(The Paysurance platform allows insurers multiple payment options: prepaid debit card, ACH direct deposit, B2B virtual payments and standard paper check issuance. Image source: Enservio.)
Enservio, Inc. (Needham, Mass.), a provider of payments solutions, contents claim management software, and inventory and valuation services for P&C insurers, has launched the Paysurance payments platform, a solution designed to reduce carrier costs, speed claim settlements and improve customer satisfaction by offering carriers and policyholders a choice of payment vehicles to best fit their needs.
Enservio reports that Paysurance provides policyholders the ability to make a choice on how best to receive claim settlement disbursements. They can select from one of four different payment options including electronic funds transfer (EFT), prepaid debit card, B2B virtual payments for loss scenarios involving commercial parties, and standard paper check issuance, according to the vendor. The proposition to customers, Enservio explains, is that electronic payments and prepaid cards provide a better alternative to paper checks and give customers immediate access to funds, saving time in the claims process and reducing costs and errors for insurers.
Multi-Party Activation, Customer Choice
“Carriers today are hit with too many hidden costs and inefficiencies associated with claim payments; paper checks are especially costly both in terms of processing and customer frustration,” comments Robert Chase, Enservio’s Co-CEO & Chief Customer Officer. “Long wait times can lead to customer dissatisfaction with the settlement process. Paysurance offers a secure payments solution with customer choice and patented multi-party activation. It will certainly speed the payment process and deliver a better customer experience for insureds.”
Enservio says Paysurance offers payment options for any loss scenario, and that carriers and policyholders can pick the right payment for the right claim. The platform features a patented multi-party activation allows policyholders to visit a web portal individually to approve the payment.