Insurance renewals: the payment touchpoint that builds loyalty
Policy renewal is a delicate moment for any insurer: one extra field to fill in or an expired card at checkout is enough to interrupt cover and, all too often, lose a customer. MyBank removes this friction with a pre-filled SEPA credit transfer that customers authorise directly from their online banking, with immediate payment confirmation.
For insurers, renewal is the new moment of truth
Today, when someone buys an insurance policy, they’re no longer just comparing coverage and premiums. They’re increasingly focused on being able to handle everything online, in just a few steps, without needing to contact support, with the same ease and speed they get from leading digital retail players. [2].
Payment is where this expectation hits hardest. It’s the moment customers experience the quality of your digital offering, and often where they decide to stay or switch.
When customers have to re-enter payment details or face a failed transaction – expired card, insufficient funds – the outcome is predictable: cover doesn’t activate, support gets flooded with calls, and you lose the customer. An Adyen survey of Italian insurance customers found that 73% find it frustrating to re-enter payment details at renewal, and one in ten have already experienced a failed transaction due to an expired card or insufficient funds. [1].
It is therefore no surprise that over 80% of customers are willing to switch insurer after a poor digital experience [2]. Tolerance for friction and technical glitches is now minimal, and every interaction – from quote to claim – shapes how customers perceive the insurer’s reliability.
What MyBank actually does
The MyBank payment solution acts on three complementary levers, each addressing a different stage in the purchase and renewal journey of an insurance policy.
A pre-filled transfer, not a form to complete
Within the MyBank flow, the customer does not manually enter their payment details. They are redirected to their online banking, where the SEPA credit transfer is already fully pre-filled with the correct amount, description and account details, ready to be authorised.
There is nothing to type or copy across: a seemingly small detail which, in practice, removes a key obstacle at the very point where customers are most tempted to postpone the transaction or, worse, let the renewal lapse.
Immediate confirmation, no more waiting for the insurer
With MyBank payments, the insurer receives the authorisation notification at the exact moment the customer confirms the transaction. There is no need to wait for the funds to settle or to manually reconcile bank statements before activating the policy: the process can move ahead immediately.
Today, insurance customers expect quotes within seconds and near-real-time support [2]. Against this backdrop, instant confirmation – and therefore immediate certainty of payment – is not a technical detail but a central element of the overall customer experience.
Automatic reconciliation: the back office no longer has to do it manually
With MyBank, incoming payments are automatically matched with invoices and policies, effectively eliminating manual reconciliation work. The result is 100% automatic reconciliation, faster cash closing and cleaner financial reporting, while the back office can focus on higher value activities.
This evolution is perfectly aligned with the wider shift towards digital ecosystems and platforms, which 75% of industry leaders now see as a decisive driver of transformation and efficiency [2].
Who benefits, and how
- Finance: more stable recurring revenues, less time spent handling payment exceptions.
- Operations: less manual work, instant reconciliation, more reliable data.
- Customer care: fewer contacts due to transaction issues, higher perceived service quality.
MyBank payments shift collection flows away from cards towards bank transfers, thus reducing failed transactions caused by expired cards or insufficient funds.
In addition, because customers authenticate directly through their own bank – a channel they know and trust – MyBank strengthens fraud prevention and builds confidence in the digital process, which is increasingly important alongside transparency and clarity [1][2].
A network that’s already in place
MyBank is a pan-European, scheme-based payment solution used for collections by more than 15,000 businesses, supported by a well-established network of over 400 participating banks and PSPs and handling €13 billion in transactions per year [3].
This reach naturally covers a large share of an insurer’s customer base and can be integrated via websites or payment links across remote channels, making it suitable for B2B, B2C and public sector use cases.
In brief
- Re-entering data at policy renewal is a very real driver of churn, and 10% of insurance customers have already experienced a failed payment due to expired cards or insufficient funds [1].
- MyBank‘s pre-filled credit transfer with immediate confirmation makes policy activation and renewal faster and fully traceable, in line with customers’ expectations for a smooth, frictionless digital experience [2].
- MyBank‘s 100% automatic reconciliation frees up back-office resources at insurance companies and supports the sector’s broader shift towards digital ecosystems and platforms [2][3].
Conclusion
The payment experience is now a competitive differentiator in insurance.
With its pre-filled credit transfer, immediate confirmation and 100% automatic reconciliation, MyBank simplifies policy payments and turns renewal from a point of risk into a driver of efficiency and trust – in a market where over 80% of customers are ready to switch insurer if their digital expectations are not met [1][2].
[2] NTT DATA — Insurtech Global Outlook 2026 — https://insurance.nttdata.com/insurtech-global-outlook-2026/
[3] MyBank — Online Payment Solution for Merchants