Last updated on January 11, 2023Losing property is hard. Getting a claims payment shouldn't be.
Few things in life are as stressful for your insureds as a major loss of property. Not only must they deal with the loss itself, but the claims process can be difficult and frustrating. According to a survey by Consumer Reports, 41% of insureds whose claims totaled $30,000 or more had at least one problem including disagreement over damages, disputes about coverage, delays and slow payout.1
One solution to making claims payments less painful for insureds is the use of a payment portal like CommercePayments™ PreferPay®. Such payment portals make collecting claims a faster, simpler, more streamlined process. But CommercePayments™ PreferPay® portal has advantages some payment portals don’t, including:
- PreferPay® can issue payments to the insured’s existing debit card – in under 30 minutes. Some portals only issue prepaid cards.
- Adjusters don’t need to log in to conduct a payment. In fact, they don’t have to do anything different than they’re doing now.
- PreferPay® is mobile friendly. Not all portals are.
- PreferPay® is backed by a dedicated team of payment specialists.
Plus, we built an Advisory Council comprised of a diverse group of insurance companies to assist us when developing PreferPay®. They shared their pain points and helped us create a solution that gets funds to your insureds faster without increasing the burden on adjusters.
Payment portals are a good thing for the industry. They’re a sign that insurance companies are listening to the needs of their customers and updating their processes accordingly. But not all portals are the same. It’s important that insurance providers conduct thorough research into the portals they’re considering in order to offer the best option to their clients.
If you’re ready to step into the world of claim payments with a solid, secure banking partner you can trust, learn more about CommercePayments™ PreferPay®.
CommercePayments™ PreferPay® is provided by Commerce Bank.
1 "How to get your homeowners insurance claim paid,” Consumer Reports, March 2014, https://www.consumerreports.org/cro/magazine/2014/05/how-to-get-your-homeowners-insurance-claim-paid/index.htm
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