Creating Better Claim Payment Experiences
Faster Payments = Happier Policyholders
Boost payment efficiency, lower your payment costs, maximize ROI and drive higher epayment adoption.
Reduce banking fees
Eliminate positive-pay, stop pay, escheatment and other fees—and focus your people and resources on more important priorities.
Gain increased visibility into payments and transactions
Get an “always on” portal that provides a comprehensive dashboard, streamlined reconciliation and real-time visibility into all of your payment transactions.
Increase security and fraud prevention
Keep sensitive information safe and meeting all relevant security standards and certifications.
Eliminate paper check costs
Move your policyholders from paper checks to faster, more efficient epayment options.
Process payments efficiently from any location
Take advantage of a proven and reliable solution for managing, controlling and delivering claim payments more quickly and safely—without being tied to a physical location.
When Claim Payments Become Essential Lifelines
Utah is well-known for its skiing and other outdoor winter sports. But when one woman’s mountainside home was severely vandalized in mid-November, with 22 windows completely broken out, it left her family exposed to the region’s harsh winds and cold temperatures. She filed an insurance claim, but it took the adjustor 165 days to mail the first reimbursement check, which only covered 10% of the total repair costs. It took another 75 days to mail a check for final payment. Then, because she had a mortgage, she waited another 35 days for the bank to co-sign the check.
Waiting 275-days for the funds she needed to rebuild her life was much more than an inconvenience, and it highlights the importance of finding better, faster ways to get payments into policyholders’ hands quickly when they need them most.
Make Payments Easier with a Mobile-friendly Solution
How Important Is Policyholder Satisfaction?
If it’s not at the top of your priority list, it should be. VPay can help you get there—by improving every aspect of the claim payment experience.
of firms in the P&C space recognize improving customer experience as thetop digital transformation goal. 1
1. Source: Aite Group: Business-to-Consumer Disbursements in the US:The P&C Insurer Opportunity, October 2019.
2. Source: McKinsey. Digital Disruption in Insurance: Cutting Through the Noise.
Discover the advantages of a proven, complete claim payment platform
VPay offers a total payment solution that’s configured specifically for property insurance payments. The solution replaces inflexible payment processes and slow paper checks with connected and convenient payment options. This increases the payment satisfaction of every policyholder you work with. And unlike our competitors, we process all of your payments in house through a single system of record, regardless of payment type.
Eliminate costs and offer payment flexibility
Supports all payment types (checks, ACH, push-to-debit and virtual cards).
Simplifies multiparty electronic endorsements and payments.
Eliminates check print/mail costs.
Offers unique payment preferencing that boosts epayment adoption and revenue sharing.
Reduces banking and treasury fees.
Boost efficiency and satisfaction
Deliver remittance data with each service provider payment.
Provides an online portal with real-time access to claim, payment and delivery data.
Integrates seamlessly with existing financial systems and workflows.
Includes in-house “one call resolution” support for policyholders and service providers.
Improve security and compliance
Provides a single, unified system of record where all financial, claims and delivery data is securely stored.
Improves security and reduces fraud.
VPay is Nacha, PCI, SOC1 and SOC 2, and HIPAA certified.
VPay delivers better payment experiences, but it also saves you money. With no up-front costs, guaranteed revenue sharing and other proven savings, our largest clients report saving more than $1,000,000 every year with VPay. We’re ready to help you do the same.
Boost Satisfaction with Comprehensive, In-house Support
Customer satisfaction is always VPay’s top priority, and we lead the industry in both satisfaction and retention because of our focus on support. With VPay, whenever payees have claim payment issues or questions:
- They call VPay’s award-winning Support Center.
- Our experienced service experts solve the problem—usually with a single call.
Get Started with Your Total Payment Solution
Let us show you how we can configure the ideal total payment solution for your organization.