How payments can modernise the insurance sector
Multiple payment platforms and technologies leave insurers unclear where the payment function should sit and create fragmented IT architecture unable to support a single-payment process. This creates a disconnect between the insurer and broker regarding payment information, capture, and data flow. David Scott Turner, chief technology officer at Imburse, considers how to resolve this.
According to the UK Payments Markets Report, in 2021, 40.4 billion payments – 57% of all UK transactions –were made using cards, up from 52% in 2020. Contactless was favoured by 32% of customers.
Wit
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Commercial
Admiral enters taxi insurance market citing demand gap
Admiral Business has launched a taxi insurance proposition for public and private hire drivers across the UK, Insurance Post can exclusively reveal.
Meta and YouTube case creates multi-line risk for insurers
A Los Angeles jury’s decision that Meta and YouTube are liable for harms associated with addictive platform design has far reaching implications for insurers, according to Jonathan Edwards, partner at HCR Law.
Insurers respond after criticism surrounding ties to fossil fuel and military firms
After a report from Boycott Bloody Insurance has criticised providers based on their financial ties to fossil fuel and weapons companies, Axa has responded.
Q&A: James Rendell, BirdsEyeView
James Rendell, CEO and founder of BirdsEyeView, breaks down the gap he observed in the natural catastrophe and hazard modelling market that led to the launch of the business and his plans for its recent fundraise.
Managing the ‘forever risk’ of PFAS
How PFAS, often called “forever chemicals”, is creating one of the most complex and far-reaching environmental risks for insurers today is the topic of the latest Insurance Post Podcast.
Axa merges UK retail and commercial units under one CEO
Axa UK & Ireland is combining its retail and commercial arms under a single structure, called Axa Insurance UK.
Tide expands SME offering
Tide has launched six commercial insurance products targeted at SMEs.
Aviation war market steady but wary of Iran risks
Aviation insurers are seeing fewer notices to clients under war policies than their peers in marine amid the Iran War, according to the International Underwriting Association.