Instant Payments Accelerate the Claims Journey and Maximize Insurance Policyholder Satisfaction, Empowering Insurers to Reduce Churn and Extend CLV
ONTARIO, CANADA – February 16, 2022 – Claims management software provider VCA Software, formerly known as Virtual Claims Adjuster, announces it has gone live with real-time, instant digital claims payments, enabled through The Real-Time Payment (RTP®) Network. VCA’s insurance carrier and third party administrator (TPA) clients can ensure that claimants can now receive a payment within 15 seconds of issuance.
“At VCA Software, our goal is to humanize the claims journey by enabling greater transparency, speed and communication. The launch of same-day digital payment capabilities is just one of many advancements we are developing to change the insurance churn paradigm and create a new standard for managing claims – the most crucial insurance customer touchpoint, said John Varghese, VCA Software CEO. Our existing insurance carrier and TPA clients and any potential clients can access this feature within the VCA ecosystem of SaaS solutions,” added Varghese.
In the insurance policyholder lifecycle, the claim represents a vital opportunity to fulfill the customer promise. The claims experience is often the impetus behind insurance shopping decisions. By accelerating speed of payment and thereby improving the claims journey, insurers can reduce churn and drive customer lifetime value.
The new VCA payment process allows insurance claimants to choose how and when they receive their money, with insurance payouts available through Instant Payment, ACH, Virtual Card, or Check, using a three-part process:
- Claimant receives a text or email notification that their claim has been approved.
- Claimant is directed to the payment portal where they can select how they would like to receive their payout – Instant Payment, ACH, Virtual Card or Check.
- Payment is delivered directly according to the selected payout method, and both the claimant and insurer are notified of the completed payout.
The pandemic accelerated demand for real-time payments. Policyholders expect rapid access to funds when they need them most. Unfortunately, the industry has been slow to deliver. Insurers pay out over $4 trillion in insurance claims each year, with over 50% of those payments still occurring through slow, inconvenient, and expensive processes.
About VCA Software:
With a claims engine as its core, VCA Software (formerly known as Virtual Claims Adjuster) is a global SaaS platform focused on improving policyholder satisfaction and retention, while providing a next-generation ecosystem to improve intelligence and function for all stakeholders from insurance carriers to third party administrators, brokers, independent adjusters, captives and self-insured companies. The VCA platform simplifies and humanizes the claims journey – ultimately creating more customer lifetime value. Visit https://vcasoftware.com/ to learn more.