(Image source: Ingo Money homepage.)
Prelude Software (Natick, Mass) announced from Insurance Accounting & Systems Association (IASA) 2018 in Nashville, Tenn., that it has signed an agreement with Ingo Money to enable instant claim payments via its PayPilot Disbursement Hub. With Ingo Money, Prelude’s roster of insurance industry leaders can quickly and easily enable instant claims payments to more than 4.5 billion consumer accounts, the vendor asserts.
Prelude Software identifies payments as an important area of claims service and part of a modern insurer relationship, wherein policyholders demand instant, irreversible payments. The vendor refers to a recent PYMNTS.com survey which found that 96 percent of consumers dislike checks and 82 percent prefer to receive funds instantly.
Prelude Software says it will use Ingo Push, Ingo Money’s instant payment product, to help insurance customers meet this market demand by disbursing claim payments securely in real time to customers’ existing debit, credit, or prepaid cards; online and mobile wallets; or to a network of more than 40,000 cash-out distribution points.
“We are constantly adopting and integrating innovative, best-in-class technology solutions like Ingo Push that benefit customers in service to the end policyholders,” comments Steve Root, President, Prelude Software. “Ingo Money ensures policyholders receive real-time funds at a point when they likely need it the most, fortifying the relationship between insurers and their policyholders while saving time and money in the process. Our advanced PayPilot hub makes the addition of this instant money capability fast and easy for insurers.”
The PayPilot disbursement hub solution is already an integral part of insurer disbursements, handling claims processing, outbound payments, reconciliation, and more according to Prelude Softare. The vendor says that the turnkey nature of Ingo Push means that it is easily incorporated into the PayPilot platform for a simple activation by Prelude customers.
The addition of instant, fail-safe claim payments to the PayPilot hub provides Prelude customers with a competitive edge, helping them improve policyholder satisfaction, enhance corporate reputation, and reduce operational costs, a Prelude Software statement asserts. “Upon claims approval, policyholders simply select where they want to receive payment, unlocking real time funding at the push of a button. Through Ingo Money’s solution, all verification, payment routing, compliance and settlement are handled in the background,” the statement says.
Critical Part of Digital Transformation
“Prelude Software understands that the last mile in claims payments is a critical part of the total digital transformation in insurance, and has made it easy for their customers to deploy an instant money solution that modernizes the claims payment experience and enhances their bottom line,” comments William Zielke, Chief Marketing Officer, Ingo Money. “These types of plug and play relationships are critical to expanding the Instant Money Economy within the insurance sector in order to give policyholders what they want and need.”
Ingo Money is exhibiting at booth 908 and Prelude Software at booth 333 at IASA 2018, taking place June 3-6 at the Gaylord Opryland in Nashville, Tenn.