Payment firm Adyen says the insurance industry faces many payment technology challenges from changing customer expectations, legacy systems and increasing compliance related to data security obligations. 

Australia and New Zealand Country Manager Hayley Fisher says payments have remained a “pinch point” as insurers seek digital solutions that improve their competitiveness. 

People want to “feel protected and reassured, without any hassle or hurdles while purchasing a policy, renewing, or making a claim,” she says.  

Netherlands-headquartered Adyen’s latest Retail Report says 61% of Australians believe fraud is making purchasing online a less attractive proposition, and almost a third say they are conservative when adopting payment methods because they’re worried about the risk. 

“It’s crucial that insurers’ payments process is easy – while remaining secure,” Ms Fisher said. 

During the last year, about 39% of retailers experienced increased payment fraud attempts, and over a third experienced cyberattacks or data leaks. 

The research found personalisation has become increasingly important.  

"Consumers in Australia aren’t just motivated by price – they’re looking for convenience, for personalisation,” Ms Fisher said. “Businesses using this data to provide channel-agnostic, tailored experiences will have a definite edge.”