Dream Payments today announced that it has released a simpler way for insurers to optimize their claims systems and offer digital payments to consumers.
With the Dream Claims Payment API, insurance companies can now more easily connect to the Dream Payments Hub and the Mastercard Send platform to pay claims digitally, rapidly and securely into the bank accounts and debit cards of their customers.
It is estimated that each year, insurers pay out over $1 trillion of insurance claims through slow and inconvenient checks. With just a few simple lines of code, insurers can streamline the process and add immediate, digital payments to their claims systems, creating a better consumer experience.
“At Mastercard, we understand that developing products and services that companies can easily adopt will ultimately best serve consumers,” said Zahir Khoja, SVP, Global Acceptance at Mastercard.
“Through our partnership with Dream Payments, we’re reimagining how insurers can attract and retain consumers by optimizing systems and getting claim payments to people when they need them most, in near-realtime and digitally.”
Travel Insured International, a U.S. based travel insurer will be the first insurer in the U.S. to deploy real-time disbursements to their customer base using the Dream Claims Payments API.
Dream Payments is backed by leading venture and strategic investors, including Real Ventures, Fairfax, and Connecticut Innovations.