Payment technology today is about more than making and accepting payments with credit and debit cards. Today’s technology allows for consumers and businesses alike to send fast payments out, saving you time and money in the process. For insurance companies, the ability to distribute instant pay-outs on claims can be a game-changer. Your customers will appreciate it, and your business will run more smoothly.
Setoo’s Fast Payment Experience
Setoo is an insurance-as-a-service provider that has adopted fast payment service for its claims. Once it approves payment on a claim, it sends payment through Visa Direct to provide its claimants with instant access to the pay-out funds. Instead of going through the usual, antiquated process of approving, issuing, and sending a cheque, Setoo cuts through and delivers.
In addition to running more efficiently, this process delivers higher security. The electronic authorisation and delivery remove steps at which errors or theft can occur and maintains the security standards that Visa demands of its clients. The result is a service offering that sets Setoo apart from others trying to catch up in the industry.
A Better Customer Experience
Some of the benefits for customers and claimants are obvious. A faster process cuts out days or more from the time they would usually have to wait to receive funds. They don’t have to watch the mail for a cheque or call to ask when it will come; it just arrives as a credit to their card or account.
The claims process has always been about more than money, though. When someone files a claim, it comes after an accident, a disaster, or a loss of some kind. They are fighting not only a financial problem but often an emotional one, too. A fast payment process that delivers funds more quickly saves your claimants much of the frustration that they typically have with their insurance companies. Giving them a positive, less painful claims experience goes a long way toward helping them move forward.
Benefits for Insurers
Happy claimants benefit you as an insurer. In an industry much maligned for reasons that are sometimes fair and sometimes not, using fast payment technology can help you stand out in a positive way. Delivering swift claims payments gives you a chance to retain more of your current customers and gain new ones along the way.
Beyond this, fast payment technology creates instant cost savings for you. It streamlines your claims payment process to cut out steps and administrative costs. It removes opportunities for fraud and loss in your process as well, with a single, secure transaction cutting risk out of every claim payment you make.
Setoo, as an early adopter of fast payment technology, is already reaping the benefits. Getting ahead of the curve for your insurance business can help you push ahead of the pack.
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