Improve operational performance, strengthen loyalty, and cut costs with Paymentus. The Paymentus insurance solution enables insurers to offer claimants flexible payout options and accelerate indemnity disbursement speed, all while reducing escheatment and fraud.
We know that for insurance carriers, the claims payout is the most crucial aspect of policyholder relationships and premium lifecycle management. With stakes at their highest, your organization and its insureds deserve more than traditional disbursements that are costly, slow, and vulnerable to fraud.
With Paymentus, you get a full-scale disbursements platform that is purpose-built for today’s insurance carriers.
Transform claims payouts from a cost center into a customer retention driver when it matters most. Meet this crucial opportunity with funding options that include ACH and debit cards, digital wallets (PayPal, Venmo, Apple Pay®, and Google Pay™), Real-Time Payments® (RTP), FedNow®, eChecks, wire transfers, and traditional check, print, and mail options. Instant digital payouts offer greater transparency to help keep claimants connected to their claims payout status via automated SMS (text) and email notifications.
Reduce fraud with a full suite of authentication and authorization tools designed to seamlessly safeguard insurers and their claimants without adding friction to the disbursement process. Our fraud management capabilities are built to support real-time payments, ensuring the highest levels of security and speed for all claims payouts in adherence with Insurance-Specific PII & NAIC Compliance standards.
Streamline the complexity of multiparty claims and ensure safe and seamless payouts to all claimants. Paymentus enables multiparty check management under a single claim, with dual-signatory authorization approval and multiparty authorizations for greater security and control.
Simplify the outbound payment process by enabling vendors to pre-register with insurance carriers within Paymentus’ vast vendor network. Insurers can access more than one million entities through the Paymentus Vendor Portal. By providing and securely validating their account information to register and store tax documents, vendors are set up to provide fast, direct disbursements when the time comes, improving the policyholder experience.
Paymentus helps insurers overcome the challenges of checks through comprehensive digital payout capabilities.
How are outbound payments to vendors, contractors, and claimants handled?
Our robust outbound engine supports a variety of modern methods including ACH and debit cards, digital wallets (PayPal, Venmo, Apple Pay®, and Google Pay™), Real-Time Payments® (RTP), FedNow®, eChecks, wire transfers, and traditional check, print, and mail options. This expedites payments to vendors and contractors quickly, while providing claimants with instant access to claims funds.
Can the platform automate 1099 tax reporting for these payments?
Yes. We provide automated generation and delivery of 1099-MISC and 1099-NEC forms. This ensures that all outbound payments to claimants and vendors remain compliant with IRS tax reporting regulations without manual intervention.
Does the system manage the escheatment process for unclaimed funds?
Yes. Our system automates escheatment workflows by tracking stale-dated checks and unclaimed digital payments. We manage the reporting and remittance to the appropriate state authorities based on specific jurisdictional requirements.
How does the platform support multiparty checks and authorizations?
For complex claims, we support multiparty check management with multiple payee lines and endorsement verification. Additionally, for high-value disbursements, we offer dual-approval and multiparty authorization workflows to ensure internal security controls are met.
Can we still issue physical checks through the platform?
Yes. We offer integrated check fulfillment services, including automated printing and mailing. This allows insurers to maintain a digital audit trail even for physical disbursements, providing real-time tracking of check delivery status.
Does the platform integrate directly with our claims adjudication software?
Yes. Using real-time APIs, our platform integrates with your claims adjudication engine to automate the workflow from the moment a claim is approved to the final issuance of funds, including identity and bank account validation to prevent fraud.
Our dedicated team of insurance billing, payment, and disbursement experts is ready to show why more insurers, from Fortune 500 National Carriers to specialized and regional insurers, are making the move to Paymentus.
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