Maximize Your Existing System With a Comprehensive Payment Solution
Multiple systems and downstream vendors are required to complete claim payment processing and reconciliation
Property and casualty insurers continue to make significant investments in technology to modernize their claim payment workflows. This includes attempts to accelerate the payment process, increase visibility for both the adjuster and payees, and, ultimately, improve the claimant experience in an increasingly competitive environment.
Unfortunately, the return on these investments is often not fully realized. Multiple systems are required for various aspects of the claim payment process, which remains manual, paper-based, costly and cumbersome for all parties. The lack of visibility into payment status continues to challenge adjusters and payees. Tech-savvy claimants don’t have the modern, digital payment experience they’ve come to expect across all areas of life.
Insurers need seamless integration with a comprehensive solution to:
- maximize their existing technology
- streamline existing workflows
- deliver a positive payment experience
Seamless integration delivers a comprehensive payment program and complete visibility of every payment within your existing system
ECHO allows one system for the entire payment processing workflow. This includes automating payment processing, delivery of real-time reconciliation status updates, and making informed decisions with up-to-date payment information – all DIRECTLY within your existing system.
ECHO increases digital adoption and scales payment programs through seamless connectivity to our Payment Network of over 1.6M providers, vendors, and other payees. We deliver claimant satisfaction with a maximum choice of payment modalities and automated preferences.
ECHO is the industry-leading digital payments solution for B2B, B2C, and multi-party payments for home, auto, and workers’ compensation insurers. Our seamless integration reduces costs, increases efficiencies, and allows simple revenue-sharing opportunities.
Download the full solutions brief to learn more.
1 2024 AFP Payments Fraud and Control Survey
2 2022 AFP Payments Cost Benchmarking Survey
