InsuredHQ has partnered with GoCardless to enhance payment processing efficiency for insurance firms across the Asia-Pacific region.
GoCardless, a company known for its bank payment solutions, and InsuredHQ, a global provider of cloud-based insurance administration software, have announced a collaboration aimed at simplifying payment processes within the insurance sector. This strategic partnership enables insurance companies to implement faster and more reliable payment systems.
InsuredHQ, headquartered in New Zealand, offers an "insurance in a box" software platform that assists global insurance providers in managing complex products, handling high user volumes, and producing industry-specific reports, among other functionalities. This comprehensive solution aims to streamline the entire insurance lifecycle.
The integration with GoCardless allows insurers to orchestrate both regular and one-off payments for their clientele using Direct Debit and PayTo services. This capability is expected to significantly reduce payment failures, thus enhancing operational efficiency through automation.
Luke Fossett, General Manager of GoCardless ANZ, stated, "This partnership combines our robust and easy-to-use payment capabilities with InsuredHQ's versatile platform. This means we can offer a more flexible and streamlined payment solution for the insurance industry, an option that goes beyond what was available before. This integration will make it significantly easier for insurers to collect their payments."
Fossett further elaborated, "This partnership marks a major step forward in our push to expand further into the insurance sector. We're seeing incredible tech talent and entrepreneurship in New Zealand, and teaming up with businesses such as InsuredHQ is a great way to tap into that. By leveraging this momentum, we're driving innovation and making payment processes within the sector simpler – ultimately helping these exciting businesses to scale."
Jon Davies, Chief Executive Officer of InsuredHQ, commented on the collaboration: "It's pretty rare for an insurance company to have the tech to handle core processes smoothly right from the start. But for us, it's all about improving the customer experience, boosting efficiency, and automating key tasks. Tackling digital latency and innovating in insurance payments can really make a difference."
He added, "Our goal is not just to make payments simple for our customers but also to provide them with the tools to be at the forefront of payment technology. Teaming up with a leader in payment innovation like GoCardless just makes sense."
The global insurance industry is projected to experience a growth rate of 5.5% over the next ten years. By harnessing GoCardless's payment solutions, InsuredHQ is positioned to scale effectively and fulfil its global ambitions. This integration also offers better customer experiences, aligning with payer preferences and enhancing InsuredHQ's market competitiveness.
This partnership is a continuation of GoCardless's expansion within the insurance sector, building on earlier collaborations, including its integration with ICE InsureTech earlier this year.
