(Image source: Clearcover homepage.)
Snapsheet, a provider of virtual claims management processing technology, has announced that it has undertaken strategic new approach to digitizing payments for Clearcover, a Chicago-based online distributor of auto insurance. Clearcover, which began using Snapsheet’s claims management software in May 2020 to digitize each step of the claims process, is now utilizing the platform to disburse digital payments to claimants and vendors as well.
Snapsheet is combining its claims payment engagement, workflow, and integration expertise with J.P. Morgan’s Wholesale Payments APIs and processing capabilities to deliver what it characterizes as a pre-integrated solution for insurance companies such as Clearcover. The built-in banking integration streamlines and expedites digital disbursements for policy holders, vendors and third parties, according to the vendor. Snapsheet asserts that this approach also achieves greater payment status transparency and increased automation through financial integration within claims and treasury organizations.
“We’re thrilled to help Clearcover and other partners deliver faster, better claims experiences for everyone involved,” comments Brad Weisberg, CEO and founder, Snapsheet. “In today’s world, the ease and efficiency of electronic payments has come to be expected. As the insurance industry moves in a digital direction, we take pride in offering a flexible approach to transforming the payments process for clients around the world.”
Seamlessly Integrating with Modern Core Systems
Snapsheet says its Payments platform seamlessly integrates with modern, legacy or multiple core systems with business line configurations to support multiple brands. The platform digitizes the payment experience from personal and commercial property/casualty to life, annuity, and disability insurance carriers to rideshare disruptors.
More than 75 percent of property/casualty claim payments are still disbursed through paper checks and standard mail, according to Snapsheet. However, the vendor says that insurance companies who use Snapsheet Payments achieve up to 70 percent digital adoption, illustrating the importance of offering electronic payment options. Since digitizing payments reduces transaction costs by 10 times, it’s both cost-effective for carriers and convenient for customers, the vendor asserts.
“Through our customer-first model, we’re committed to providing the most user-friendly process possible for our policyholders as well as our vendors,” comments Kyle Nakatsuji, CEO and founder of Clearcover. “Through Snapsheet Payments and the built-in integration with J.P. Morgan, we can disburse funds faster through multiple digital payment options for accelerated service and an optimal claims experience.”