Automated Motor Insurance Settlements

 

What is the problem?

Traditional claim settlements to repair garages are a cumbersome process leading to delays in processing and payments. After a damage repair is complete, the customer pays the insurance deductible to the garage. At the end of the month, the garage issues the repair invoice and sends it to the insurance company. Once the insurer has validated the invoice, payment to the garage is initiated. The standard invoice process between garage and insurer is long and inefficient, with effort-intensive reconciliation processes between bank receipts and open credits.

Furthermore, garages may not receive their payment for up to 100 days due to periodic invoicing and invoice payment terms.

How do we solve it?

Through Imburse’s deep integration with payment technologies, such as Visa, we can deliver innovative solutions that can radically improve the claims settlement processes through payment automations.

After a repair is complete, the customer pays the deductible fee to the garage via Visa card. This payment automatically triggers an alert to the insurer, who issues a payment to the garage, provided that the repair value is already known. If the repair value is not known, a link is sent to the garage to upload the repair value and invoice. The insurer automatically sends payment to the garage, minus the customers’ deductible that is already paid. If more than one insurer is involved, the payment can be issued to other insurers automatically.

 

Benefits

Garage receives their payment in real-time
Reduced admin & improve operational efficiency
No dunning processes required
Reduced costs by closing claims quickly