Twikey: Streamlining Recurring Payments
Insurers often have to deal with the manual signing of paper mandates and labour-intensive management of payment failures. Twikey’s new approach automates e-mandate signing and provides failure management, significantly reducing administrative efforts and enhancing success rates.
Efficiency and customer satisfaction are pivotal in the insurance industry. Twikey introduces an approach to managing recurring payments through the easy signing of e-mandates and sophisticated failure management. Its platform addresses the needs of insurers to streamline payment collections and enhance the customer experience, particularly in the realm of premium payments.
Contract holders can now authorise recurring payments differently. By simplifying the process of obtaining consent through digital channels, insurers can simplify the setup of direct debits, guaranteeing smoother, faster, and more secure transactions. This digital transformation eliminates the paperwork and manual processes traditionally associated with mandate management, making it easier for customers to commit to their insurance contracts. The ease of signing e-mandates directly correlates with higher conversion rates and a stronger commitment from policyholders, as they experience a more convenient and trustworthy onboarding process.
Twikey proactively manages failed transactions, minimising the need for manual intervention and reducing the administrative burden on insurers. By automatically notifying contract holders of failed payments and providing immediate options for resolution, insurers can significantly reduce churn and improve the likelihood of successful collections. This system not only enhances operational efficiency but also fosters a more positive relationship between insurers and their customers, as it demonstrates a commitment to proactive problem-solving and customer care.
How it works
- Integration: Twikey can be used as a standalone app or can be integrated with a company’s existing systems (like ERP or CRM) and links directly to banks or PSPs of choice, facilitating a seamless setup for collecting payments.
- E-Mandate Creation and Signing: Customers can easily sign e-mandates created via Twikey’s platform, authorising recurring payments directly from their bank accounts or through various payment methods offered by PSPs. This process is compliant with regulatory standards and highly secure. Twikey enhances conversion campaigns with tailored strategies, effectively boosting customer adoption of recurring payment models.
- Payment Processing: Once an e-mandate is signed, Twikey automates the collection process, ensuring payments are processed according to the schedule defined by the business and agreed upon by the customer.
- Failure Management: Twikey monitors transactions for failures. In case of a payment failure, it automatically notifies the customer and provides options for immediate resolution, thus minimising churn and maintaining cash flow.
- Reporting and Analytics: The platform offers detailed insights into payment statuses, success rates, and failure analytics, helping businesses optimise their payment processes and improve decision-making.
Why we selected Twikey for ITC DIA Europe
At ITC DIA Europe in Amsterdam, Twikey’s customer Qover will present a case study on their implementation of Twikey. They will delve into how Twikey has been integrated into their operations, the benefits they've realised, and the way they are utilising its solution to streamline their payment processes and enhance customer satisfaction.
Twikey transforms the traditional payment and mandate processes. It introduces automation and digitalisation, significantly reducing manual work and errors, improving payment success rates through advanced failure management, and providing a seamless, secure experience for end-users. This approach not only enhances operational efficiency but also elevates the customer experience in the financial transaction realm.
Who is Twikey?
Twikey was founded in 2013 by Dominique Adriansens and Koen Serry, to address the complexities of direct debit administrative processes. Twikey evolved into a comprehensive platform for online payments, including direct debits, online payments, and payment links.
Twikey achieved its first capital round of €1M in 2016.
Twikey serves almost 2000 customers and specialises in simplifying and automating recurring payments for businesses across Europe, with a strong presence in Belgium, the Netherlands, and Italy. It does business with insurers such as Qover, Baloise, Axa, Allianz, and Nederlandse Assuradeuren. Twikey was included in Deloitte’s Fast 50 in 2021, and in Trends Gazelle in 2022.
"Our mission was to cut through the complexity of recurring payments, enabling businesses and their customers to pay seamlessly and securely, anywhere, anytime."
Dominique Adriansens – CEO Twikey
