Digital payments FinTech company Dream Payments has rolled out the Dream Insurance Network in the United States, which offers instant payment options, ATM Marketplace reported.
The tool has Dream’s application programming interface (API), which integrates with insurance platforms, according to the report. Instant digital payments are made through JP Morgan and The Clearing House’s RTP network.
The API sends a notification to a customer, letting them know their complaint is approved, the report says. Then, they can go to an insurance-branded payment portal and choose whether they want payment by ACH, virtual card, check, or instant digital payment. Finally, the payment is sent.
The software platform is integrated with the Dream API for automated claims payments, according to the report.
“We are excited to power Dream Payments as they drive innovation within the insurance payments ecosystem – as our wholesale payments business continues to be the provider of choice for FinTech payments globally,” said Cyrus Bhathawalla, Global Head of Real-Time Payments at JP Morgan. .
In other news, the pandemic has caused consumers to value insurance products more.
Read more: InsurTech, not the pandemic, drives innovation in insurance
Franklin Madison CFO Preston Porter said in July collection rates have increased while attrition rates have declined and response rates for insurance products have increased.
âWe have seen that it is vital for [insurers] to be able to offer a wide variety of products to their consumers because their consumers need and want them, âPorter said at the time. âThe other thing that’s really important is being able to offer insurance in the form that these customers want. “
Porter said the insurance industry will likely see more teamwork between newer InsurTechs and more traditional insurance companies.