An insurance business making eight failed payments a day will waste £100,000 a year fixing them. There's a lot to gain from validating your transactions, says Apply Financial's Business Development Manager Laura Bedborough
The paytech segment of financial services is shedding its skin almost weekly; regtech is pushing incumbents to keep up with its pace; in banking, fintech is helping build trust, promote convenience, and put the customer in control.
All these developments are no longer news. So, why is it then that insurance remains sluggish when it comes to adopting new tech, It's not as though it couldn't do with the help.
"The changes in technology and consumer needs are putting a strain on the traditional insurance business models," says Laura Bedborough, business development manager at Apply Financial. "Whether it's insurance, or any market, people now expect everything to happen instantly, and they expect a good customer experience."
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