Insurance payments can be such a drag however according to a recent announcement mastercard and Dream Payments have formed a partnership that will allow insurancers to optimize their claim systems and offer digital payments to customers via an API.
The Dreams Claim API which is built on the IBM cloud looks to be able to provide insurances a smooth integration process with just a few simple lines of code to be able to offer a streamlined process for processing claims. The streamed lined process is indeed a benefit as with an estimated payout of over 1 trillion in insurance claims each year a more streamline payment experience can add a dramatically positive experience to end users.
When asked about the partnership Zahir Khoja, SVP, Global Acceptance at mastercard stated, “At Mastercard, we understand that developing products and services that companies can easily adopt will ultimately best serve consumers. Through our partnership with Dream Payments, we’re reimagining how insurers can attract and retain consumers by optimizing systems and getting claim payments to people when they need them most, in near-real-time and digitally.”
This partnership proves as another example of how fintechs and large financial institutions are partnering to be able to provide more efficiency within the payments landscape and produce additional value with a better customer experience to end users.
Travel insurance International a US base traveler and sure will be the first in the US to deploy the real-time distribution to their customer base using the dream claims API. When asked about the integration into the Dream Claims Payment API Jon Gehris, CEO of Travel Insured said, “Our focus is to consistently take our customer experience journey to the next level, and continuously work to provide innovative solutions to anticipate and fulfill our customers’ ever-growing needs. In the age of instant gratification, partnering with Dream Payments is allowing us to provide real-time satisfaction while building trust and loyalty with our customers.”
As the fintech and financial institution dating scene begins to mature both organizations are going to need to keep their heads on a swivel and keep an eye out for best opportunities of partnering and collaborating with each other to provide additional value and better customer experience before their competitors do.