandemic uncovered shortcomings in their company’s digital capabilities and transformation plans. In addition to this, it was revealed that 95 percent of those in the insurance sector are already accelerating digital transformation to maintain resilience.
By providing a single payment platform that supports all transactional technologies or providers, Imburse will provide insurance companies with the ability to choose any partner and any kind of technology seamlessly.
Commenting on the significance of the partnership, Imburse CEO and Co-Founder Oliver Werneyer said: “Our mission is to empower insurers to leverage payments as a key value driver for their business and their clients. Insurers are looking to modernise, transform, and digitalise their systems in a sustainable and future-proof way. Genasys has an incredible track record and reputation for doing just that. We are extremely excited and proud about our partnership with Genasys, in particular the value we will be able to create and the speed at which we can change the lives of our clients for the better.”
André Symes, Chief Growth Officer at Genasys said: “The coronavirus pandemic has forced insurance companies to step up their digital transformation journeys. However, they face some major hurdles when it comes to digital payments and collections. Payment providers are constantly changing and increasing in number and integrating with any single one of them can involve significant time and budget. Imburse solves the problem, acting as a Universal Adaptor for IT systems and giving insurance businesses integration-free access to the entire global payment system in just a few minutes at zero cost. This is a significant new partnership, not just for our ecosystem, but more importantly for our clients as we believe that Imburse is a growth enabler for any insurance business, whether an insurer or MGA or broker.”