Brit Ltd (“Brit”) is pleased to announce the launch of its Direct Pay solution in the US. In partnership with Visa and Mastercard, two of the world’s leaders in digital payments and Vitesse, a market leading settlement and liquidity management system, Direct Pay offers end customers the ability to receive claims payments securely and instantly to their bank card.
Direct Pay provides claimants the option of self-directing their payment through a custom app directly to their Visa or Mastercard bank card so that their insurance claim payment can be transferred within hours, or sooner.
The ability to receive funds quickly after making a claim is a critical moment in the customer lifecycle, particularly in the event of a catastrophe where funds are needed quickly and efficiently. The launch of Direct Pay in the US follows on from its successful launch in the UK in 2020, where Brit was the first insurer to bring a direct to card offering to the London Market. In the UK, Direct Pay has been in operation for months with very favorable feedback from customers, Coverholders and Brokers.
Direct Pay is Brit’s latest innovation to the claims process, following on from its recent proof of concept for a proprietary machine learning algorithm designed to accelerate the identification of post catastrophe property damage.
Sheel Sawhney, Group Head of Claims and Operation at Brit, commented: “Brit has long been committed to improving the claims process for our customers, recognising how crucial it is to resolve and pay claims as quickly as possible, and we’re excited to be bringing Direct Pay to the US. Direct Pay demonstrates how the innovative application of technology can play a transformative role in the claims process and is a key component in our vision for the future of claims. We’re also pleased that in 2022 the foundational technology and concept for Direct Pay is expected to be deployed more widely as a Future of Lloyd’s solution for the market.”