Despite the digital transformation we are seeing within the insurance market, it can still take up to 14 days to settle a claim.
In a world of real-time, customers expect to see the same speed and seamless experience with their claim experience.Â
Faster Claims Payment (FCP) is the new funding and payment solution, created by Vitesse and Lloyd’s, that delivers fast and direct claims payments to customers.
payments delivered
paid out
automated cycles completed
Deliver a seamless customer experience by paying claims in real time.
Have real-time visibility, control and flexibility in your capital management and benefit from associated account and transaction fee reduction.
Funds are held in a regulated environment with all funds protected through safeguarding with annual audits.
Using our platform, claims payments are drawn from insurer funds, removing the need for loss funds and required cash calls.
Automatic sweeps to fund claims payments facilitate an 80% reduction in committed liquidity, freeing up funds to invest back into your business.
Using our platform, claims payments are drawn from insurer funds, removing the need for loss funds and required cash calls.
Automatic sweeps to fund claims payments facilitate an 80% reduction in committed liquidity, freeing up funds to invest back into your business.
MA holds small liquidity balances with Vitesse, automatically topped up as needed.
Liquidity pulled from each MA Vitesse account depending on % split (as detailed in binder) in real-time to fund the DCA approved payment.
Claimant settlement flow delivers funds in real-time.
To find out more about the solution and next steps, get in touch today.
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The smart way to make global payments.