The reimbursement of claims is the insurer’s moment of truth, especially for those policy holders who require immediate compensation.
Claim pay-outs are a crucial moment for any insurer. In some cases, not only do insurers need to oﬀer immediate compensation, they also need to oﬀer a wide variety of reimbursement methods. For instance, if a policy holder loses both his luggage and his wallet when traveling abroad, he may require alternative options of reimbursement such as a virtual card or voucher. The speed and method of the pay-out needs to match the policy holder’s situation. However, this ﬂexibility requires integrating and leveraging multiple providers, which is often a stumbling block for enterprises because it is costly, time-intensive and resource-draining to create and manage so many integrations.
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 methods. Imburse delivers integrations to the push-to-card capabilities from Visa and Mastercard to pay out claims in real-time to the policy holder’s credit card or bank account. Our platform is easily integrated with core insurance IT systems to support any pay-out mechanism, and causes no disruption to day-to-day operations or delays in your claims decision-making processes. In addition, Imburse integrates with KYC, AML, and Sanction Check providers to verify the policy holder’s identify, reduce risk, or prove compliance.