Commerce Bank brings innovative claims payment solution to insurance industry
Technology allows claimants to receive payment in as little as 30 minutes
Commerce Bank, a $25.1 billion Missouri-based, regional bank (NASDAQ: CBSH), has served insurance organizations for more than 5 years and understands the unique needs and challenges of the industry. Leveraging its deep-rooted payments expertise as well as the collective insights of an advisory council composed of insurance companies, CommerceVantage® Claims Payments was born. By providing accessibility and timeliness, the solution not only fills an existing void within the industry, but also simplifies a process that can otherwise be complicated and stressful.
Speaking to the product, Lenny Richileau, vice president, insurance industry consultant at Commerce Bank says, “When handling claims payments, maintaining high standards, reducing cycle time and improving customer satisfaction are essential. Our solution offers a win-win for both insurers and their customers through this automated, easy-to-use technology.”
When payments are ready to be made, insurance organizations are able to send payments via automated payment file or API. Commerce will then facilitate payment via multiple payment options to their insureds, claimants and service providers. Payment types supported include virtual card, ACH, Visa Direct, check and wire. These options allow real customer choice and payment in as little as 30 minutes. CommerceVantage® Claims Payments not only provides faster payment, but it also allows for easier reconciliation, reduces loss adjustment expenses, increases access to payment and remittance information and minimizes check fraud.
For more information, visit www.commercebank.com/claimspayments.
About Commerce Bank
Commerce Bank, is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $25.0 billion regional bank holding company, as of September 30, 2017. For more than 150 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a full range of financial products to consumer and commercial customers, including personal banking, lending, mortgage banking, wealth management, brokerage and capital markets services. Commerce operates in more than 330 locations in the central United States and has a nationwide presence in the commercial payments industry.
For additional information, please visit www.commercebank.com.