Insurity’s Digital Claims Payments solution empowers P&C insurers to cut implementation costs, provide more streamlined service to policyholders, and win in a competitive digital marketplace
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs today announced its Digital Claims Payments can help Property & Casualty (P&C) insurers pay claims in as little as 30 seconds. Insurity’s no-code solution comes ready to use out-of-the-box for Insurity claims customers. This enables P&C insurers to reduce administrative and implementation costs and provide a more seamless policyholder experience.
According to Novarica, 42% of insurers are facing greater pressure to drive digital adoption while over 70% of policyholders want more options on how and when they receive their claims payments. Traditionally, P&C insurers 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.
Insurity is revolutionizing claims payments by providing instant claims payments in as little as 30 seconds. With Insurity Digital Claims Payments, insurers simply click to approve the payment and then the claim is paid. It is embedded within Insurity’s software and comes ready to use out-of-the-box. P&C insurers can quickly scale to meet claims payment needs in times of high demand, such as during natural disasters like hurricanes and floods.
Insurity Digital Claims Payments comes with significant cost savings for carriers, namely that the administrative and labor cost of distributing a check is eliminated entirely. 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. This is 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%.
“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,” said Becky Kopplin, Vice President, Payments at 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.”
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