Corporate, Insurance, Interviews, Payments

Payments mobilising innovation in fintech

Focusing on what really matters to customers

Payments traditionally have not been the focus when it comes to generating a great customer experience in insurance, but that’s changing. Leonie Belz, Payments Product Manager at Vitesse, talks to FF News at Money2020 about Vitesse’s goal of being the payments provider of choice in the insurance market.

“There’s two key trends that we’ve been looking at quite heavily. The first one, which we’ve seen across the entire insurance ecosystem, specifically, has been a focus on the front end and moving away from the focus to the back end.

I think payments traditionally have absolutely not been the focus when it comes to generating a great customer experience in insurance, but that’s been changing. So we see all of these new insurers trying to provide great experiences.

The second one is collaboration across the board. We think it’s super key to collaborate. Partner up in order to provide the best possible end user customer experience.

We are seeing new insurers trying to provide great experiences….particularly working on the checkout experience. Offering as much choice as possible and a seamless user flow in insurance claims payments is paramount, and we want to enable our customers to choose exactly how they want to get paid.

Our aim at Vitesse is to be the payments provider of choice for the entire insurance industry. And we’ve also managed to establish quite a strong presence in the area of payroll and global mobility.

To support those two core elements, we’re offering treasury management on one hand, and we’ve got payments optimization on the other.

What that means on the treasury side, is that we are enabling all of our customers to hold and manage funds and liquidity in a fully regulated environment. So they can have the right amount of money, in the right place, at the right time.

We also see ourselves as a single hub for payment payroll administrators. When they’re looking to serve all of their global customers and those needs, what we can actually allow them to do is have a single relationship, a single point of access and integration, and a single contract to access our entire network.

On the other hand, we’ve got the payments piece, so that when an actual payment needs to go out as claims payments or salary payments, we enable our customers to do that.

Even just a few years ago, customers would have been okay for an international payment to take a few days to arrive, it is fairly costly, and they possibly lost some money along the way to intermediary fees. Today with quite a few providers on the market, that would no longer be acceptable.

Insurance hasn’t traditionally been the kind of industry where we’ve seen that seamlessness but customers are increasingly demanding it as well with the rise of new insurers, that’s really moving towards that.

And that’s really at the core of what we do at Vitesse. We have built a global network of domestic in country accounts, now serving 110 currencies, delivered across 270 countries and territories globally.

98% of all of our payments today are made using local domestic rails meaning that we can serve payments locally, quickly, cheaply and ensuring they will arrive on exactly the day where the money has been expected, and full value delivered; turning global into local.”

To speak to us about bringing more choice to your customers about how they get paid, contact us today.

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