By: Elisa Logan, Vice President Marketing
The development of digital technologies, such as mobile apps and online account management, has helped insurers deliver faster and more convenient experiences to their users. Yet, despite these digital advances, some insurers still manage to fall short by using paper checks that must be deposited, cashed, or signed over to another party before policyholders can get on with their lives.
While policyholders may be thrilled by the ease of use that comes filing a claim via a mobile app, it’s the inefficiency and lost time they’ll remember from dealing with a paper check. It’s that “last mile” in the claims process that’s foremost in their minds.
Consider the following scenario: a policyholder is involved in an accident that damages his vehicle, which will require a significant amount of repairs. He takes pictures of the damage and files a claim using his insurer’s mobile app. The insurer sends an estimate back quickly via the app, which the policyholder appreciates, but he’s not yet finished with the process. Despite having a mobile app to file claims, the insurer still uses paper checks for claims payments.
Soon, a check arrives in the mail to cover the initial estimate that the policyholder must then sign and endorse over to the repair shop. He gets a notification that the damages cost more than the first estimate projected, so there’s another check coming in the mail that must also be signed over.
By now, the policyholder has forgotten the convenience of filing a claim by the mobile app; he only remembers the inefficiency of dealing with multiple paper checks to pay multiple third parties.
How should insurers proceed from here? The “last mile” of a high-quality claims experience—an experience with payments to one or more parties—should be:
VPay’s mobile expedited claim payment solution is a web-based solution that enables policyholder and multiparty claim payments—from any device. Policyholders can quickly review their claim, approve service provider payments or select a preferred payment type for receiving their own claim payment—all through a convenient mobile solution.
Watch our demo to see how VPay can help you cover the last mile for a better policyholder experience.