Insurtech Simfuni has launched an insurance premium payments platform designed to save brokers in Australia and New Zealand substantial administrative time and cost. 

Auckland-based Simfuni raised $NZ2.8 million ($2.6 million) to develop a digital platform able to integrate with any insurer, broker group or premium funder’s quoting and invoicing software. 

It was founded by Shaun Quincey and Damon O’Neill, who together created BuyNowPayLater provider Genoapay. The Auckland-based development team includes members with global experience in digital payments, lending, eCommerce and insurance. 

CEO Mr Quincey says the financial backing will allow the platform to scale quickly and “bring innovation to insurance premium payments that benefits brokers, premium funders and insurers, and enhances the overall experience for policyholders”.  

Simfuni says it is a cloud-based service that “orchestrates the fragmented and labour-intensive processes” of insurance invoicing, premium funding and payments into one simple digital payment platform that integrates into any workflow.   

“It helps insurance brokers make sales more easily and drive operational efficiencies,” it said. 

A “Revenue Control Hub” allows real-time visibility and management of revenue and growth, and a self-service portal allows policy holders to view and manage their payments whenever they want, freeing up brokers’ time.  

Insurance payments are cumbersome to administer, it says, relying on manual reconciliation with policy holders’ accounts, and current systems do not offer consumers the flexible payment choices they expect. 

“Simfuni empowers insurance brokers to succeed by increasing their revenue and customer satisfaction, providing solutions that will be music to their ears,” it said. 

JAVLN, a Simfuni integration partner, says brokers are seeking digital solutions that improve their competitiveness, and payments “have until now remained a pinch point”.  

“For consumers and businesses, it's not just about when to pay, but also about how to pay,” JAVLN CEO Dale Smith said. 

Simfuni will sell to brokers directly and through distribution partnerships.