Virtual claims InsurTech provider Snapsheet has formed a partnership with KeyBank to launch a payment solution for insurance claims.
Snapsheet, which provides virtual claims technology for the personal and commercial insurance marketplace, said it will partner with KeyBank, a US bank-based financial services company, for the launch of Snapsheet Transactions.
The new platform will enable carriers to issue claims and expense payments via a variety of payment options, as opposed to insurance carriers sending claimants a cheque in the mail once a claim is settled.
Snapsheet president CJ Przyby said, “Cheque production is a meaningful cost burden to insurance carriers, not to mention customer service costs associated with claims payments, such as interactions around cheque status. Funds should be available to customers easily, no matter where they are; it’s not always possible for customers to receive cheques at home.
“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.”
Customers can choose between a web-based solution or direct integration through APIs, with the configurable end-to-end payments solution taking less than 45 days to be implemented.
The platform, which will be tailored to a carriers’ existing infrastructure, can also be implemented without adding complexity or risk to their back-end processes. Chicago-based Snapsheet closed its Series D financing round on $12m earlier this year, with the funding led by Tola Capital.
The firm said the capital will be used to continue development of its virtual claims platform and increase sales, marketing and customer engagement functions.
Last month, State Automobile Mutual Insurance’s innovation department State Auto Labs launched a $25m venture fund to invest into InsurTech and FinTech companies.
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