Braintri Applies Instalments for Car Insurance Premiums

The Polish FinTechs Braintri and hiPRO designed a platform called hiPRO Connector for insurance subscriptions. Braintri reports that this tool is now being rolled out by Benefia (subsidiary of Vienna Insurance Group).

hiPRO Connector allows customers to pay for their car insurance Premiums over 12 monthly instalments.
This solution is currently available via Benefia’s mobile app but should later on apply to all subscription channels included by the insurer.
Mobile process:
- The user scans a QR code displayed on his car registration certificate
- He chooses the insurance coverage
- Signs his contract on his mobile phone
- Pays for his monthly instalments via the PayU button
- Fills out an acceptance form displayed in a PayU pop-up; his score is assessed in real time.
For subscriptions in branches, the required data is keyed in by the advisor. Customers’ scores are assessed by partner banks (the Estonian institution InBank and the Polish Alior Bank).

Address Poland’s market specifics. For now, mBank is the only company enabling their customers to pay for car insurance via monthly instalments. This service is meant for customers with a current account. By way of reminder, car insurance prices increased sharply as the number of accidents also increased.
Braintri provides Polish insurance companies with a means to sell more comprehensive insurance offers (with assistance packages, for instance), while avoiding risks. These risks are borne by partner banks. The insurer is still sent the full amount for subscribed insurance contracts.
Following several m-banking projects with PKO Bank Polski and mBank, this launch allows Braintri to apply their skills to InsurTechs.

This launch also follows a successful implementation by Allianz, with roughly 100 general agents throughout Poland in 2018.
In Poland, another player –Bacca– features a relatively similar offer called smart11.
Braintri was launched in 2013. Since then, they reached out for new markets and further geographical coverage. Step by step, they gained traction as they rely on the current Open-Banking context to set links between banks and FinTechs. This FinTech is also working on a PSD2 Hub for the Polish National Clearing House (KIR), enabling local banks to rely on a single access point connecting them with local FinTech’s offers.

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