(Image source: VPay homepage.)
VPay, provider of a turnkey claim payment platform, has announced the addition of mobile-friendly functionality for policyholder, claimant and multiparty payments. The new offering will be included in VPay’s total claim payment solution.
The vendor says the new expedited claim payment solution was created to address policyholders’ rising demand for easier, faster and customizable payment options, while also providing insurance companies an impactful change to claims processing without the usual operational or financial risks. Policyholders have reported the desire for more digital touchpoints with their insurers as well as personalized digital experiences and seamless customer service, according to a recent J.D. Power study. Additionally, consumers report that they’d likely opt for real-time payments for 62 percent of funds disbursement received, if it were available.
Benefits of the new offering include, by VPay’s description:
- Mobile-friendly policyholder experience: The web-based solution, which can be easily white-labeled, enables policyholder, claimant and multiparty payments—from any device. Individuals can quickly review their claim, approve service provider payments, or select a preferred payment type for receiving their own claim payment—all through their smartphone, laptop, or tablet.
- Streamlined endorsements:Multiple parties are notified electronically of a claim payment. Each can review and approve the claim details online indicating the appropriate payee whether that is a service provider, lienholder, claimant or policyholder, as well as the desired payment method. Multiparty payments have traditionally been onerous and challenging to manage, precluding most electronic payment methods.
- Faster payments:Policyholders and claimants now get to choose how they want to be paid, whether by check, ACH or push payments (like push-to-debit). Service providers benefit from faster payments and can choose check, ACH or virtual card as their payment methods. Policyholders and claimants no longer have to wait for mailed checks to be endorsed and forwarded to service providers, nor do they have to make trips to banks or experience holds on funds. Plus, associated remittance advice is delivered electronically with all service provider payments.
“Innovation in claim payment processing is a challenge for insurers because of the rapid pace of change, money transmission regulations and security,” comments Jeffrey Brown, president, VPay. “Insurers need agile, flexible tools that can change with consumer expectations and compliance regulations. With this new offering, we’re putting the policyholder experience first without complicated implementations or sacrificing security, all the while significantly reducing costs.”