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Insurance Industry Solutions

Insurance
Financial solutions to insure your success

Banking, payment and financial solutions for the insurance industries

As an insurance company, you’re always looking for ways to serve customers, boost profits and leverage your financial relationships. When it comes to serving the insurance industry, Commerce Bank has the strength and experience to provide customized banking, payment and financial solutions for your organization. Our deep understanding of the insurance industry allows us to think beyond prepackaged financing options and deliver banking solutions tailored to tackle your biggest challenges. We’ll be there to help you spot unique opportunities other banks and technology providers might miss.

September 28, 2021

Here is Why Vehicle Lienholders Should Accept ACH Payments During Lien Payoff Requests

Keep your business's claims moving forward by reducing paperwork and securing your payments through ACH lien payoffs.

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May 10, 2021

Does anyone have time for checks anymore?

Insureds need their payments as soon as possible and checks are no longer cutting it. Learn the benefits of electronic claims payments.

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April 12, 2021

No one uses checks anymore. Are you?

Learn the benefits of moving to digital claims payments for consumers and insurers. Pay consumers faster, lower fraud and keep adjusters happy. Learn more.

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Banking, payment and financial solutions for the insurance industry

Business Insurance Financial Products and Services

This collection of financial products and services is designed to help your insurance company run smoothly — freeing you to focus on your financial goals.

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4 misconceptions about electronic claims payments.

4 misconceptions about electronic claims payments ebook cover

Using checks to pay claims has been the standard for a while. But technology is moving rapidly and checks are disappearing sooner than you might think. It’s time to move away from checks.

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CommercePayments™ PreferPay™ for Claims Payments gives your insureds faster access to claims payments with options like Direct-to-Debit Card and Direct Deposit. These electronic payment options put money in the hands of your customers faster than traditional checks with funds available in as little as 30 minutes. They also allow for easier reconciliation, reduce loss adjustment expenses, increase access to payment and remittance information and minimize check fraud.

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Transitioning from manual to automated accounts payable can play a vital role in creating efficiencies within your Accounts Payable department. With CommercePayments™ AP Invoice Automation, your business can take care of invoices from beginning to end by maximizing your efficiencies and replacing your manual, error-prone AP processes. Invoices are received, scanned, approved and readied for payment according to your rules and policies. You can also take advantage of CommercePayments™ Payment Hub, an integrated payables solution that gives you the benefits of payment automation, like supplier enrollment and support, without changing your whole AP process.

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Designed to help insurers maximize efficiency with their accounts receivable, CommercePayments™ Integrated Receivables is a solution that automatically enables end-to-end service automation by electronically capturing and processing remittances directly from email attachments. Payments and remittance are automatically linked, without the need for human intervention, with payments reconciled directly into corporate account receivables. With Commerce’s Lockbox services, incoming payments are collected at a secure PO box and transported directly to Commerce for processing, eliminating the need for employees to handle and deposit incoming checks.

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We’ve taken the time to fully understand what matters most to insurers and their customers, including the importance you place on a protected and efficient means of accepting credit cards for customer payments and premiums. Therefore, allow us to introduce PayTrace - our comprehensive, easy-to-use payment processing solution that can be accessed for card present or not present transactions. CommercePayments™ CollectPay Online® is our fully hosted, electronic payment solution that broadens your customer’s web payment options while maintaining predictable cash flow for you.

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Our Capital Markets Group (CMG) offers your insurance company fixed income securities, cash management solutions and a full range of associated services to help you maximize return on your cash balances and increase control over investments; all while minimizing risk. Built upon the outstanding reputation, values and culture of a leading super-community bank, CMG takes a conservative, consultative approach to helping insurance clients develop and execute an effective investment plan.

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Premium Fund Trust Accounts were designed specifically to help insurance agents keep in compliance with the insurance code as a fiduciary of premium funds received from policy holders. These accounts feature no transaction fees, ACH setup to transfer premiums to the home office and email notifications of returned deposited items.

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“We’re excited to offer our customers more options for faster claim payments. Whether the payment helps with repairs or much-needed medical treatment, a quick, convenient claims payment is a critical step in helping our customers get back to their routine as soon as possible.”

- Cory Freier
Business Systems Manager at Progressive Insurance
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About Us

Progressive Insurance Digital Claims Payment Solution

Commerce has partnered with Progressive to implement CommercePayments™ PreferPay™ for claims payments.

May 13, 2021

Ensuring a Better Community.

In 2021, POWERS Insurance & Risk Management celebrates its 30th year in business as a family-owned, multi-generation independent insurance agency.

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July 23, 2020

CommercePayments™ PreferPay®, your way.

James Heavin of Shelter Insurance discusses how CommercePayment™ PreferPay® developed a custom claims payment solution for them and helped increase efficiency.

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July 22, 2020

Missouri Employers Mutual Partnership

Jim Owen, CEO of Missouri Employers Mutual discuss the company's partnership and why they chose to work with Commerce Bank and Commerce Trust Company.

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