NEEDHAM, MA--(Marketwired - Oct 28, 2013) - Enservio, Inc. ("Enservio"), the nation's leading provider of software and services to property insurers, today announced QuickStart. QuickStart is a new capability of Enservio's ReStore Payments™ solution that significantly reduces the time required to deploy a payments system, making it easier for carriers and adjusters to get funds into the hands of insureds and settle claims quickly.
As an enhancement to the ReStore Payments solution, QuickStart offers a turnkey, self-service web portal where carriers and adjusters can go to manage the set-up and provisioning of payments to claimants with minimal IT involvement.
Carriers can match the claim with the appropriate payment -- whether it's a pre-paid debit card, EFT or other solutions. The ReStore Card® is a MasterCard pre-paid debit card providing a powerful customer and claims settlement experience by delivering insureds access to funds up to 3X faster than a traditional check. Electronic claims settlements have proved to reduce processing costs of up to 60% per transaction. Insureds can use the card for everything from additional living expenses such as hotel and restaurant meals, to paying contractors for building claims.
"QuickStart is a hosted Web solution that mirrors key claim system functionality with very limited IT effort," said Tom Crowder, General Manager, Payments. "It streamlines the payment process from data entry to the final moment of settlement. Field or desk adjusters can use QuickStart to enter claims data directly into the portal and the system will automatically adjudicate the claim payment."
Developed specifically for insurance industry needs, the portal includes various administration settings designed to adhere to carrier business accounting rules around reconciliation and reporting. Managers can also set adjuster limits by individual adjuster and payments can be held for centralized approvals, ensuring support for corporate policies. QuickStart also enables users to manage multi-payment issuance, enabling payments to dual parties (co-pays), and supplemental or recurring payments. In short, carriers are given the necessary tools to manage the full payment workflow while claimants see expedited funds.
"ReStore Card's new capability offers the industry an alternative web-based solution that speeds up the payment process, delivers instant gratification to policyholders, and provides security and customer retention to carriers," explained Crowder. "A hallmark of the program is the added benefit of proprietary consumer discounts, both online and in-store, at major retailers nationwide."
Designed especially for the insurance industry, ReStore Payments offer a number of benefits to carriers and their insureds:
- Complete payment solution for all customers; cards, EFT and cash
- 3x faster delivery of funds to insureds
- Up to 60% reduction in processing costs over paper checks
- More secure - MasterCard zero liability, FDIC insurance, encrypted files, data privacy
- Exclusive discounts of up to 30% at major retailers (in store and online)
- Unsurpassed benefits - surcharge-free ATM network, purchase histories, extended warranties, free service provider/ contractor referrals
- Accepted everywhere - accepted at millions of retailers, banks and service providers
- Supports accounting best practices: imparts confidence that rules established for payment are enforced
ReStore Payments has processed more than $300 million in transactions, covering all types of auto, property, liability and other claim settlements. Carriers receive a rich aggregated dataset of information for underwriting, adjustment and marketing purposes via metrics captured during the transaction.
More information can be found at: http://www.enservio.com/solutions/restore-card
Enservio® works on the biggest challenge in property insurance -- what's inside. We provide a complete suite of software and service solutions to help property insurance carriers price their policies correctly, settle their contents claims quickly and accurately, pay their claims, and help policyholders get their stuff back. Founded in 2004, we are headquartered in Needham, MA, with offices and professional staff across the United States. Enservio is a strategic partner of the National Insurance Crime Bureau (NICB) in their continued fight against insurance fraud. For additional information, please visit the company's web site www.enservio.com or call 888.567.7557. Connect with Enservio via LinkedIn (http://us.linkedin.com/company/enservio), Twitter (https://twitter.com/enservio), and Facebook (https://www.facebook.com/enservio).
Enservio and ReStore Card are registered trademarks and ReStore Payments is a trademark of Enservio, Inc. All other trademarks referenced are the property of their respective holders.