Insurity, a cloud-based software provider for insurance carriers, brokers and managing general agents (MGAs), will provide free digital payments for property and casualty insurance (P&C) carriers through Dec. 31, according to a Thursday (Jan. 6) press release.
When using Insurity’s Sure Claims Payments software, P&C carriers will now be able to automate claims payments through issuance through existing integration with Insurity claims solutions or a lone application programming interface (API).
The release notes that traditional claims payment solutions might stop short of meeting the requirements for expectations for policymakers.
It continues that almost 75% of customers surveyed by advisory firm SMA are in favor of more payment flexibility, with instant access to funds. However, the pandemic has caused delays for policyholders receiving quick claims.
Users of the Sure Claims Payments software will be able to get approved payments within 30 seconds, the release says, and carriers getting the promotion will be able to access a single process flow automatically reporting payment data to the claims systems.
The carriers will also be able to manage payments through a single process flow, which will automatically report payment data to the claims systems.
“Sure Claims Payments addresses two critical challenges for insurers today — changing customer needs, and claims processes with multiple touch points,” said Sylvester Mathis, chief insurance officer at Insurity. “Sure Claims Payments can both streamline operations and elevate the policyholder experience.
“P&C carriers can quickly scale to meet high claim volume by removing traditional check-issuance, while at the same time differentiating their claims experience and exceeding policyholder expectations with fast, modern payment options.”
PYMNTS’ Karen Webster has written that the 2010s was a decade centered on smartphones and an app-based policy, with the 2020s likely being based around devices connected to the internet and capable of letting transactions go through for people, machines, businesses and more.
Now, networks, intermediaries and enablers have been able to disrupt the way of things, allowing for new doors to open for those who want to connect to the future of the connected economy.
Read more: The Connected Economy Takes Off
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