InsurPay

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Overview

InsurPay provides the expanded capabilities of paying anyone from any device with any method, delivering an optimized customer experience. The InsurPay comprehensive digital claim payments platform enables real-time data retrieval and facilitates faster responses and payment transactions through the use of a robust set of web services. The fully hosted PCI compliant platform increases data security by completely removing payment data from carrier networks and processes. Since ALL insurance payment use cases can be effortlessly handled, claim payment is significantly accelerated, operational expense is reduced, and customer experience is enhanced. The InsurPay claim payments platform can be easily integrated with any existing or modern core claim system providing enabling a smoother and faster implemenation.

Key Features

The InsurPay Claim Payments Solution includes the following capabilities:

Payment Choice & Control - Pay anyone (i.e. policyholder, claimant, third party vendor, etc.) with any payment method (i.e. checks, ACH, debit/credit/prepaid/virtual card, PayPal, etc.) on any payment channel (i.e. phone, mobile, mail, online, email and text, etc.).

Reporting & Reconciliation – The InsurPay API and Dashboard allow for real-time payment status access that allows both carriers and vendors the ability to better manage cash flow and make informed decisions, as well as the ability to reconcile transactional data, including 1099 reportable transactions.

All Insurance Use Cases - Expert workflows, easy to use portals and established vendor partnerships enable carries to effortlessly handle all insurance use cases:

  • Single/Multi Party Payments - Single or multi-party payment options are delivered, eliminating complications and payment delays. Payees are allowed the ability to determine the payment distribution amounts, as well as their individual payment methods.
  • Mobile Field Payments -Field agents and adjusters can immediately approve insurance claims and digitally pay customers anywhere using the InsurPay mobile app, allowing insurers to reap the benefit of accelerated claim closure and fund disbursement.
  • Total Loss Lienholder Payments – The InsurPay solution provides the ability to pay lienholders easily thru established vendor partnerships and workflows, allowing insurers to close claims up to 10 days faster, get transferred titles quicker, recoup money from salvage, and reduce rental car and storage expenses. Policyholders receive needed funds with speed, improving the overall customer experience.
  • Mortgagee Payments – InsurPay provides an efficient multi-party payment approvement process accelerated by Invenger’s established and extensive financial institution relationships, facilitating faster disbursement authorization. InsurPay’s mortgagee solution means that insurers can provide homeowners quicker access to funds during times of hardship.
  • Vendor Payments – InsurPay provides the ability to directly deposit digital vendor payments into vendor-designated bank accounts or send to vendor POS terminals via a virtual card number. The InsurPay vendor portal eases reconciliation and streamlines the enrollment process, facilitating vendor self-enrollment and management. Claim payment and remittance information can be easily received, viewed, and downloaded.

Key Benefits

  • Expanded Payment Methods
  • Accelerated Claim Closure
  • Reduced Operational Expense
  • Enhanced Customer Experience
  • Enabled Business Continuity

Product/Service details