Standard Bank Insurance’s autopay system speeds up claims process
The digitised payment solution is another step in Standard Bank’s journey to embrace digital transformation in financial services
To improve service delivery through digitisation, Standard Bank Insurance has implemented a new automated payment system to ensure its insurance service providers receive payment quicker.
Insurance service providers, such as panel beaters, tow truck businesses, builders, plumbers, electricians and other artisans, simply need to upload their invoice to the Standard Bank Insurance system which then automatically reviews and authorises payment.
The autopay system means Standard Bank Insurance can now process and pay out claims quicker.
“We can pay our insurance service providers faster, ensuring continuity of their cash flow and finalise claims faster on our side, reducing our outstanding claims and resolving for clients at a quicker rate. This will improve overall operational efficiencies because we save our human capacity and have more controls on the system,” says Shakeel Ebrahim, head of claims at Standard Bank Insurance.
The autopay system has also improved service provider engagements and ensures they have constant cash flow. Since launching the autopay function in 2020, 80% of Standard Bank Insurance inspection fees and 50% of geyser supply job cards are auto-paid to the service providers. Further enhancements to the autopay features are being developed to ensure that additional claim types and service providers can benefit from this.
Standard Bank Insurance continues to explore more innovative solutions for an easy claims process in areas such as windscreen replacement. Blockchain can be used to automate the process, reduce costs of claims, track previous claim behaviour, and integrate it with the service provider. Both the insurer and the customer can see the entire value chain as a result.
Says Ebrahim: “Paying service providers faster means that we improve the cash flow in their business and they can service more Standard Bank Insurance clients.”
This article was paid for by Standard Bank.