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Fast claim payment, the “last mile” of a perfect Claimant Experience.

April 1, 2024
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[This article was originally written for the Indian Insurtech Assocation (IIA)]

In the realm of insurance, the timely settlement of claims stands as a cornerstone of customer satisfaction and brand reputation. The insurance community have embarked on a transformative journey to enhance their systems and operations, aiming to streamline and automate the claims settlement process. Significant strides have been taken, so much so that the disbursement of payments sometimes lags behind the settlement, posing a challenge to the seamless end-to-end process. This article offers insights and recommendations to ensure that the ultimate step of the claimant journey – receiving the payment – remains uncompromised, thereby safeguarding an optimal customer experience.

Claim payment is the shop window of insurance

First and foremost, expedited claim payments address a critical need of the claimants during vulnerable times. When individuals file insurance claims, they are often facing unexpected challenges, whether it be property damage, health issues, or financial losses. Prompt payment of claims alleviates these burdens, enabling claimants to recover and move forward with minimal disruption to their lives. This proactive approach demonstrates empathy and reliability, fostering a positive perception of the insurer and nurturing long-term trust.

In today's fast-paced world, individuals expect efficiency and responsiveness from service providers. A seamless claims process, marked by prompt payments, not only meets but exceeds these expectations, leaving a lasting impression of professionalism and competence. A claim event is an opportunity for insurers to demonstrate their value : claims are the shop window of insurance.

The impact of expedited claim payments extends beyond individual transactions, influencing repeat business and brand reputation. Satisfied claimants are more likely to renew their policies and recommend the insurer to others, driving customer retention and organic growth. Additionally, positive word-of-mouth stemming from exceptional claims service enhances brand reputation, positioning the insurer as a trusted partner in times of need.

Transformation and technology

In response to the growing demand for expedited claim settlements, the insurance community have embarked on a transformative journey to enhance the efficiency and effectiveness of their claims processing. This evolution entails the strategic adoption of innovative technologies and streamlined processes, aimed at optimising both the front-end experience for policyholders and the back-end operations for the insurance community.

At the forefront of this transformation is the implementation of self-service portals, empowering policyholders with greater autonomy and convenience in submitting claims. By offering intuitive digital platforms accessible anytime, anywhere, insurers facilitate seamless interaction with customers, reducing dependency on traditional channels and expediting the initiation of claims. This shift towards self-service not only enhances customer satisfaction by providing a user-friendly interface but also frees up resources within the organisation, enabling staff to focus on more complex tasks and higher-value activities.

Simultaneously, insurers are leveraging data-driven approaches, such as parametric insurance, to streamline claims assessment and settlement processes. By utilising relevant data points and predefined parameters, the insurance community can automate the evaluation of claims, expediting decision-making and minimising manual intervention. This data-centric approach not only enhances efficiency but also improves accuracy and consistency in claim adjudication, reducing the likelihood of disputes and delays.

The integration of artificial intelligence into backend operations is revolutionising the claims processing landscape. AI-powered automation algorithms analyse vast amounts of data in real-time, enabling insurers to identify patterns, detect fraud, and optimise workflows with unprecedented speed and precision. As a result, the entire claims lifecycle, from submission to adjudication, is becoming increasingly streamlined and efficient, leading to faster resolution times and higher levels of customer satisfaction.

The last mile not to be overlooked

While the insurance community focus on optimizing claims processing through digital transformation, it is imperative not to overlook the critical aspect of payment delivery—the "last mile" of the claimant experience. Despite advances in claims operations, the effectiveness of these efforts can be undermined if claimants encounter delays or obstacles in receiving their payments in the context of interbank settlements, particularly cross-border transactions.

The timely disbursement of claim payments is paramount to fulfilling the promise of insurance coverage and providing much-needed financial relief to claimants. However, traditional banking systems often present challenges, including complex processes, regulatory hurdles, and varying transaction speeds, particularly in cross-border transactions. As a result, even with efficient claims processing, delays in payment delivery can erode trust and satisfaction, tarnishing the overall claimant experience and undermining the insurance community efforts to differentiate themselves in the market.

Partnering with a specialised Insurtech payment provider

In a strategic partnership aimed at developing service underlying a great claimant experience, Vitesse and Mayfair We Care – both proud members of the IIA – have joined forces to streamline payment processes and deliver unparalleled service quality. Through Vitesse's robust connections to an in-house grown network local banks worldwide, cross-border transactions are executed with the same speed and cost efficiency as domestic transactions, ensuring fast and full-value payment delivery for claimants.

Michail Chopra, CEO Mayfair We Care, says: "The role of Vitesse in the future of Mayfair is going to be crucial. One of the things that we always look at is how we can improve the member journey and how we can simplify our claims process not just for the member, but to our partner hospitals that we work with and the insurers that we hold claims funds for."

Phil McGriskin, CEO Vitesse, further explains, " Vitesse has spent a lot of time and money over the years obtaining regulatory approvals and developing banking relationships globally. And we do that so that our customers don't have to do it. So when Mayfair We Care has a customer anywhere in the world that needs a payment, they just issue the payment through our API and out it goes."

Both leaders recognise the pivotal role of technology in shaping the future of claims processing and customer service. In essence, the collaboration between Vitesse and Mayfair We Care signifies a commitment to innovation, efficiency, and customer-centricity, setting a new standard for excellence in claims administration and payment processing.


In the dynamic landscape of insurance, the efficient settlement of claims serves as a beacon of reliability and customer-centricity. Fast and seamless claim payments not only alleviate the burdens of claimants during vulnerable times but also showcase the insurer's empathy and dependability, fostering trust and loyalty. As the insurance community embrace transformative technologies and streamlined processes, it's crucial not to overlook the vital "last mile" of the claimant experience—payment delivery. Partnering with specialised Insurtech payment providers like Vitesse represents a strategic leap towards optimising this critical aspect. By ensuring hassle-free payment delivery, this collaboration sets a new standard for excellence in claims administration, reaffirming the industry's commitment to innovation, efficiency, and unparalleled service quality.

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