NASHVILLE, Tenn., June 04, 2018 (GLOBE NEWSWIRE) — Today, from Insurance Accounting & Systems Association (IASA) 2018, Prelude Software announced an agreement with Ingo Money to enable instant claim payments via its innovative PayPilot® Disbursement Hub. With Ingo Money, Prelude’s roster of insurance industry leaders can quickly and easily enable instant claims payments to more than 4.5 billion consumer accounts.
Insurance innovators are increasingly exploring instant payments as an important part of overall claims service and to extend the benefits of instant claims processing. As part of a modern insurer relationship, policyholders demand instant, irreversible payments. In fact, a recent PYMNTS.com survey found 96% of consumers hate checks and 82% prefer to receive funds instantly.
Prelude Software will use Ingo Push, Ingo Money’s instant payment product, to help insurance customers meet this market demand by disbursing claim payments securely in real time to customers’ existing debit, credit, or prepaid cards; online and mobile wallets; or to a network of more than 40,000 cash-out distribution points.
“We are constantly adopting and integrating innovative, best-in-class technology solutions like Ingo Push that benefit customers in service to the end policyholders,” said Steve Root, President of Prelude Software. “Ingo Money ensures policyholders receive real-time funds at a point when they likely need it the most, fortifying the relationship between insurers and their policyholders while saving time and money in the process. Our advanced PayPilot hub makes the addition of this instant money capability fast and easy for insurers.”
The PayPilot disbursement hub solution is already an integral part of insurer disbursements, handling claims processing, outbound payments, reconciliation, and more. The turnkey nature of Ingo Push means that it is easily incorporated into the PayPilot platform for a simple activation by Prelude customers.
The addition of instant, fail-safe claim payments to the PayPilot hub provides Prelude customers with a competitive edge, helping them improve policyholder satisfaction, enhance corporate reputation, and reduce operational costs. Upon claims approval, policyholders simply select where they want to receive payment, unlocking real time funding at the push of a button. Through Ingo Money’s solution, all verification, payment routing, compliance and settlement are handled in the background.
“Prelude Software understands that the last mile in claims payments is a critical part of the total digital transformation in insurance, and has made it easy for their customers to deploy an instant money solution that modernizes the claims payment experience and enhances their bottom line,” said Ingo Money Chief Marketing Officer William Zielke. “These types of plug and play relationships are critical to expanding the Instant Money Economy within the insurance sector in order to give policyholders what they want and need.”
Please visit Ingo Money at booth #908 and Prelude Software at booth 333 at IASA 2018, taking place June 3-6 at the Gaylord Opryland in Nashville, TN. To learn more about Ingo Money, please visit http://www.ingomoney.com.
About Prelude Software
Prelude Software is a leading provider of enterprise-wide disbursement solutions for insurance companies. Its industry renowned PayPilot® solution extends the life and capabilities of clients’ existing infrastructure by interfacing with their siloed source systems. As an example, PayPilot enables the workflows of claims, policy and finance to centralize, streamline and increase the security and control of the payment process. PayPilot provides a single, universal platform with 21st century capabilities for processing, issuing, reporting and storing payments. PayPilot helps keep companies stay compliant and facilitates data synchronization across their enterprise. PayPilot also enable ACH and ERADS, bulking of payments, communication with clients’ banks for Positive Pay and Bank Recon. Prelude’s solution also allows agents and adjusters to close claims quicker by securely printing checks, activating payment on cards or issuing electronic payments in the field. This capability is ideal for CATs and everyday field claims. Prelude Software is privately-held company with headquarters in Natick, MA. For more information on Prelude Software, visit www.preludesoftware.com.
About Ingo Money
Ingo Money is the instant money company. Founded in 2001 with a mission to digitize the paper check, our push payments technology enables businesses and banks to disburse instant, safe-to-spend funds to more than four billion consumer debit, prepaid, credit, private label credit and mobile wallet accounts. This transformation of traditional payments helps businesses reduce cost and delays while dramatically improving the consumer experience. Headquartered in Atlanta, you can learn more at biz.ingomoney.com, or follow us on LinkedIn, Google+ and Twitter.
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