ITIJ meets Flywire

Why do you think premium payments are the hidden gem in the insurance customer experience?

The payment experience is the most frequent, and one of the only touchpoints between policyholders and insurers. It has to go right the first time – from the point of invoicing through clicking the pay button. But too many insurers rely on manual forms and phone-based transactions to tell customers what they owe, and do not provide online options for the customers to act on the bill.

Often customers who try to pay on time find it frustrating to get a clear picture of what they owe, when it is due, and actionable ways to pay it that are embedded in the invoice or portal. If they need support, they cannot find it in their local time zones or language, making it difficult to resolve payment issues promptly.

Often customers who try to pay on time find it frustrating to get a clear picture of what they owe

Are there areas for quick wins?

Premium costs are rising, and so is the cost of getting paid. Many insurers price policies in select currencies, forcing policyholders to manage currency conversion, often incurring high fees. There is also no way to automate recurring premium payments for those who prefer those payment schedules. The result is drained resources and an impact on the bottom line. Furthermore, the lack of clarity and localised support results in customers looking elsewhere for the kinds of ecommerce experiences they are used to.

Providing a way for payers to seamlessly make payments online, in their local currency and payment method of choice – along with conveniences such as support for recurring payments and direct debit – means insurers can speed collections and lower costs while enhancing customer experience. When insurers provide transparent, flexible and automated payment experiences, they see lower churn rates, faster cash flow and higher Net Promoter Scores.

There is also no way to automate recurring premium payments for those who prefer those payment schedules

We know that managing risk is a top priority for global insurers. How can we drive risk from the payment process?

Risk management goes beyond underwriting – it extends into payments and collections as well. Fraud prevention requires robust KYC, AML policies, and AI-driven fraud detection across various payment methods. Partnering with a provider with deep expertise in these areas ensures transactions remain secure through advanced fraud monitoring, compliance management, and suspicious activity reporting.

Can you briefly identify a few global regulations that should be front of mind?

Moving money across borders takes longevity in the financial services industry and being deeply in-tune with the industries. There are certain certifications and assurances of compliance with local, regional and international and industry-specific regulations that are critical to look for when working with a payments provider to move money across borders – including SOC 2 Type II, PCI DSS, GDPR, HIPAA, and PIPEDA.

You mentioned surprise fees that come with FX. How can a company guard against that?

With Flywire, our proprietary global payment network allows us to act as the merchant of record, streamlining compliance, refunds, and fee structures. By working with multiple banking partners, Flywire secures competitive exchange rates, enabling insurers to invoice in one currency while customers see charges in their local currency.

By working with multiple banking partners, Flywire secures competitive exchange rates

Tell us what you see as the future for global insurance payments.

The future is frictionless. Insurance payments will mirror domestic transactions in speed and simplicity – and it is coming quickly. Insurers need to position themselves now with simple and intuitive invoicing and robust global payment capabilities, that all make a global transaction feel as simple and straightforward as a domestic one. Seamless global money movement fosters trust, enabling insurers to offer personalised experiences and valueadded services while reducing administrative burden and boosting their bottom line.