Real-Time Payments Optimize Policyholder Satisfaction and Shorten Claim Cycle Times
SCOTTSDALE, Ariz., Sept. 20, 2022 /PRNewswire/ — Insurtech company VCA Software Inc. brings digital and real-time insurance claims payments to insurance companies, MGAs, TPAs and IA firms throughout North America through its partnership with Dream Payments. Digital payments can now be enabled for any VCA Software customer in the US or Canada.
With real-time payment processing, eligible claimants can now receive their payouts across North America in as little as 15 seconds, shaving days off claim resolution times. Research has shown that speed is a crucial factor in policyholder satisfaction. Insurers can use digital payments as a tool to reduce customer churn and its associated costs.
During a claim, policyholders expect rapid access to funds when they need them most. Nevertheless, roughly 50% of insurance payments still involve manual, slow and inefficient paper checks.
Supply chain interruptions and labor shortages are wreaking havoc with both auto and property insurance claim resolution times – making the need for rapid payments even more urgent. Insurers are also dealing with skyrocketing costs driven by economic and social inflation. Digital payments are one way they can take control of costs, while also improving policyholder service.
VCA Software customers who activate digital payment capabilities will enjoy:
- An intuitive, flexible, and convenient interface – with their own branding if desired
- Notifications to keep everyone informed throughout the payment lifecycle
- Complete transparency via an online portal for payment senders and receivers
- Increased file handler efficiency
- Bank-grade security and compliance with treasury service and banking services
In Canada, VCA Software customers will also enjoy the platform’s Bring-Your-Own-Bank feature as this digital payment capability is available through all Canadian Chartered Banks.
“Embedded digital payments within the VCA Software platform enable us to offer a policyholder-first approach,” says John Varghese, CEO of VCA Software.
“Dream Payments is proud to partner with VCA Software to embed digital and real-time payments, powered by Dream, into the VCA Software platform,” adds Brent Ho-Young, Dream Payments CEO. “This partnership will accelerate payments, provide multiple options for customers and businesses to get paid including by ACH, EFT, RTP, Virtual Cards and checks and will ultimately improve the customer experience delivered by VCA Software to its customers across the USA and Canada.”
With a claims engine as its core, VCA Software (formerly known as Virtual Claims Adjuster) is a global SaaS platform focused on improving policyholder satisfaction and retention, while providing a next-generation ecosystem to improve intelligence and function for all stakeholders from insurance carriers to third party administrators, brokers, independent adjusters, captives and self-insured companies. The VCA platform simplifies and humanizes the claims journey – ultimately creating more customer lifetime value. Insurers can launch the VCA claims platform in just 90 days at a mid-range price point, making it an ideal solution to support new product rollouts and insurtech initiatives. Visit https://vcasoftware.com/ to learn more.
Dream Payments is a fintech that powers embedded digital payment services for North America’s leading financial institutions, insurance carriers and software platforms. Dream’s clients and partners use Dream to send and receive payments to and from customers and suppliers in-person, in-store, and in the cloud. For more information, please visit https://www.dreampayments.ca/
SOURCE VCA Software