By integrating Sure Claims Payments with Insurity’s Workers’ Comp Suite policy, billing and claims platform, Victory Insurance has seen improved claimant and vendor experiences, improved issuance with an integrated digital payment platform, and enabled near-instant delivery of claims payments, the companies said in a Tuesday (Aug. 8) press release.
“Victory Insurance has already begun issuing fast and secure payments to our claimants and vendors now that we are live on Sure Claims Payments,” Victory Insurance CEO Keith Brownfield said in the release. “Not only does Insurity’s payment solution allow our organization to streamline operations and quickly scale to meet demand, but it also enables us to be at the forefront of transforming the claims payment experience.”
Sure Claims Payments cut the time and costs of payment processes and offer claimants and vendors digital payments and physical checks with an automated “fallback to check,” which avoids the possibility of late payments and potential penalties, according to the release. Payments can be delivered as fast as 30 seconds after payment approval.
“Policyholders expect fast, modern payment options that give them access to their funds quickly and securely,” Sylvester Mathis, chief insurance officer at Insurity, said in the release. “Victory Insurance now makes that a reality for their claimants with Sure Claims Payments.”
PYMNTS research has found that insurance companies can navigate these challenging times by improving their disbursements and inbound payment processes.
Speed is near the top of consumers’ preferences, with one survey finding that more than half of the respondents who had switched insurance providers in the past year did so for faster claims processing, as reported in “Money Mobility Comes to the Insurance Industry,” a PYMNTS and Ingo Money collaboration.
The report also found that there is no shortage of ways that insurance companies can leverage digital solutions. Around the world, InsurTechs, FinTechs and traditional insurance companies are bringing digital solutions to bear on nearly all aspects of the insurance experience.