Result: A win for everyone — bank, payers and payees
Adding a push-to-card payout option means less hassle, lower costs and happier customers. Insurers can now use Commerce Bank’s standalone system to offer quick payouts to customers in immediate need, including homeowners displaced by natural disasters, drivers waiting on collision-damage reimbursements, and insurance policyholders seeking refunds on a variety of other claims.
Eliminating the wait for payouts, when considered along with innovations like photo estimating for car insurance claims, means greater operational efficiency and lower costs for insurers. Fewer days of replacement vehicle rentals add up to big savings, especially when an insurer is paying out millions of total loss auto claims over the course of a year.
“As the insurance industry moves to a more customer-centric model with faster settlement of high-volume, low-dollar claims, our platform and Visa Direct are being recognized by many in the industry as the best way forward,” say Mike Long and Lenny Richileau of Commerce.
Commerce Bank and Visa took a customer-centric approach to address real-world payout challenges in an industry that runs on responsiveness to ever-evolving customer needs.