Industries

Insurance & Warranty

Insurance brokers and warranty companies need to pay claims quickly and accurately, while also reconciling those payouts in a timely fashion. Legacy systems and working with multiple providers make this a challenge.

The problem

Insurance brokers and warranty companies need to pay claims quickly and accurately, while also reconciling those payouts in a timely fashion. Legacy systems and working with multiple providers make this a challenge.

The solution

ConnexPay’s unified platform allow clients to accept incoming funds and issue outgoing claims payments in real time, providing their policyholders with faster payouts.

1. Customer pays premium to agent, and agent forwards premium to carrier or creates a virtual card payment to the carrier minus commission.

2. Customer files claim with carrier.

3. Carrier fulfills digital claims payment to customer and/or vendor, with integration into TPA.

5. After the payment processes, robust transaction details are available to the travel company in the ConnexPay platform.

6. The travel company earns industry-leading cash rebates on card payments made to suppliers.

Key benefits =

Savings & revenue

  • Immediate access to incoming funds
  • Guaranteed lower merchant processing fees
  • Increased revenue through industry-leading virtual card rebates
  • Access to higher international interchange rates than other providers
  • Patent-pending intelligent purchases routing technology chooses and automatically issues the type of card to provide the maximum rebate

All-in-one payments platform

  • One contract with a single reconciliation
  • Ability to issue virtual cards and ACH for claims payments
  • Working capital/available funds not impacted until supplier payment settles
  • No prefunding or lines of credit required
  • No processing caps or financial commitments
  • Ability to share complete customer data with downstream suppliers for fulfillment

Fraud prevention & reporting

Easy to get started

  • Rapid implementation with no setup fees
  • Easy API documentation
  • Webhooks to notify you of transaction-related events
  • SDKs to ease the integration of payment acceptance on your website

Further reading

Why now is the time to use virtual credit cards

Video: Why ConnexPay?

Best practices for card-not-present transactions

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