Meeting the New Imperative for Digital Claim Payments
Moving from checks to epayments is more than smart, it’s essential. Find out why for many insurance companies, moving quickly from checks to epayments has changed from an important priority into an urgent imperative—and learn how VPay is responding to that shift.
Moving from checks to epayments is more than smart, it’s essential.
Modernizing claim payments has been on forward-looking insurance organizations’ radar for years—and it has become an important priority for many. But thanks to technical challenges, regulatory requirements and good, old-fashioned inertia, around half of all property and casualty claims are still paid with paper checks.
But that’s changing. Quickly. As we all know, the past few months have wreaked havoc on many of our most carefully crafted business (and personal) priorities and plans. In some cases, previously “essential” strategic initiatives have moved off the priority list. But in others, things that used to be “nice to haves” have quickly turned into “urgent imperatives.”
As we talk to insurance companies around the country, many are telling us that faster claim payments have clearly moved into that “urgent imperative” category for fairly obvious reasons. Most policyholders used to be willing and able to wait for paper checks. But in today’s environment, a growing number of people simply can’t afford to wait days or weeks for a check to arrive in the mail, and they expect the immediacy and convenience of electronic payments. This new-found urgency has quickly transformed the adoption of epayments from a useful competitive advantage into a business imperative and a crucial retention tool.
Of course, for many insurers, this move to epayments feels like a difficult, expensive undertaking. But actually, enhancing the claim experience to provide the kinds of payments policyholders want at the speeds they expect doesn’t have to break the bank. Smart insurers are outsourcing functions like claim payments to fintechs with surprising results. Not only can outsourcing help your organization reduce claim costs and keep policyholders satisfied, but if you work with the right partner, you will start seeing a positive ROI within 45 days.
In today’s suddenly challenging and uncertain economic environment, VPay understands that you need to respond quickly and decisively to this new “epayment imperative,” so we’ve developed a new QuickStart Program that is designed specifically to set your organization up on VPay’s total payment solution, reduce your claim payment costs and boost epayment adoption—all within 45 days. It’s the easiest, most efficient way to get claim payments to the people who need them faster—and lower your claim payment costs in the process. And it’s one more reason that partnering with VPay has never made more sense for your business.