Banking API — Insurance
Automated Insurance Premium Payment Verification
Verify insurance premium payment history automatically from banking transactions. Reduce lapsed policies and improve underwriting with payment verification.
Lapsed insurance policies due to missed payments hurt both insurers and customers. Fiskil verifies premium payment history and detects at-risk policies before they lapse.
The Challenge
Insurers lose customers to policy lapses while customers lose coverage due to missed payments.
The Solution
Monitor premium payments from banking transactions and verify payment history automatically.
Capabilities
How Fiskil Helps
Payment History Verification
Verify insurance premium payment history from transaction data.
Lapse Risk Detection
Identify customers at risk of lapse due to insufficient funds or payment issues.
Payment Method Validation
Verify payment method has sufficient funds before policy renewal.
Multi-Policy Tracking
Track premium payments across multiple insurance policies.
Implementation
How It Works
Connect Customer Account
Customer connects bank account where premium payments are made.
Identify Premium Payments
API identifies insurance premium payments from transaction history.
Verify Payment Pattern
System verifies consistent payment history and identifies any missed payments.
Monitor Going Forward
Continuously monitor for upcoming payments and potential lapse risk.
In Practice
How Teams Use This
Life Insurance Provider
A life insurer monitors premium payments to prevent policy lapses.
Reduced policy lapse rate by 35% through proactive intervention on at-risk policies.
Health Insurance Fund
A health fund verifies payment history for new policy applications.
Identified risky applicants, reducing first-year lapse rate from 18% to 7%.
Car Insurance Company
An insurer monitors payment capability before policy renewal.
Increased renewal rate by 22% by proactively addressing payment issues.
Technical Details
What You Integrate With
API endpoints
GET /accounts/{accountId}/insurance-paymentsPOST /insurance/verify-payment-historyGET /insurance/lapse-riskGET /accounts/{accountId}/upcoming-payments
Data returned
Premium payment history
Payment dates
Payment amounts
Failed payment indicators
Account balance
Lapse risk score
Authorisation
OAuth 2.0 / CDR consent
Real-time data access.
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FAQs
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