Independent Inspections (IIL) in the UK has teamed up with Tuxedo Money Solutions to provide a new solution that will enable insurance claims settlements through pre-paid cards.
Part of the Independent (UK) Group, IIL and is an insurance claims management company, whereas Tuxedo is a payment solutions in Britain.
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Currently, home insurance claims are settled through methods such as paper mandate, cheques, retail store vouchers, gift cards and cash, which not only take a lot of time, but also extend the life cycle and administrative efforts to track.
Integrated into IIL’s systems through Tuxedo’s proprietary Eccount platform, the new prepaid card allows immediate insurance claims settlement right at the policyholder’s home. Within 24 hours, the new cards can be loaded.
By integrating with third party systems, Tuxedo’s Eccount platform provides a range of payment solutions like plastic cards, virtual cards, online payments, mobile payments, contactless payments and much more.
The new solution, jointly developed by both the companies, also enables management of multiple claim streams under a single platform by agreeing with clients and other supply chain partners to use one payment method.
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By GlobalDataIndependent Group CEO Andrew Lloyd-Jones said: "The benefits of this new approach are significant in reducing claim life cycle and enhancing the policyholder experience.
"This also has the high potential to improve policyholder retention for our clients driving brand loyalty through enhanced value during and post claim. By combining our industry expertise with Tuxedo’s expertise in electronic payments, we believe we have developed a solution that will set a new standard in the industry."
