A pilot program for the new payment system has been launched in Allianz. The insurer’s clients can pay for MTPL insurance by monthly instalments. Allianz also wants to launch this system in other insurance segments.
Hipro is a Polish insurtech whose goal is to connect insurance, banking and payment institutions. The company has teamed up with Braintri, a Polish startup, to launch a new platform Connector, which will allow insurance companies to offer customers policies paid in instalments. The loan will be financed by a bank.
Wojciech Zatorski, Braintri’s co-founder said that the new system is beneficial for everyone. “First of all, insurance companies will find it easier to sell more products because if the payment is split into twelve installments, the customer will be more likely to buy an additional Auto or Assistance policy – said Zatorski. He added that insurers will also be exposed to less risk because the loan will be offered by a bank that has the appropriate experience and is more effective in debt collection. The banks will benefit from selling micro loans, while the customers will have the option of paying off an insurance policy in instalments, which can be significant given the latest hikes in insurance prices.
The pilot program, which has just started, involves Allianz’s agents from Lublin and Wrocław. They can offer their customers motor insurance policies split into twelve payments.
