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
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