Payment integration provider Imburse has announced a new global partnership with Mastercard, to automate and enhance payments for the insurance sector. The collaboration aims to transform the payment experience for insurance organizations and their customers by offering digital premium collection and claims payment solutions.
According to a recent survey, automation can reduce the cost of an insurance claim journey by as much as 30 percent.
This partnership aims to deliver that value and more, as it supports a range of capabilities, including real-time-pay-outs to policyholder card and bank accounts, cross-border payments, rewards and vouchers. Insurers will benefit from simpler and faster payments, as well as increased reporting and reconciliation accuracy, while policyholders will receive greater speed and choice around how they pay and get paid.
Commenting on the significance of the partnership, Imburse CEO Oliver Werneyer said: “The insurance sector globally is experiencing a massive push to digitize, to better engage customers, launch new products, evolve business models and deliver significant savings to the business. Payments, as a key value driver for insurers, is a key area where new technology, services and expertise will deliver in all these areas. Together with Mastercard, as a global technology leader in the payments space, we can combine strengths, innovations and reach to bring the best capabilities to insurers across the globe, enabling them to advance their business goals off the back of impactful next generation payments capabilities.”
Initial focus for the collaboration will include Imburse leveraging Mastercard Send to disburse funds directly to customer cards or bank accounts, for immediate payment of insurance claims upon agreement.
Ian Slater, Senior Vice President, Enterprise Partnerships, Mastercard, said “Operational efficiency, enhanced distribution and customer experience are critical for insurers looking to secure market share and loyalty through speed, choice and security. By combining our respective capabilities, Mastercard and Imburse will better provide insurers with the tools they need to run and grow their business, while best serving their policyholders.”
Mastercard Send provides consumers and businesses – such as insurers - with fast, simple and secure ways to send and receive money domestically and cross border and is part Mastercard’s multi-rail proposition.