The payment technology that all insurance consultants should know about.
When insurers come to you looking for ways to stay competitive, be sure they’re thinking about new methods for modernizing claim payments. Checks are disappearing quickly, and insurers that offer alternative (and faster) payment methods will edge out others in the marketplace.
Luckily, the latest B2C payments solution from CommercePayments® gives insurance companies the capability to offer electronic claims payments to their insureds without sacrificing their established financial relationships or disrupting their current claims process.
Our solution, called PreferPay®, combines a user-friendly interface with advance payment technology, allowing insureds to choose their method of payment from multiple options, including push-to-debit, direct deposit and yes, even check if necessary.
Highlights of electronic claims payments
For insureds, PreferPay® drastically shortens the time it takes to gain access to their funds — they can receive their funds in their account in as little as 30 minutes. They can easily choose their preferred payment method without setting up a new account or remembering a new password.
For adjusters, PreferPay® removes the payment process from their plates. They’ll no longer need to collect payment information or update insureds on the status of their payments.
For insurers, the solution works with existing technology and banking solutions by simply using payment files to approve and disburse funds. That means there is no new hardware or hefty installation and it can be implemented without process disruptions. All payment data is securely housed at the financial institution, which mitigates the risk involved with checks and removes escheatment responsibility from the insurer. The solution also comes white-labeled, giving insurers the ability to customize design elements to match their brand which can help put customers at ease.
Key points about PreferPay®
- Multiple payment options for insureds and multiple funding options for insurers
- Options for multi-party payments – vendors such as body shops can get paid immediately after an insured approves of their repairs
- Faster usable funds for insureds when they choose electronic payments
- Easy-to-navigate interface
- No new username or password setup for insureds
- Ability to still offer checks to insureds who prefer them
- Disbursement approval via payment file – no need to change banking relationships
- Ability to pay insurance claims digitally without switching banks
- No disruptions in current claims process
- Secure housing for financial data
- White-label screens for easy customization
We didn’t do this alone
No closed doors here. We built an Advisory Council with a diverse group of insurance companies to assist us in developing PreferPay®. They shared their pain points and helped us create a solution that gets funds to your insureds faster without increasing the burden on your adjusters. And at Commerce, our PreferPay® team continues to tailor the tool to clients’ needs and improve customer experience.
Reinvent the claims payment experience
With CommercePayments® and PreferPay®, insurers will see greater benefits than just electronic claims payment capabilities. They will experience lower Loss Adjustment Expenses (LAE), increase customer satisfaction, and improved associate engagement.
Insurers looking for user-friendly technology that fits with their existing processes will find it here. To learn more, visit commercebank.com/preferpay.
CommercePayments® solutions are provided by Commerce Bank.
