VPay,
a leading turnkey claim payment platform, today announced the addition
of mobile-friendly functionality for policyholder, claimant and
multiparty payments.
The new expedited claim payment solution addresses policyholders’ rising
demand for easier, faster and customizable payment options, while also
providing insurance companies an impactful change to claims processing
without the usual operational or financial risks. Benefits of the new
offering include:
-
Mobile-friendly policyholder experience: The web-based
solution, which can be easily white-labeled, enables policyholder,
claimant and multiparty payments—from any device. Individuals can
quickly review their claim, approve service provider payments, or
select a preferred payment type for receiving their own claim
payment—all through their smartphone, laptop, or tablet. -
Streamlined endorsements: Multiple parties are notified
electronically of a claim payment. Each can review and approve the
claim details online indicating the appropriate payee whether that is
a service provider, lienholder, claimant or policyholder, as well as
the desired payment method. Multiparty payments have traditionally
been onerous and challenging to manage, precluding most electronic
payment methods. -
Faster payments: Policyholders and claimants now get to choose
how they want to be paid, whether by check, ACH or push payments (like
push-to-debit). Service providers benefit from faster payments and can
choose check, ACH or virtual card as their payment methods.
Policyholders and claimants no longer have to wait for mailed checks
to be endorsed and forwarded to service providers, nor do they have to
make trips to banks or experience holds on funds. Plus, associated
remittance advice is delivered electronically with all service
provider payments.
“Innovation in claim payment processing is a challenge for insurers
because of the rapid pace of change, money transmission regulations and
security,” said Jeffrey Brown, president of VPay. “Insurers need agile,
flexible tools that can change with consumer expectations and compliance
regulations. With this new offering, we’re putting the policyholder
experience first without complicated implementations or sacrificing
security, all the while significantly reducing costs.”
Policyholders have reported the desire for more digital touchpoints with
their insurers as well as personalized digital experiences and seamless
customer service, according to a
recent J.D. Power study. Additionally, consumers
report that they’d likely opt for real-time payments for 62% of
funds disbursement received, if it were available.
The new offering will be included in VPay’s total claim payment
solution, which is guaranteed to reduce checks and provide cost savings.
VPay has several security certifications, including PCI and SOC 1 and
SOC 2 as well as HIPAA and Nacha certification, so insurance company
payers can be assured all their data and payments are secure.
To learn more about VPay’s total payment solution, visit www.vpayusa.com.
About VPay
VPay® is today’s total payment solution for claim payments for workers’
compensation, property and auto insurers, health plans, dental plans and
third-party administrators. By reducing checks with fast secure
electronic payments that simplify the reconciliation process while also
eliminating processing and management costs, VPay helps companies
realize unexpected and unprecedented returns. For more information,
visit www.vpayusa.com.
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