Legacy tech holding insurers back

Outdated payment systems are holding insurers back from delivering the service customers expect, according to a new survey.

An online poll by payment platform provider Imburse found that although every single respondent agreed that delivering a smooth payment service gave them a competitive advantage, only half thought their current technology was capable of achieving it.

Integration was cited as the main obstacle (30%), followed by business case approval (28%), and lack of knowledge (23%).

Meanwhile, the survey also found that 78% expected changes to their payment systems to occur within a year, although the reality is it can take up to two years.

Imburse Chief Product Officer Bruno Soares said, “As more people use online and mobile wallet channels to make payments, insurers need to keep pace with the changing payments landscape.  

“Inadequate payments systems are preventing insurers from delivering on their claims promise – which should be to pay out in the quickest way the customer wants, rather than what legacy systems dictate.”


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