Traditional insurance policy distribution via broker channels relies on bespoke integrations and processes. Local brokers collect the premiums from customers and pass them on to the insurer in a bulk payment, deducting claims payments and brokerage fees. Each broker has a unique checkout payment process offering their set of payment options, which may not always meet customer needs. Bulk payments take longer to get to the insurer, creating reconciliation challenges and coverage uncertainty for policy holders. Client money is held in trust and heavily regulated, increasing the risk of fines for non-compliance.
Insurers can integrate Imburse’s payment solutions into the brokers’ checkout processes. With that, policy holders can have a unified payment experience across different brokers. The insurer has full control over the payment methods and providers on offer, and can easily change or add new providers with no additional technical integrations, which enables them to quickly adapt to customer needs. Premiums flow directly to insurers’ bank accounts and insurers set up pay-out instructions to automatically pay brokerage fees, minimising reconciliation efforts.
