The insurance industry has a payments problem. Because claims processing is customer-facing, there has been heavy investment in improving outgoing payments, while the side of the business that collects premiums payments from customers has not benefited from digitization. What's left is a fragmented chain of manual process and legacy systems, reducing efficiency and introducing a lot of unecessary work. Diesta hopes to improve this situation with a payment processor made for the insurance industry.
The insurance industry is valued at £70 billion and there is significant competition in this field from startups such as Imburse as well as older firms like Blink and Computop. However Diesta's founders have strong experience in the insurance industry and have identified a need for a processor that will integrate easily with a company's existing systems rather than outsourcing or replacing them. It is likely that their experience and passion will enable Diesta to make significant headway in this market.
Diesta is currently preparing to raise seed round funding. It is working to develop its software's capabilities and improve its integration with existing insurance systems, and is investing in talent to make this possible.
Kirsty
Company Specialist at Welcome to the Jungle