This partnership addresses issues in the region related to payment collections, which have resulted in expensive fees and wasted time. ICE customers will benefit from automated payments and reconciliation, providing greater visibility, reducing manual labour, and freeing up valuable time.
Switching from card payments to bank payments will help reduce involuntary churn and avoid expensive fees. Payers will be assured that payments will be taken on the day they are due. The integration is now live in Australia and New Zealand, with Provident Insurance being the first joint customer. There are plans to expand to the UK and Ireland with direct debit and open banking payments later in the year.
This partnership aligns with GoCardless’ strategic aim of acquiring customers at scale. The fintech currently works with a portfolio of more than 350 partners, allowing businesses to integrate GoCardless into their existing software to manage payments and other business activities in one place.
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, added: “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,” Thaper said.
