FAST PAYMENTS, FRICTIONLESS EXPERIENCES
When it comes to insurance claims, your customers want more simplicity and less waiting time. But with an industry benchmark of 18-22 days to issue approved payments, it’s clear that traditional insurance platforms aren’t hitting the mark.
XClaim is an API for instant payments but most importantly, our partners get to choose their own rules for payment methods. For instance, our retail partners often want to pay using store credits; in mobility, pet and travel some payouts are reimbursable – requiring global bank transfers – others, especially travel medical, are paid direct to service providers, and subrogated auto claims don’t touch a customer’s wallet.
Depending on customer preference XClaim also pays into multiple digital wallets including PayPal, Venmo, Alipay, Grab, WeChat, Line and cash pickup networks throughout Asia, or via credit/debit card OCT, or to virtual prepaid cards.
WHAT YOU GET WITH XCLAIM
XClaim supports real-time payments in over 90 currencies, giving you global capabilities from a single API call. And with insurance licenses in 60+ countries and 50 US states, our platform is built for international operations and cross-border expansion.
HOW XCLAIM WORKS
International payments are hard. It’s one thing to accept a credit card from anywhere, but paying small values on a single network is almost unheard of. There’s the SWIFT network between banks, but that is expensive, slow, usually not local currency, and doesn’t guarantee value delivered, and as the pace of international commerce increases and underbanked locations are adopting less banking and more combined wallets, SWIFT loses relevance quite quickly.
With XClaim, we designed for optimal speed and flexibility, taking advantage of faster payments, local networks and regional payment providers to give fast and global payout capability. We can pay out to a local bank account (ACH, EFT, local wires) and many digital wallets instantly. That becomes really valuable to someone waiting on a claim payout to get them out of dodge.
PAY YOUR WAY
Don’t want to be tied down to a single payment method? XClaim gives you the freedom to issue payments using a wide range of methods to suit your business and your customers’ preferences.
XClaim can issue payments via:
This can be spent on your website or across your fulfillment network to maintain traction.
Deposit funds directly to a customer’s bank account in over 90 different currencies.
Credit card or virtual prepaid card
Instantly top-up a nominated card.
Choose from a range of e-wallets including PayPal, WeChat Pay, Alipay, and other single market wallets.
A SIMPLIFIED APPROACH TO CLAIMS HANDLING
We believe insurance should be simple. From straightforward wording to instant claims payments, we’ve removed the obstacles to give customers the seamless experiences they want.
Once a claim has been approved, XClaim enables real-time payment via the customer’s preferred payment method. Meanwhile, integration with services such as fraud detection and image verification ensures your business stays protected.