Loonio is expanding into the insurance sector, with the payment platform’s payment services now available for insurers and their clients.
In connection with the expansion, Loonio has partnered with SimplePin, a payment solutions provider, to improve its services for the insurance sector.
The collaboration is expected to streamline payment processes for insurance providers and their policyholders, as well as ensure transactions are processed swiftly and securely. Loonio said this move emphasizes its commitment to “providing versatile and secure payment options.”
The financial details of the partnership were not disclosed.
In a statement, Loonio said its payment platform’s accessibility and user-friendliness allow it to enjoy its customers’ trust.
With more than 10 million customers currently using its payment platform for their transactions, the company said it has established itself as a “dependable and secure payment method” in the country.
Furthermore, the payment platform’s user-friendly interface allows customers to make payments using their existing online banking credentials, eliminating the need for lengthy card numbers or additional security questions.
This process, the company said, not only improves user experience but also reinforces data security by using bank-grade measures.
As the company ventures into the insurance sector, Loonio said it will remain committed to “maintaining the highest standards of security and customer satisfaction.” The company also said it aims to set new benchmarks in the insurance sector’s payment landscape.
Several Canadian companies also made expansion efforts in the insurance sector last year.
In August, Miller acquired 4809 Brokers AG, a reinsurance capital advisory firm. The company also recently appointed Michael Pomroy as an account executive in its effort to expand its direct marine war team.
Travel insurance comparison platform InsureMyTrip.ca also marked its second anniversary of its entry to Canada by announcing plans to launch more products and sign more partnership to diversify its offerings in the country.
