How can insurance companies leverage technology to increase the collection of recurring payments?

Problems:

For companies:

Companies invest hours and human processes for the collection, reconciliation, and distribution of recurring payments, with improvable results.

For clients:

Clients want to manage their recurring payments but cannot do so through a digital experience, encountering friction in the process.

Insurance companies should ask themselves:

Is the payment experience you are offering your clients based on what your provider offers?

Or is the company adapting its technology to suit its clients' needs?

With Stripe, we modernize the recurring payments for insurance policies:

INCOME

Higher collection

A higher % of successful payment attempts, with a direct impact on revenue.

EXPERIENCE

Digitalization for clients

A digital experience that allows clients to manage recurring payments for their policies, upsell and cross-sell, self-generate, and download their invoices.

OPERATIONS AND RISK

Lower operating costs

Automation of processes like billing, reconciliation, payment flows to commission agents, among others, that eliminate human errors and save hundreds of hours. Plus, better management against fraud and disputes.

LAUNCH

Gradual migrations

To ensure better metrics in the process, you can perform the migration of recurring payments from a representative sample.

Success stories and impacts

Stripe is the payment technology used by the leading Insurtech companies in the world (Lemonade, CoverWallet)

Major insurers are beginning to leverage technology in certain regions (MetLife Australia)

Insurance companies are investors in Stripe to continue growing their technology and have priority access to it (Axa, Allianz)

+6%

Increase in payment acceptance

8,000M

$8 billion processed by Stripe in insurance payments in 2022

+11%

Increase in payment recovery through the use of machine learning

-44%

Fewer disputed charges due to effective fraud management

Insurance industry companies receiving payments through Stripe around the world

We improve recurring payment processes in companies from different industries.

With Stripe, we modernize the recurring payments for insurance policies:

Success stories and impacts