Source: Snapsheet
Snapsheet, the industry-leading provider of virtual claims technology for the personal and commercial insurance marketplace, is partnering with KeyBank, one of largest bank-based financial services companies in the United States, for the launch of Snapsheet Transactions, a future-proof payment solution for insurance claims.
Snapsheet’s proven understanding and expertise of insurance workflows, combined with KeyBank’s payments innovation and expertise, will transform the way insurance carriers send payments to claimants. This partnership demonstrates a shared commitment to simplifying claims, while offering optimal customer experience and a seamless payments solution.
“Snapsheet was founded to make the claims process easier for both insurance carriers and their customers, so creating a solution to meet customer expectations is an important step forward in our mission,” said CJ Przybyl, president of Snapsheet. “Check production is a meaningful cost burden to insurance carriers, not to mention customer service costs associated with claims payments, such as interactions around check status. Funds should be available to customers easily, no matter where they are; it’s not always possible for customers to receive checks at home.”
Instead of insurance carriers sending claimants a check in the mail once a claim is settled, Snapsheet Transactions provides carriers a payment hub for issuing claims and expense payments via a variety of payment options, without adding complexity or risk to their back-end processes.
“Our new offering with Snapsheet reinforces our dedication to simplifying payments and helping businesses operate for the long term,” said Matthew Miller, head of product and innovation, enterprise commercial payments at KeyBank. “This kind of innovation and frictionless implementation methodology is unprecedented in the insurance market.”
Snapsheet Transactions’ hybrid integration is flexible to insurance carriers’ existing workflow and systems. Customers can choose between a web-based solution or direct integration through APIs. The configurable end-to-end payments solution can be implemented in fewer than 45 days and is tailored to a carriers’ existing infrastructure, eliminating the need to update legacy systems.
“Claims payments are inefficient and outdated. Carriers today understand there’s a need for a better solution, and we’re finally offering them a way to do this without disruption to their existing processes,” said Alex Meisner, director of innovation at Snapsheet. “We are changing the way carriers overcome the constraints of their legacy systems, which are no longer a barrier to a better customer experience.”