Insurance Claim Payment Process
Streamlining the payment process for claims & payouts, and reducing fraud in the process, couldn't be quicker or easier than with EML.
Challenge:
When customers call upon their insurance policies to pay or reimburse them for a life-event, immediacy of payment and ease of use are the top criteria they look for in an insurance provider. Most claims payouts can be slow and annoying for all parties involved.
Whilst insurers look for faster and more cost effective processes, fraud prevention is also a costly challenge for them.
Solution:
EML can issue a physical, digital or virtual card (single-use or multi-use) to the insurance company provider, or your members on your behalf, allowing immediate payouts. Cards can display your logo reinforcing your brand; after all it's the claim experience that drives the greatest customer loyalty. Clients can get access to the card data for rich insights into customers’ transactional and spending data.
Couple this with our ControlPay product to control where and when the payout monies can be used to reduce fraud & manual processing.
Benefits:
- Faster, more seamless payout experience
- Reduced administrative burden
- Easy to apply spend controls
- Reduced fraud
Features:
Reloadable or Single Use Card:
Prepaid cards are an easy, safe and cost-effective way to provide access to needed funds immediately. Cards can be physical, digital or virtual, and branded with your logo.
Instant Funding:
Allow instant movement of funds and access to payout claims, anytime, anywhere for faster and simpler payouts, and happier customers.
ControlPay:
ControlPay allows you to choose when, where and how your customers transact using their cards. EML then provides the transaction data to enhance your own digital customer solution.
Open Banking:
Using EML’s revolutionary new open banking product, you can enjoy the benefits of same day insurance claim payouts with account-to-account payment and fast account validations. Also, recurring or direct debit premium payments are much quicker and easier, and can be actioned without all the usual laborious form filling.
Ready to get started?
Drop us a message if you want to talk about working together, or just to have a chat - we'd love to help!