Simplifying Insurance Payments with Payables API

Overview

Handling insurance payments, especially with third-party approvals, presents unique challenges. By integrating the Payables API, these processes can be streamlined, ensuring more efficient, transparent and timely payments.

Problem Statement

Insurance payments often involve multiple stakeholders, detailed verifications and a variety of payment methods. manual process can lead to delays, errors and disputes. When third-party approval is involved, these challenges can amplify, resulting in customer dissatisfaction and increased administrative work.

Solution

  • Automated Payment Initiation. Upon receiving a claim, the system can immediately generate a payment entry using Create Payable API call, capturing essential details.

  • Third-Party Approval. When a claim requires validation from external entities, our API offers a comprehensive solution. Upon initiating a SMART-Disburse payment, both the payee and multiple approvers receive a link to review the payment details, including relevant documentation. The approvers can review and grant their consent. Meanwhile, the payee has the flexibility to choose their payment method, provide the required payment details and finalize the transaction once all the approvals are in place. The payee remains informed about the current approval status of each review.

  • Payment Options. Provide beneficiaries with an array of payment methods, including SMART-Disburse, ACH, RTP, Wire or Check to unsure customer's satisfaction.

  • Clear Communication. Keep all parties informed about payment statuses, required approvals and delays. The API's tailored endpoints facilitate real-time notifications and status updates.

  • Document Attachments. In the insurance domain, proper documentation is paramount. Relevant documents such as claims, verifications, adjuster reports and approvals can be attached using the API, promoting transparency.

  • Multi-Payee Disbursements. Our API addresses the complexities of transactions involving multiple recipients. With the SMART-Disburse feature, a payment can be initiated to multiple payees. Each recipient is provided a link, allowing them to review their individual payment allocation, suggest necessary changes and subsequently approve the amount. Once the approvals are secured, payees can select their preferred payment method.

Benefits

  • Flexible Payment Distribution

  • Enhanced Approval Transparency

  • Diverse Payment Methods