A Life & Health insurer pays a claim to a health services provider through a Third-Party Administrator (TPA). The TPA processes and approves the claim submitted by the provider and sends a payment request to the insurer with remittance data detailing what the payment is for. By accepting the payment request, the insurer initiates a…
Use Case Benefit: Operational efficiency gains
An insurer disburses claims for multiple policies by submitting a bulk electronic payments file to their FI. Claims are paid directly to the insured, to beneficiaries (in the case of life insurance claims) or to intermediaries (brokers/agents). With ISO 20022 capability, each payment message can carry data on what the payment is for, including policy…
An insurer sends electronic invoices with ISO 20022 request-to-pay functionality for monthly or annual premium payments due from those policyholders not set up for pre-authorized debit as they do not wish to share bank account info with the insurer. Payment links in the e-invoices enable policyholders to initiate payments from their bank accounts with data…
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