The collaboration will enable Policy Expert customers to pay their insurance premiums with monthly payments through GoCardless’ Direct Debit payments. This, in turn, will allow the insurance provider to automate its payment collection services, minimising costs and the time it takes to complete administrative tasks such as following up with customers on late or missed payments.
Policy Expert is a UK-based personal lines insurer that offers home, car, and pet insurance to its customers by leveraging proprietary technology and smart data. The company is committed to providing a simpler and more convenient experience, along with a variety of familiar payment solutions, as well as developing the industry through technology. The insurer chose GoCardless for its easy-to-integrate solution for its pet insurance line, delivering its customers more choice when it comes to payment options.
The company projects that in 2025, UK banks will be mandated to allow lenders to collect recurring premiums via Open Banking, enabling Policy Expert to instantly collect monthly payments from customers’ bank accounts without waiting for days to check if the transactions have cleared or not.
GoCardless mentions its excitement to work with the insurer, stating that it aims to strengthen its relationship with Policy Expert with the potential addition of Variable Recurring Payments and the capability to send payouts, further supporting the insurer’s customers with the flexibility to pay as they prefer.
Policy Expert aims to further develop and continue to have a customer-first focus in its operations, making sure it stays complains with the industry’s regulatory requirements while tailoring its services to its customers’ needs and demands.
For more information about GoCardless, please check out their detailed profile in our dedicated, industry-specific Company Database.
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