BOLTON, ON, February 16, 2022 /PRNewswire/ — Claims management software provider VCA Software, formerly known as Virtual Claims Adjuster, announces that it has brought instant real-time digital claims payments online, enabled through the Real-Time Payments Network (RTP ®). VCA Insurance Company and Third Party Administrator (TPA) customers can be assured that claimants can now receive payment within 15 seconds of issuance.
“At VCA Software, our goal is to humanize the complaints journey by enabling greater transparency, speed and communication. standard for claims management – the most crucial point of contact with insurance customers,” said Jean Varghese, CEO of VCA Software. “Our existing insurer and TPA customers, as well as all potential customers, can access this functionality within the VCA ecosystem of SaaS solutions,” added Varghese.
In the life cycle of the insured, the claim represents a vital opportunity to keep the customer promise. Claims experience often drives insurance purchasing decisions. By accelerating payment speed and thereby improving the claims journey, insurers can reduce churn and increase customer lifetime value.
The new VCA payment process allows insurance applicants to choose how and when they receive their money, with insurance payments available via Instant Payment, ACH, Virtual Card or Check, using a three-part process:
- The applicant receives an SMS or email notification that their application has been approved.
- The applicant is directed to the payment portal where they can select how they wish to receive their payment: instant payment, ACH, virtual card or check.
- Payment is made directly to the selected payment method, and the claimant and the insurer are notified of the payment made.
The pandemic has accelerated the demand for real-time payments. Policyholders expect quick access to funds when they need it most. Unfortunately, the industry has been slow to deliver. Insurers pay over $4 trillion in insurance claims each year, with more than 50% of those payments still being made through slow, inconvenient and expensive processes.
About VCA software:
With a claims engine at its core, VCA Software (formerly known as Virtual Claims Adjuster) is a global SaaS platform focused on improving policyholder satisfaction and retention, while providing an ecosystem of new generation to improve intelligence and function for all stakeholders, from insurance companies to third-party administrators, brokers, independent adjusters, captives and self-insured companies. The VCA platform simplifies and humanizes the claims journey, creating more lifetime value for the customer. Visit https://vcasoftware.com/ to learn more.
SOURCE VCA software