New digital payment method for insurance

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Company brief

US-based travel insurer Travel Insured International will be the first insurer in the US to make use of the new real-time digital payment system offered by Dream Payments. A digital platform for financial services institutions, Dream Payments has now launched the Dream Claims Payment API, a system designed exclusively for use by the insurance industry to enable insurers to pay customers’ claims rapidly and securely.

The system, the first of its kind to be offered specifically for insurers, allows insurers to connect to the Dream Payments Hub and MasterCard’s Send platform; Travel Insured will make use of it to deploy real-time disbursements to its customer base.

“Our API allows insurers to rapidly integrate digital claims payments into their claims systems and processes to deliver an exceptional experience for both end customers and internal claims personnel,” commented Long Van, Chief Technical Officer of Dream Payments. “Through one API and the Dream Payments Hub, insurers of all sizes can now benefit from the speed and efficiency of digital claims payments and eliminate the friction associated with printing, sorting, mailing and tracking of checks.”

The first insurance company to make use of the Dream Payments Hub, Northbridge Financial, was enthusiastic about the possibilities. “We know that waiting for and depositing cheques are key pain points for our customers and we’re excited to be able to offer them better and faster options to get them the funds they need as quickly as possible,” said George Halkiotis, Executive Vice-President, Claims, Northbridge Financial. “The Dream platform also gives us multiple options to transfer funds based on our customers’ preferences and the fully integrated experience will create greater efficiency with our processes internally, and ultimately an easier experience for our team.”