Paymentus Accelerates Digital Disbursements for Insurance Claims Payouts

Barchart · 10/15 08:56

Paymentus Holdings Inc., (NYSE: PAY), today introduced the Paymentus Disbursements Accelerator in the industry-leading Guidewire Marketplace. The expanded accelerator, for Guidewire ClaimCenter, is designed to help insurers rapidly integrate instant digital disbursement capabilities into their claims management processes and improve back-office operations with real-time data integration.

The Paymentus Disbursements Accelerator allows policyholders to receive payouts exactly how they want, including payments to digital wallets, credit or debit cards, ACH transfers or via check. Insurers can view payout details in real-time while remaining PCI-compliant, improve back-office operations and reporting, and reduce cost-to-serve.

Meeting growing digital expectations has become a key factor in customer satisfaction and retention for insurers. While technology spending by property and casualty insurers has grown by 36% over the past decade, 30% of customers remain unsatisfied with insurers’ digital channels according to recent studies. The Paymentus Disbursements Accelerator joins the company’s Billing and Payments Accelerator for Guidewire BillingCenter, introduced in 2023, to transform the digital customer experience at two critical touchpoints: paying premiums and receiving pay-outs.

“For more than a decade, some of the largest insurance providers have relied on our billing, payments and disbursements solutions to modernize the customer experience. Now we are completing the circuit for Guidewire clients,” said Jerry Portocalis, Chief Commercial Officer of Paymentus. “Digitizing the payout experience will not only boost customer satisfaction, but also provide insurers with a new level of insight and functionality to improve the efficiency, security, and integrity of their back-office operations.”

“Paymentus has a well-earned reputation as a leading billing and payments solution provider across industries,” said Will Murphy, Vice President, Global Technology Alliances, Guidewire. “We have now fully validated their digital disbursements accelerator for Guidewire Marketplace to provide our customers with a ready-to-deploy solution to meet and exceed policyholder expectations for swift, streamlined service when they need it most.”

The feature-rich Paymentus Disbursements Accelerator is designed to improve customer experience, satisfaction, and operational performance. Customers or vendors who opt-in to a digital payout method can choose from a robust suite of payout options, ranging from traditional payment methods like ACH and debit, to new payment channels such as digital wallets like PayPal and Venmo. Real-time pay-out notifications and confirmations pushed via email or text provide reassurance to policyholders.

The Paymentus Disbursements Accelerator has undergone Guidewire’s rigorous review process and received Ready for Guidewire validation, to ensure streamlined integration and full functionality. The accelerator features a single dashboard view for staff to quickly serve customers and improve reconciliation and business operations. It provides real-time data availability and secure access to pay-out details and payment methods within PCI-compliance.

Paymentus modern bill pay capabilities and accelerators for digital disbursements and billing and payments will be demonstrated at Guidewire Connections being held November 17-20 in Nashville, Tenn.

About Paymentus

Paymentus is a leading provider of cloud-based bill payment technology and solutions for more than 2,200 billers and financial institutions across North America and was named the industry’s best-in-class provider of EBPP solutions by Aite-Novarica. The Paymentus omni-channel platform provides consumers with easy-to-use, flexible, and secure electronic bill payment experiences through their preferred payment channel and type. Paymentus’ proprietary Instant Payment Network ® (IPN), connects IPN partners’ platforms and tens of thousands of billers to Paymentus’ integrated billing, payment, and reconciliation capabilities. For more information, please visit www.paymentus.com.

CATEGORY: COMPANY NEWS