Insurtech startup enables entirely digital claims process, from initiation to payment
“Our technology digitizes the claims process from the beginning. Ending the entire process by sending out a paper check would have disrupted the seamless experience we have created,” said
According to Williams, an insurance company using the Benekiva technology has realized a nearly 40 percent increase in efficiency in the claims process. This is due to the elimination of paper document processing time and automation of much of the claims process.
For beneficiaries, the impact of digitization can be even more significant. Typically, beneficiaries wait 45 to 60 days to receive a claim payment. With the move to digital payments via Digital Disbursements from
Digital Disbursements enables companies to send payments via a simple process that requires only basic information from payment recipients. When account numbers are not available, social tokens such as email addresses or mobile phone numbers can be used to direct payments to the recipient. Payments can be sent in a variety of ways, with an emphasis on speed, including via Same Day ACH payments to bank accounts, and instant payments to debit cards. Flexible options enable companies to take advantage of the payment types and tools that make the most sense for them and their business.
“Benekiva is blazing a bold trail, addressing the insurance industry’s reliance on paper-based processes as part of an overall digital overhaul,” said
In a world moving faster than ever before,
Digital Disbursement Services are provided by or through