Snapsheet, a provider of virtual claims technology for the insurance marketplace, is partnering with KeyBank, a top 30 U.S. bank by assets, for the launch of Snapsheet Transactions, a payment solution for insurance claims.
“Check production is a meaningful cost burden to insurance carriers, not to mention customer service costs associated with claims payments, such as interactions around check status,” notes CJ Przybyl, president of Snapsheet. “Funds should be available to customers easily, no matter where they are; it’s not always possible for customers to receive checks at home.”
Instead of insurance carriers sending claimants a check in the mail once a claim is settled, Snapsheet Transactions provides carriers with a payment hub for issuing claims and expense payments via a variety of payment options, including ACH, instant payments and direct deposit.
“Our new offering with Snapsheet reinforces our dedication to simplifying payments and helping businesses operate for the long term,” says Matthew Miller, head of product and innovation, enterprise commercial payments at KeyBank. “This kind of innovation and frictionless implementation methodology is unprecedented in the insurance market.”
Snapsheet Transactions’ hybrid integration gives insurance carriers the option of a web-based solution or direct integration through APIs. The technology can be implemented in fewer than 45 days and is tailored to a carriers’ existing infrastructure, eliminating the need to update legacy systems, according to Snapsheet.
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