Insurance premium payment platform launches in New Zealand

Insurance premium payment platform launches in New Zealand | Insurance Business New Zealand

Technology

Insurance premium payment platform launches in New Zealand

Insurtech looks to help brokers save administrative time and costs

Technology

By
Roxanne Libatique

Insurtech Simfuni has launched an insurance premium payment platform in Australia and New Zealand.

Simfuni was founded by Damon O’Neill (pictured, left) and Shaun Quincey (pictured, right), who created and sold Genoapay – one of the largest “buy now, pay later” providers in Australia and New Zealand.

The platform aims to help brokers save administrative time and costs, to simplify payments and offer instalments.

“Backed by experienced investors, our platform will scale quickly – bringing innovation to insurance premium payments that benefits brokers, premium funders, and insurers – and enhances the overall experience for policyholders,” Quincey said.

Boosting the insurance payment process

According to Simfuni, current systems do not offer consumers flexible payment choices as the industry relies on manual reconciliation with policyholders’ accounts.

As a result, the insurtech has raised NZ$2.8 million from New Zealand venture capital funds – including Icehouse Ventures and GD1 – to develop a digital platform that can integrate with the quoting and invoicing software of insurers, brokerages, and premium funders to enable them to quickly generate flexible payment options in a single checkout flow.

Commenting on the platform, Insurely director Marc Hershman said: “Simfuni has a great vision to simplify the customer payment journey and reduce the administrative burden for brokers. We are keen to support digital solutions like this that improve our sales efficiency and cut out unnecessary friction points.”

Dale Smith, CEO of JAVLN, Simfuni’s integration partner, added: “Brokers are seeking digital solutions that improve their competitiveness, and payments have until now remained a pinch point. For consumers and businesses, it’s not just about when to pay, but also about how to pay.”

Simfuni will sell to brokers directly and through distribution partnerships.