Checkbook Partners with Vault.insurance
Posted by Checkbook on Aug 22, 2019
Vault is an insurance company created exclusively around the inimitable and fast changing needs of the affluent, no matter how unique the asset or complicated the risk. Vault understands the importance financial strength plays in protecting the assets of our clients. Whether you are protecting your home, car, jewelry, or other valuable belongings, Vault.insurance’s in-house client advisers, risk managers, valuation experts and claims team will go above and beyond to assist you.
Vault.insurance targets high-value assets of customers. Since high-value assets are riskier, Vault was looking to make payments safer and easier through closing the loop with the end recipient along with: Improving customer experience Increasing efficiencies Lowering processing costs.
Vault.insurance moved their payment solution to Checkbook.io to integrate Digital Checks and meet elevated customer expectations. Using Checkbook’s end to end simplified solution, Vault gained a clear financial and operational advantage for digital distributions. Checkbook’s solution provides instant delivery, online deposit, and next-day settlement, at a fraction of the cost of other payment options. The platform enables insurers to instantly disburse claims payments using only the recipient's name and email address.
Insurers like Vault.insurance can easily integrate with their existing Enterprise Resource Planning (ERP) with Checkbook.io. Integrating with our RESTful API allows insurers to automate outdated processes. Insurers can receive live status updates on claims payments, send multi-party checks requiring endorsement, reconcile with Accounts Payable/ Accounting systems, and attach PDF files with claims information. Additionally, Checkbook lets users upload batch files to send thousands of Digital Checks in seconds, determine which deposit methods customers may use to receive funds (Instant Pay, ACH, Check 21, etc.), and build customized landing pages and email templates.
The insurance industry is undergoing radical change as customers demand faster and simple digital engagement. Firms that embrace new technologies will see outsize gains in customer experience, revenue, and efficiency. In the coming years, digital presence will start to outweigh the local scale, and therefore significant digital investment will continue to drive higher growth and ROE.
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