Policy Expert, one of the UK’s leading personal lines insurers providing home, motor, and pet insurance to over 1.5 million customers has selected bank payment company GoCardless to offer a simpler way for customers to pay their pet insurance premiums.
The partnership will give Policy Expert customers that prefer to make monthly payments a way to pay on their terms each month, thanks to GoCardless’s Direct Debit payments. Partnering with GoCardless will also allow Policy Expert to fully automate its payment collection services, saving time and money on the administrative task of following up with customers on late or missed payments.
Policy Expert is committed to offering customers a more seamless experience and a variety of payment solutions that customers prefer to use. It forms part of the company’s mission to disrupt the insurance industry through the use of technology.
Rick Wilton, head of product (payments) at Policy Expert said: “As a forward-thinking insurer, we are always looking for ways to make our customers’ lives easier. GoCardless offered an easy-to-integrate solution for our new pet insurance line, allowing us to remain competitive in the market by offering customers monthly payments.”
“We anticipate that in 2025, leading UK banks will be mandated to allow companies like us to collect recurring payments via Open Banking. This means that we’ll be able to instantly collect monthly payments from customers’ bank accounts, without waiting for several days to know if a customer payment has cleared or not. As experts in bank payments, we’re confident that GoCardless will be a great partner to help us offer more payment options to our customers.”
Pat Phelan, managing director of UK & Ireland and chief customer officer at GoCardless, said: “We’re excited to collaborate with Policy Expert, a fast-growing company that is raising the standards of customer experience in the insurance industry. GoCardless is proud to power the payments for its new insurance line and we can’t wait to see the results. We look forward to strengthening our partnership in the future with the potential addition of Variable Recurring Payments and the capability to send payouts, further empowering Policy Expert’s customers with the flexibility to pay on their terms.”
Further reading: Property management company adds GoCardless ‘Instant Bank Pay’
