Cheque Replacement

 

We live in a digital world, yet many insurers still rely on consumer-unfriendly paper cheques to disburse claims.

Whilst today paper cheques are still used when the payees bank account details are unknown, the need for digital claim disbursements is growing. As consumers demand a more seamless payment experience, insurers are forced to rethink and optimize their processes. Aside from the costs for issuing cheques, which vary between 1 – 10 USD, the disbursement of claims through paper cheques is a cumbersome process for your payees, introduces unnecessary operational overhead and is more prone to fraud.

 

How do we solve it?

The Imburse platform acts as your single access point to the payments ecosystem. Imburse does all the payment integration heavy-lifting, so you can access all relevant payment providers and pay-out methods through our platform.

Imburse delivers the checkout components needed to obtain your client’s card an bank account details, as well as the payment gateway to pay out claims to the respective card or bank account. With Imburse’s unified reporting, your finance team is updated in real-time about the status of any pay-out that was initiated.

Our platform is easily integrated with core insurance IT systems to support any pay-out mechanism, and leaves day-to-day claims operations undisrupted. In addition, Imburse integrates with Identification, KYC, AML, and Sanction Check providers to verify the client’s identity, reduce fraud risk, and prove compliance.

 

Benefits

Pay out faster
Reduce operational overheads
Process optimization and automation
Reduce payment costs
Streamline Reporting