Insurance companies in Australia and New Zealand have faced issues with payment collections in the past which have resulted in costly fees and lost time. Looking to alleviate these pain points, ICE InsureTech, the insurance software platform is partnering with GoCardless, the bank payment company.
The new partnership will allow ICE customers to benefit from automated payment collection and reconciliation. This will offer the firms greater visibility, decrease manual admin and free up valuable time. In addition, switching from cards to bank payments will help to reduce involuntary churn and sidestep costly fees. At the same time, payers will benefit from peace of mind, knowing their payments will be taken on the day they’re due, without having to take any extra steps.
The integration is now live in Australia and New Zealand. Provident Insurance is the first joint customer. It will expand to the UK and Ireland with direct debit and open banking payments later in the year..
The news builds on GoCardless’ partner strategy to acquire customers at scale. The fintech currently works with a roster of more than 350 partners, allowing businesses to seamlessly integrate GoCardless into the software they already use so they can manage their payment and other business activities in one place.
Delivering improved digital experiences
Luke Fossett, general manager ANZ at GoCardless said: “This new partnership provides a strategic opportunity, giving us great exposure to insurance companies in most of the markets we operate in. We will help them deliver better digital experiences through faster and more seamless payments. We look forward to growing our customer base together with ICE InsureTech.”
Vishal Thaper, head of product at ICE InsureTech said: “We are delighted to be integrated with GoCardless. The integration is easy to set up. Furthermore, help is always at hand from a member of their team if ever you get stuck. GoCardless makes the overall cost of acquisition cheaper, not to mention the process is faster and more accurate for our end customers.
“We are very proud to have created such a seamless journey for weekly, fortnightly and monthly scheduled payments. We look forward to doing more together in the future by bringing open banking and variable recurring payments into the insurance industry.”
