One Inc ClaimsPay®

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Overview

ClaimsPay® powered by Invenger-InsurPay provides the expanded capabilities of paying anyone from any device with any method, delivering choice, control and convenience to both carriers and claimants.The 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. Carriers are empowered to transform their insurance operations by reducing costs, increasing security, and optimizing customer experience.

Using the ClaimsPay® powered by Invenger-InsurPay digital payments platform and solution-specific accelerators can enable carriers to experience:

  • Cycle Time Reduction: 78%
  • Digital Adoption Rate: 60%
  • Cost Savings: $1M Annually
  • Integration Effort Reduction: 75%

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Key Features

The ClaimsPay® powered by Invenger-InsurPay Claim Payments Solution includes the following capabilities:

  • Payment Choice & Control - Paying 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 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, innovative financial technologies, 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 ClaimsPay® powered by Invenger-InsurPay mobile app, allowing insurers to reap the benefit of accelerated claim closure and fund disbursement.
  • Total Loss Lienholder Payments – The ClaimsPay® powered by Invenger-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 – ClaimsPay® powered by Invenger-InsurPay provides an efficient multi-party payment approvement process accelerated by established and extensive financial institution relationships, facilitating faster disbursement authorization. ClaimsPay® powered by Invenger-InsurPay’s mortgagee solution means that insurers can provide homeowners quicker access to funds during times of hardship.
  • Vendor Payments – ClaimsPay® powered by Invenger-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 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

SOLUTION OR SERVICE TYPE