Insurance Payments Go Digital in Developing Markets

Money goes from the consumer to the business and often there is a problem that has to be returned like returns, returns and returns, he said. Kiaan Pillaico-founder and CEO of a FinTech company based in South Africa Sew.

To help simplify the payment process for businesses and facilitate faster payments to customers, vendors, suppliers and employees, the company recently launched Stitch Payouts, which Pillay said will speed up the booking of insurance units across Africa, starting with South Africa.

“Often, often, [insurance claims are] run in a group only on certain days and someone usually has to manually enter the 5,000 payment [that will be done over a couple of days]. Then it takes two to three days for the bank rail to settle [the policyholder so it can take] anywhere from three days to two weeks to [finally] earn your money,” Pillay told PYMNTS in an interview.

Now with Stitch Payouts, he said, insurers can streamline and enable access to real payments for policyholders using the company’s application programming interface (API), reducing pressure on financial groups.

“It’s a single API call for every bank here in South Africa and instead of having someone do it manually or the payments team to do it on some kind of batch cadence, you can do it on a regular basis,” he added.

Insurance companies can simply embed the transaction into their dashboards or systems for their teams to use and then Stitch will clear the payment through the payment rail, he further explained.

In terms of how Stitch compares to other competitors that offer similar digital solutions, Pillay highlighted their “great sense of connection” and their ability to offer a payment link and contactless payment service as their added value.

“The only thing we can do is connect [a payment] the first time, we can manage everything, whether it’s payments or payments,” he said, adding that after already verifying the user’s identity and bank account, insurers can also pay and reimburse again and again. base without any changes.

Outside of the insurance sector, Pillay said FinTech players who use wallets can also benefit from the product and enable customers to deposit and withdraw money from wallets on a single API call and communicate regularly.

“We were fortunate that organically they wanted us to be able to control both legs instead of just one,” he said.

Smoothing the Flow of Money

Looking at the South African market, there is increasing demand from buyers and traders for more rail, said Pillay. This is not limited to the desire for freedom, he said, but also to the need for good prices and reconciliation.

“We’re starting to see consumers create what they like. Before, it was just a card [payments] or mobile money only depending on the market, but consumers are starting to want additional options such as debit and credit cards, mobile money, or eWallets,” he said.

This is why the need to support and receive multiple methods, including manual transfers which were still popular in South Africa, is growing. That’s where Stitch hopes to become better positioned to meet the digital and non-digital needs of consumers and merchants, Pillay said.

Overall, he said that simplifying the flow of money and money management is where their goal is moving forward, coming up with solutions to make it easier for businesses to have a better balance and cycle time, and to use more methods. payment methods.

“A lot of this technology [already] with whom, [and we’ll be looking at] The way we can do this is to make it external [in the future]he said.

For all PYMNTS EMEA products, sign up daily EMEA website.



About: Findings from a new PYMNTS study, “The Super App Shift: How Consumers Want to Save, Buy and Spend in the Connected Economy,” in partnership with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, the UK and the US. and pointed out the greater importance of one-size-fits-all software rather than mass applications.