For insurers and comparison sites

Offer the same cover at a lower total cost, inside your own journey.

In development. Not yet available.

InsPay is a supplier to insurers and comparison sites, not a route around them. You quote the risk, present the option in your brand, receive the premium in full on day one, and keep the customer, the policy and the renewal. InsPay arranges the credit through a lending partner and provides the excess cover.

What changes for your customer

They pay in full, and repay in instalments with nothing added: A lending partner pays you the whole annual premium when the policy starts. The customer repays that amount in instalments, with nothing added for spreading it, and pays separately for the InsPay product, whose cost is shown in full before they agree. The credit agreement is between the customer and the lending partner.
They move to a £1,000 combined excess, which InsPay covers: You rate the risk at a £1,000 combined excess. The InsPay product includes excess cover that pays that excess at claim, so the customer's effective excess is nothing and your claims team recovers the excess from InsPay rather than from the policyholder.
Nothing else moves: Same insurer, same cover, same renewal. The customer does not fill anything in twice and is not handed to a brand they have never heard of. InsPay appears as a way to pay, alongside the ones you already offer.

Who does what, in order

How a transaction runs

Ahead of the renewal invitation, or inline during a quote, you send InsPay the customer's name, address and date of birth. A soft search returns whether they are pre-approved and for how much. There is no footprint on their credit file, so this can run across a whole renewal book.
When you build the quote you send their current cost and, where you can, your own price at a £1,000 combined excess. InsPay returns the customer's price, the difference, and the terms.
If the customer chooses InsPay, you create an application and hand them to InsPay's pages for the credit agreement and the excess cover. They return to your journey.
You request settlement. The lending partner remits the premium against your policy reference.
You tell InsPay the policy is bound. InsPay binds the excess cover and activates the credit agreement.
If the customer claims at fault, you settle in full, do not chase the excess, and recover it from InsPay.

What you implement

Five systems are touched. Two of them need real attention. Rating decides whether the saving exists at all, and claims is a small system change with a real process change behind it. The other three are light.

Rating: Return a price at a £1,000 combined excess, paying in full. Where your book already rates voluntary excess to that level, this is product configuration rather than a rating change.
Quote and buy: Present the InsPay option alongside your existing payment choices. Hand the customer to InsPay for two steps, the credit agreement and the excess cover, then take them back.
Payments: Nothing. The lending partner remits the premium against your policy reference, on the same rail as your existing premium finance provider. No cardholder data enters your systems.
Policy administration: Record the policy as paid in full. Tell InsPay when it binds.
Claims: Do not recover the excess from the policyholder. Settle in full and recover it from InsPay. In practice that is a flag on the policy record, a new payee, and a handler briefing.

Your number, not ours

How far the customer's price falls is a question only your rating engine can answer. The pricing interface accepts your own re-rated premium and quotes the customer from it, with no modelling on either side. We would rather use your number than ours, and we would rather both of us knew the size of the proposition early.

How you are paid

The lending partner remits the premium to you against your policy reference, on the rail you already have with your existing premium finance provider. No cardholder data enters your systems, so your card compliance scope does not change.

Virtual cards are used only where a distributor has no integration with the insurer, such as a comparison site presenting InsPay across a panel. Even then the card is shown to the customer on an InsPay page and keyed by them. A card number is never passed to a partner.

Who is responsible for what

Underwriting the motor risk: You. Nothing changes.
Providing the credit: InsPay's lending partner. The credit agreement is between the customer and the lender, and the credit risk sits with the lender, not with you and not with InsPay.
Arranging the credit and providing the excess cover: InsPay, with its lending and insurance partners.
Presenting InsPay to the customer: You. How the option is shown, and to whom, is yours to decide and yours to stand behind.

What we can show you

A reference integration covering all six steps is built and runs against a sandbox, with the request and response traffic shown alongside. Engineering documentation and a brief written for programme and change leads are available on request.

Write to us: partners@goinspay.com