Digital Payments for the Insurance Industry
Outdated payment systems and manual processes have long plagued the insurance industry with issues of slow payments, low visibility into payments data, security risks and policyholder attrition.
Increased Payment Speed and Predictability
Dwolla replaces checks and fragmented or disjointed payment experiences with digital and streamlined A2A payments, leading to quicker payment processing and access to funds, and allowing for real-time payment data visibility.
- Pay and get paid more quickly through payment automation and digitizing payments. This improves cash flow and increases payment predictability.
- Reduce manual errors, time and cost by eliminating manual processes and instantly applying funds received to open accounts receivable.
- Track payments end to end, automatically close out open accounts receivable and receive real-time notifications about payment statuses.
Increased Payment Security
Since Dwolla is a tokenized solution, account and routing numbers are stored and transmitted with a token instead of having to pass the numbers themselves every time a payment is made.
- Replace sensitive data with tokens so no sensitive data is transmitted when a payment is initiated through Connect.
- Decrease the risk of sensitive data being intercepted by bad actors.
- Eliminate manual processes to reduce errors caused by human intervention and the number of people with access to and handling sensitive policyholder data.
Improved Policyholder Experience and Retention
Insurance companies can easily integrate Dwolla Connect into their policyholder-facing application, bringing payments to the customer in a unified billing, payments, claims and account management experience.
- Integrate payments into your current systems and flows, and control the branding and policyholder experience.
- Automate and digitize payments to streamline the payment process for you and your policyholders.
- Create a competitive policyholder experience that leads to policyholder loyalty and retention and increases policyholder acquisition.
Fast, Streamlined Insurance Payments
A pet insurance company uses Dwolla to reimburse its policyholders with a single click.
Leading Open Banking in North America
Dwolla Connect is a unified API solution across financial institutions and account-to-account payment methods and is designed specifically for mid- to enterprise-sized businesses with established payment operations. It empowers them to undergo a seamless digital transformation from outdated payment systems, manual processes, and file-based operations to fully streamlined, automated processes.
Learn how this Insurtech platform increased transaction volume by 45%
This Insurtech company was spending two days each week issuing reimbursement checks to policyholders, which was costing them time and money. By embedding Dwolla’s solution, they automated disbursement processes and increased transaction volume by 45%.