Digital Claim Payments: Providing a Superior Customer Experience in Any Situation

This is the second blog in a series that will highlight how various Guidewire PartnerConnect Solution partners are helping insurers improve their customers’ experience.

When a crisis shines a light, we can suddenly see situations with greater clarity. Future-focused carriers who had invested in more robust digital claim payment platforms prior to the global pandemic are now enjoying a much smoother ‘day to day’ and are able to provide an uninterrupted and superior experience to their customers, as well as to vendors and other third parties. They can offer customers and vendors quick access to much needed funds, even in more complicated insurance scenarios where lienholders and mortgagees are involved. All communications and document attachments can be handled digitally. Adjusters can easily issue claim payments remotely and all claims staff can shift their focus to more value-added activities that improve the customer experience and allow for growth and further innovation.

On the other hand, insurers who have not yet implemented a digital claim payments solution have been experiencing a much rougher road these days, many struggling with paper-based workflows and paper checks, working extremely hard just to get claim payments out to recipients at all. This pandemic will not last forever, but the changes in consumer behavior toward digital demand will persist and grow. And as any life-altering event will do, it promotes a sense of urgency, illuminates foundational strengths and weaknesses, shines a spotlight on gaps, and clearly points to where improvements must be made.

NOW is definitely the time for carriers to switch to a digital claim payments platform that allows for instant money transfer, real-time reconciliation, and an uninterrupted customer experience. The Invenger InsurPay comprehensive solution enables insurers to deliver on their brand promise to provide a secure and superior customer experience in ANY situation. Learn more about how it provides carriers and their customers what they want and expect: choice, Comprehensiveness, control, convenience, and continuity during our webinar with Western National Insurance Group, Novarica and Guidewire on August 19th. We will explore:

CHOICE

Expanded Payment Methods – Customers want options. All payment methods and channels are available for use. That means carriers have the ability to pay anyone from any device using any method, including all third-party vendors (i.e. auto body shops, attorneys, medical providers, lienholders, mortgagees, etc.).

COMPREHENSIVENESS

Total Loss Lienholder, Mortgagee & Vendor Payments - Carriers require an ability to easily pay lienholders, expediting vehicle title transfers and realizing salvage cost reduction. They expect faster bank determinations and mortgagee disbursement authorizations for property claims, driving down cycle time and improving customer experience. They expect the ability to quickly pay any medical provider or third-party vendor. With InsurPay’s comprehensive digital payments solution and established financial institution and vendor relationships, carriers can easily and expediently handle the most complex insurance payment scenarios.

CONTROL

Flexibility & Self-Service Portals – Carriers require the ability to keep their established banks and control their treasury relationships. Customers and vendors expects flexibility and the ability to control how they receive payment. They want the ability to view real-time payment status and manage their payment preferences. They expect to receive notifications throughout the claim payment process. Established financial institution relationships, helpful insights, easy- to- use portals and clear dashboards give customers and vendors the control, flexibility, and self-sufficiency they need and expect.

CONVENIENCE

Contactless Payment & Document Attachment – Customers need fast and secure access to funds, especially during times of hardship and instability. Adjusters are empowered to issue instant payments when they are provided with robust mobile app capabilities. Customers expect to see payments appear in their bank accounts and have the convenience of immediate access, with documents attached digitally and easily retrieved.

CONTINUITY

Business Continuity – Customers expect to consistently receive an uninterrupted and superior customer experience, day in and day out. With a comprehensive digital payment platform, extensive vendor portfolio, and expert insurance process flows, ALL insurance use cases are easily handled virtually. This allows claim payments to be significantly accelerated, operational expense to be reduced, and customer experience to be enhanced, all while helping carriers keep their employees safe.

To learn more about delivering a superior customer experience, check out Invenger InsurPAY’s solutions available on the Guidewire Marketplace. To help plan and improve your CX journey, download the Guidewire e-book Building an Ecosystem.