Insurance

Insurance companies need to pay claims quickly, accurately, and cost-effectively. Traditional payment avenues like checks and ACH can be slow, labor intensive, and cumbersome to adapt to digital experiences. As claims are tied to financial and customer management and policy systems, the reconciliation of payouts is a constant challenge.

Virtual cards provide a more efficient and less expensive way to settle claims and provide policyholders with faster payouts. Dynamic spend controls and clear transaction data allow virtual cards to create a more controlled environment for claims payouts, fraud prevention, and accelerated reconciliation.