Commerce Bank says it worked with Progressive to implement a new insurance reimbursement option for customers called CommercePayments PreferPay.
The program provides customers, claimants and service providers with multiple claims payment options including ACH, check, or direct-to-debit card via Visa Direct. With the Visa Direct functionality, customers can now receive an insurance claim payout to their eligible debit and prepaid card, in real time1.
“We’re excited to offer our customers more options for faster claim payments,” said Cory Freier, Business Systems manager at Progressive. “Whether the payment helps with repairs or much-needed medical treatment, a quick, convenient claims payment is a critical step in helping our customers get back to their routine as soon as possible.”
“PreferPay for Claims Payments is a reflection of Commerce Bank’s commitment to being a collaborative financial partner to our customers and solving real challenges,” said Jeff Burik, executive vice president, director of Commercial Payments at Commerce Bank. “Through our work with Progressive, we’re able to bring a truly innovative solution to the marketplace that meets the needs of all insureds – offering payments, the way the Progressive customer wants.”
Commerce’s solution offers faster payment methods, while leveraging the knowledge of a financial organization to facilitate the payment.
“When handling claims payments, maintaining high standards, reducing cycle time and improving customer satisfaction are essential. Commerce’s solution brings value for both Progressive and their customers through this automated, easy-to-use technology,” says Lenny Richileau, vice president, insurance industry consultant at Commerce Bank.
“The speed and ease at which customers receive their insurance disbursements can have a significant impact on their lives and finances,” said Gaurav Gollerkeri, head of Visa Direct, North America. “By implementing Visa Direct into its service offerings, Commerce Bank and Progressive are now able to provide real-time claims payouts to their customers, making the days of waiting to receive checks in the mail a thing of the past.”
For more information, visit www.commercebank.com/claimspayments or www.commercebank.com/preferpay.