(Image source: Insurity.)
Insurity (Hartford), provider of cloud-based software for insurance carriers, brokers, and MGAs has announced the launch of a Digital Claims Payments solution that the vendor says can enable property/casualty insurers to pay claims in as little as 30 seconds. Describing the new offering as a no-code solution, Insurity says the solution comes ready to use out-of-the-box for Insurity claims customers.
“Insurity’s Digital Claims Payments allows insurers to enhance their digital capabilities without losing traditional options like check payments that some policyholders may still prefer,” comments Becky Kopplin, VP, Payments, Insurity. “Policyholders can have money in their account within 30 seconds from when a payment is approved. They no longer need to wait days or even weeks for a third-party mailing service to deliver a check. If they want to be paid via digital wallets, they can have that option because insurers implement the solution as a whole and not as individual payment types. There is no need for an add-on or upgrade. It is one integration that is future proofed for future digital options.”
A recent Novarica study revealed that 42 percent of insurers are facing greater pressure to drive digital adoption while over 70 percent of policyholders want more options on how and when they receive their claims payments. Historically insurers have needed to partner with an additional vendor or go through a lengthy integration and implementation process to deliver fast claims payouts. Even then, payments could still be delayed if payment systems were not connected in real-time to the payment fulfillment centers.
Embedded within Insurity’s Software
Insurity says its new offering addresses these historical problems dramatically by providing claims payments in as little as 30 seconds. With its new payments solution, the vendor says insurers simply click to approve the payment and then the claim is paid. The new solution is embedded within the Insurity’s software and comes ready to use. The vendor asserts that insurers can quickly scale to meet claims payment needs in times of high demand, such as during natural disasters like hurricanes and floods.
Insurity notes that its Digital Claims Payments solution enables significant cost savings for carriers simply by entirely eliminating the administrative and labor cost of distributing a check. In instances where the policyholder prefers a check payment or if incorrect banking information was entered, the solution has a digital-first check fallback component. Insurity describes this as an automated, separate workflow that will serve as an alternate method to quickly deliver policyholder payments, further reducing check distribution costs by up to 50 percent.