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Insurity, a Hartford-based provider of cloud-based software and solutions for property/casualty carriers, brokers, and MGAs, has announced a commercial partnership with Dream Payments (Toronto) and connectivity to J.P. Morgan Payments (New York) digital payments services, enabling insurers to pay claims in just 30 seconds with integrated digital payment options on its Sure Claims Payments solution. Insurity characterizes this new connectivity with Dream Payments and J.P Morgan as transforming one of the most critical interactions property/casualty organizations have with their policyholders.
An Insurity statement describes Dream Payments as powering a cloud-based API and embedded payment services that enables financial institutions, insurance companies, and software platforms to offer frictionless digital payment services. J.P. Morgan’s Payments business combines the firm’s treasury services, trade, card and merchant services capabilities with a vision to enable clients to pay anyone, at any time, from anywhere in the world.
Sure Claims Payments, powered by Dream Payments and with connectivity to J.P. Morgan Payments, enables property/casualty insurance organizations to significantly improve their end user experience through a modern, elegant, and automatic disbursement process, while still maintaining a fallback check fulfillment capability, according to the Insurity statement. The payments solution enables insurers to manage payments with a single process flow, cut costs by as much as 50 percent when switching from check to digital payments, and differentiate the claims experience for policyholders, the statement says.
Issue Digital Payments Instantly
“At Insurity, we seek to provide our customers with the ability to both issue digital payments to claimants instantly and scale to meet high claims volumes by removing slow check-based processes,” comments Sylvester Mathis, Chief Insurance Officer, Insurity. “Through the collaboration between Insurity, Dream Payments, and J.P. Morgan Payments on Sure Claims Payments, this becomes a reality. P&C insurers can issue digital payments instantly using an out-of-the-box integration with Insurity claims systems and APIs for other systems.”
“We are delighted to partner with Insurity as it enables embedded and real time claims payments across the insurance ecosystem,” comments Brent Ho-Young, CEO, Dream Payments. “Insurity is at the forefront of innovation within the insurance industry, as Sure Claims Payments enables claimants to receive their money quickly, securely, and via their preferred payment method, whether that be a real-time payment, ACH, virtual card, or even a check.”