You don’t have mail

You don’t have mail

Snapsheet, a virtual claims insurtech provider, is partnering with KeyBank for the launch of Snapsheet Transactions, a payment solution for insurance claims.

Instead of insurance carriers sending claimants a cheque in the mail once a claim is settled, Snapsheet Transactions provides carriers a hub for issuing claims and expense payments.

CJ Przybyl, president of Snapsheet, says: “Cheque production is a meaningful cost burden to insurance carriers, not to mention customer service costs associated with claims payments, such as interactions around cheque status. Funds should be available to customers easily, no matter where they are; it’s not always possible for customers to receive cheques at home.”

Via Snapsheet Transactions, customers can choose between a web-based solution or direct integration through APIs. According to the firm, the configurable end-to-end payments solution can be implemented in fewer than 45 days and is tailored to a carriers’ existing infrastructure, so there is no need to update legacy systems.

Chicago-based Snapsheet says it services more than 60 of the largest insurance carriers, processing more than 400,000 claims a year.

KeyBank is the primary subsidiary of KeyCorp, and the latter can trace its roots trace back 190 years to Albany, New York. It is currently in headquartered in Cleveland, Ohio, and has assets of approximately $135.8 billion at 30 June 2017.