Imburse announced as finalist at the British Claims Awards 2023

Imburse has been announced as a finalist in the British Claims Awards 2023 for the InsurTech Award.

The Awards champion celebrate the achievements and progress made by leading professionals and organisations on behalf of their clients. Delivering an outstanding claims experience is much easier with the help of insurtech.

The ceremony will be hosted by Claims Media and will take place on 8th June 2023 at Leonardo Royal London St Paul’s.

Below are some of the questions answered when Imburse applied for the InsurTech Award.

How is Imburse disrupting the insurance industry and challenging the status quo?

Imburse CEO Oliver Werneyer came up with the idea to launch a software-as-a-service payment solution after developing a flight tracker app for a global insurer, enabling the company to pay insurance claims, in real-time, following delayed or cancelled flights. No insurer at the time could seamlessly integrate payments this way, so Oliver and his peers built a temporary solution, connecting payment technology to the insurer’s legacy systems without requiring a big IT project.

Continued interest in this payment solution prompted Oliver to focus on developing more permanent software to enable insurance carriers to quickly connect to the entire payments ecosystem, seamlessly integrate with existing finance infrastructure and processes, and manage multiple partners for collections and disbursements; all in one place.

How was innovation crucial to the conception and delivery of the Imburse platform?

Originality and innovation underpin this software solution; Imburse is the only payment solution designed for the global insurance sector and while there are various global payment processing platforms (Stripe, World Pay), they only facilitate transactions, taking a percentage of the volume. Imburse is unique in that it takes a holistic approach; its Software-As-A-Service product supports CFOs/COOs, helping businesses make operational and capital expenditure savings.

No other payments platform offers ALL these insurer benefits in one solution:

• Send multiple instructions through a single integration (and in doing so reduce IT development and maintenance costs
• Reduce time to market for new payment capabilities and products
• Offer any payment method, automate payment processes and maximise payment options to suit business and clients’ needs
• Offer unified reporting and payment analytics

What recognition has Imburse received from third parties?

Clients include iptiQ, Generali, Swiss Re, Zurich, Beazley, CA Seguros, ICEA Lion and Insure & Go.

Robin Merttens, Chairman, InsTech:

“Great proposition and a strong team delivering it. As insurance gets more digital and the range of digital services available to the industry increases, there’s real value in being the glue.”

Rohit Bedi, CRO, Duck Creek Technologies:

“Insurance carriers can connect to the entire payments ecosystem, seamlessly integrate with existing finance infrastructure/processes and manage multiple partners for collections/disbursements. It doesn’t matter what payment process and which department – claim payments, commissions, reinsurance fees, policyholder payments, premium payments – all in one place, in one shot and one lap. It’s a game changer.”

“The Imburse team are not just R&D rockstars; they embody the same die-hard commitment to their customers and share common values with Duck Creek.”

Mike Jackowski, CEO, Duck Creek Technologies:

“Imburse has developed a great product for the global insurance industry that’s not only easy to integrate and implement, but also gives carriers incredible flexibility and payment choices.”