Commerce Bank offers new claims payment solution for insurance industry

ST. LOUIS — Commerce Bank says it is reinventing the claims payment experience, providing the insurance industry with a solution that improves the customer experience and loss adjustment expenses.

The benefits of this solution, called CommerceVantage Claims Payments, extend to claimants as well, providing convenient payment options, faster payment and an improved overall experience. Recent catastrophic natural disasters such as hurricanes Irma, Harvey and Maria, have drawn attention to the need for faster claims disbursements. Claims Payments offers speed, security and efficiencies to insurance organization and claimants through a single online portal.

“When handling claims payments, maintaining high standards, reducing cycle time and improving customer satisfaction are essential. Our solution offers a win-win for both insurers and their customers through this automated, easy-to-use technology,” said Lenny Richileau, vice president, insurance industry consultant at Commerce Bank.

When payments are ready to be made, insurance organizations are able to send payments via automated payment file or API. Commerce will then facilitate payment via multiple payment options to their insureds, claimants and service providers. Payment types supported include virtual card, ACH, Visa Direct, check and wire. These options allow real customer choice and payment in as little as 30 minutes.

CommerceVantage Claims Payments is designed to be fast and to reduce loss adjustment expenses, increase access to payment and remittance information and minimizes check fraud.

For more information, visit www.commercebank.com/claimspayments.