Edenred Unveils Innovative Virtual Card Solution to Speed Up Insurance Claims Payouts
Edenred Payment Solutions, a leading e-money institution in the UK, has introduced an innovative Virtual Card Number product aimed at revolutionizing the way insurance companies process claims payments. With traditional insurance claim processing often taking weeks, this new solution is set to expedite reimbursements significantly, catering to the urgent demand for faster claims handling in the industry.
Why Fast Claims Processing Matters
Research conducted by Insurtech Digital indicates that 63% of UK insurance customers prioritize quick claims processing. This statistic underscores the growing need for efficient payout solutions in the insurance sector.
Edenred’s Role in Financial Technology
Edenred Payment Solutions specializes in embedded finance, providing essential services to well-known clients such as Tide, Thinkmoney, Oney, PayByPhone, and Sainsbury’s. The company simplifies access to e-money accounts and digital payment infrastructure, allowing businesses to bypass complex regulatory challenges.
Features of the Virtual Card Number Product
The Virtual Card Number solution enables insurance providers to issue digital payment cards immediately after claim approval. Key features include:
- Instant Payments: Policyholders can make payments directly to service providers without delay.
- Mobile Wallet Integration: The virtual cards can be linked with mobile wallets such as Google Pay and Apple Pay.
- Enhanced Security: Insurers can set spending limits and restrict transactions to approved merchants, mitigating fraud risks.
- Automated Reconciliation: The system simplifies invoice reconciliation, improving the administrative workflow for insurers.
Successful Implementation in the Industry
Edenred has already implemented this solution for a multinational French insurance company, demonstrating the capacity to deploy new systems within two months. This development aligns with the larger trend of embedded finance, which is transforming various sectors by integrating financial services into non-financial platforms.
Expert Insights on Innovation in Insurance
Rehana Mitha, Managing Director of Edenred Payment Solutions, stated, “Virtual cards and embedded finance are reshaping the insurance landscape by streamlining the claims payout process. These advancements provide instant access to funds, reduce delays, and enhance transparency and fraud prevention for insurers.”
Rich Logan, Product Director, added, “Our new Virtual Card System signifies a substantial advancement in how insurers manage claims payouts. Its seamless integration with existing systems allows for rapid adoption, minimizing disruption while maximizing impact. We are proud to lead this shift towards smarter, faster, and more secure claims processes.”
For more information on how embedded finance is transforming the insurance industry, visit Edenred’s official website.
