By: Elisa Logan, Vice President Marketing
With smartphones and mobile technology turning practically all industries on their collective heads, their impact can be increasingly felt in the auto insurance industry. In the past, customers would buy a policy and receive a bundle of documents in return. If they needed to file a claim, that meant filling out paper forms and waiting for a physical check to arrive. Now, today’s smartphone-based customers want the convenience of handling all the necessary paperwork digitally, including claim payments, without a lot of hassle.
VPay’s newest payment solution, Preferred Expedited Payments, makes it easier for both policyholders and payers to deal with claims payments. It’s a payment solution that provides single and multiparty electronic claims payments. Policyholders can complete the claims payment process through their smartphones or using an online app for connectivity. Once the claim is completed, policyholders get real-time preferencing for their claims, plus faster payment options.
For payers, Preferred Expedited Payments gives them the ability to deliver engaging experiences that today’s customers have come to expect. With the speed and efficiency delivered through Preferred Expedited Payments, payers can create an experience that retains existing customers and attracts new ones. In fact, a recent JD Power survey found 45 percent of customers use multiple channels when purchasing their policy, including digital, so they want a solution that takes advantage of this technology. Payers can use Preferred Expedited Payments with their existing mobile apps or VPay can create a co-branded mobile payment app for the payer.
See how Preferred Expedited Payments improves the claims payments process. Schedule a demo.