Snapsheet, a pioneer in virtual claims management processing technology, today announced a strategic new approach to digitizing payments for Clearcover.
The auto insurance company, which leverages Snapsheet’s claims management software to digitize each step of the claims process, is now utilizing the platform to disburse digital payments to claimants and vendors as well.
Snapsheet is combining its claims payment engagement, workflow, and integration expertise with J.P. Morgan’s Wholesale Payments APIs and processing capabilities to deliver a pre-integrated solution for insurance carriers such as Clearcover. The built-in banking integration streamlines and expedites digital disbursements for policy holders, vendors and third parties. In addition, this approach achieves greater payment status transparency and increased automation through financial integration within claims and treasury organizations.
“We’re thrilled to help Clearcover and other partners deliver faster, better claims experiences for everyone involved,” said Brad Weisberg, CEO and founder of Snapsheet. “In today’s world, the ease and efficiency of electronic payments has come to be expected. As the insurance industry moves in a digital direction, we take pride in offering a flexible approach to transforming the payments process for clients around the world.”
Snapsheet’s Payments platform seamlessly integrates with modern, legacy or multiple core systems with business line configurations to support multiple brands. The platform digitizes the payment experience from personal and commercial P&C to life, annuity, and disability insurance carriers to rideshare disruptors.
More than 75 percent of P&C claim payments are still disbursed through paper checks and standard mail. However, insurance companies who use Snapsheet Payments achieve up to 70 percent digital adoption, illustrating the importance of offering electronic payment options. And since digitizing payments reduces transaction costs by 10 times, it’s both cost-effective for carriers and convenient for customers.
“Through our customer-first model, we’re committed to providing the most user-friendly process possible for our policyholders as well as our vendors,” said Kyle Nakatsuji, CEO and founder of Clearcover. “Through Snapsheet Payments and the built-in integration with J.P. Morgan, we can disburse funds faster through multiple digital payment options for accelerated service and an optimal claims experience.”