Commerce Bank teams up with Progressive to improve claims payouts

Commerce Bank has teamed up with insurance company Progressive to implement its CommercePayments PreferPay technology to support claims payments.

The CommercePayments PreferPay solution provides customers, claimants and service providers with various claim payment options including ACH, check, or direct-to-debit card via Visa Direct. Through Visa Direct, a customer can receive an insurance claim payout to their card in real-time.

Progressive business systems manager Cory Freier said, “We’re excited to offer our customers more options for faster claim payments.

“Whether the payment helps with repairs or much-needed medical treatment, a quick, convenient claims payment is a critical step in helping our customers get back to their routine as soon as possible.”

Commerce Bank vice president Lenny Richileau said, “When handling claims payments, maintaining high standards, reducing cycle time and improving customer satisfaction are essential. Commerce’s solution brings value for both Progressive and their customers through this automated, easy-to-use technology.”

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our weekly InsurTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.