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Insurance claims software provider finds perfect partner to improve the customer journey
Tuesday, 16 May 2017, London: Global corporate payment solutions provider Optal today announced it will be helping to expedite B2B insurance payments for RightIndem, a company that prides itself on improving the claims experience for customers.
RightIndem offers a Software as a Service (SaaS) platform to enable “customer managed claims”. The focus is on improving the whole process for customers and in so doing speed up settlements, which in turn provides huge cost and productivity gains for insurers.
A major part of the back-end claims process involves the payment of suppliers such as car repair companies. It is for this extensive B2B repair network that Optal was chosen to support via secure, automated payments.
Optal offers a Virtual Account Number (VAN) payment service that automatically generates single-use Mastercard numbers to facilitate payments across the Mastercard processing network, wherever Mastercard is accepted online.
As such, Optal was the ideal choice for RightIndem co-founder Graham Blaney, who was looking to partner with best-of-breed providers to support the company’s efforts in each stage of the claims process.
“We love the Optal model. It’s a one-time transaction, virtual credit card and secure – and it addresses a lot of the security requirements in the financial services industry,” he says.
“We know that Optal is flexible to work with us and adapt their technology to deliver the end-to-end offering that meets the requirements of the insurer and their supply chain.”
With Optal on board, RightIndem will be able to lower internal costs and offer faster, more secure payments to its clients – a win-win all round.
For Optal, the partnership will generate new client opportunities via a product offering complimentary to its own, creating a great deal of interest in the insurance space.
“By integrating our payment platform with RightIndem, we are able to provide a fully digital, low-risk and seamless claims payments solution which enables insurers to pay claims suppliers accurately and on-time”, said Andrew Downes, General Manager at Optal.
RightIndem estimates a £45 billion market opportunity and already has seven insurers committed to early pilots, with a large global pipeline predicted to follow.
About Optal Ltd
Optal issues Mastercard branded payment products, which bring innovative payment solutions to the market. By stripping payment processes of their customary inefficiency, Optal helps companies boost profitability across a growing number of sectors around the world.
Optal holds a 21.9% interest in eNett International, a leading provider of B2B payment solutions for the travel industry, and is its primary issuer of Virtual Account Numbers.
For more information about Optal, visit www.optal.com
RightIndem eliminates claims friction, turning a claim from something that can kill customer loyalty into one that builds it.
RightIndem is a self-service claims platform delivering benefits for Insurers and customers. For insurers, claims cost and customer churn are both reduced. For the customer, the service delivers transparency and helps customers understand their cover, then quickly, fairly and effectively manage their claim while repairing or replacing their damaged or stolen item.
RightIndem supports both Commercial and Personal Lines insurers and is recognised as a thought leader in the customer claims areas – it ’s first category is automotive, where it’s customer-centric claims approach delivers a 10:1 benefits case, RightIndem is supporting insurers in the UK, Mainland Europe, US, and Australia.
For more information: www.rightindem.com
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