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.
4. After claims payment processes, carrier can access robust transaction details in the ConnexPay platform.
5. Carrier receives cash rebate on any virtual card payments for claims.
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
- Automated reconciliation, with every customer transaction tied to its supplier payment as well as any refunds or voids
- Integrated fraud prevention for every transaction
- User-friendly chargeback management system with a dedicated team to help you win chargebacks
- Robust reporting and analytics
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
News: ConnexPay’s $110 Million Series C Funding
Video: Why ConnexPay?
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