VPay’s Integration for Comprehensive Claim Payment Solutions Now Available in Guidewire Marketplace

Rhea-AI Summary

VPay, a leader in claims payment solutions, has partnered with Guidewire to announce the launch of its new Ready for Guidewire validated accelerator, now available to ClaimCenter users via the Guidewire Marketplace. This integration aims to enhance payment options for P&C insurers, allowing them to offer digital payment solutions that meet policyholder preferences for convenience and speed. According to an Aite Group report, these solutions can boost policyholder satisfaction and retention by providing mobile-friendly and real-time payment options.

Positive

• Launch of VPay's new Ready for Guidewire validated accelerator enhances payment options for insurers.
• Integration allows insurers to provide mobile-friendly, real-time digital payments, improving policyholder satisfaction.
• VPay's solutions streamline payment processes, reducing costs and increasing efficiency for claims professionals.

Negative

• None.

VPay®, a leader in claims payment solutions and Guidewire PartnerConnect Solution partner, and Guidewire Software, Inc. (NYSE: GWRE), the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced that VPay’s new Ready for Guidewire validated accelerator is now available to ClaimCenter users in the Guidewire Marketplace.

According to an Aite Group report on P&C insurance policyholders’ payment disbursement preferences, “payees want a payment option that is convenient, fast, and of their choosing.” Aite Group Senior Analysts Jay Sarzen and Talie Baker recommend that “if carriers want to delight payees and engender a deeper sense of satisfaction among them, they should offer them choices from an expanded palette of digital payment options.” Using VPay’s payment solutions, insurers can offer their policyholders mobile-friendly, real-time digital payment options to boost policyholder satisfaction and retention.

VPay creates configurable claim payment solutions to help insurers deliver better claim payment experiences for payees and insurance professionals alike. With these solutions, payees can choose the payment method that works best for them from multiple options, increasing payee satisfaction. They allow insurers to offer faster and more flexible digital payments, while eliminating check printing and payment management. VPay’s solutions also enable claims professionals to send payments through a standard workflow, reducing costs, and boosting efficiency. VPay handles payee questions and issues through its comprehensive, in-house support center, so that insurers can focus on high impact claims handling tasks.

VPay’s Total Claim Payments integration allows insurers to:

• Seamlessly initiate payments to customers and suppliers from within Guidewire;
• Access real-time document retrieval, payment and enrollment status, notes, and history in ClaimCenter;
• Replace inflexible payment processes and costly paper checks with safe, convenient, and low-cost e-payment options; and
• Reduce costs through increased adoption of epayments to suppliers by leveraging VPay’s network of two million service providers.

“Streamlining and digitizing the claim process is central to achieving economies of scale for insurers,” said Andy Roberts, chief executive officer, VPay. “To help them achieve this, we equip insurers with configurable digital solutions that streamline every aspect of the claims payment process. We are pleased to partner with a leader like Guidewire and extend greater value to our shared customers through the integration of VPay’s total payment solution.”

“We congratulate VPay on the release of its claims payment integration for ClaimCenter,” said Neil Betteridge, vice president, Strategy, Guidewire Software. “Digitizing payments is the next logical step for insurers looking to boost policyholder satisfaction. With the integration of the VPay solution, our joint customers are able to easily harness the next-generation solutions that can help them succeed in the ever-evolving P&C insurance market.”

About VPay, Inc.

VPay® delivers better claim payment experiences. Offering the insurance industry’s only total payment solution, the company equips insurers with configurable, next-generation digital solutions that streamline every aspect of the payment process. Workers’ compensation, auto and property insurers, health plans, dental plans and third-party administrators trust VPay to design solutions that reduce costs, drive higher epayment adoption, boost efficiency and improve retention by increasing payee satisfaction. For more information, visit www.vpayusa.com.

About Guidewire PartnerConnect ecosystem and Ready for Guidewire

Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found on the Guidewire Marketplace.

With over 100 partners and more than 155 Ready for Guidewire validated integrations currently available in the Guidewire Marketplace, Guidewire’s Solution ecosystem provides insurers with applications that enhance, extend, and complement the capabilities of the Guidewire platform. Guidewire’s worldwide partner community equips insurers with the ability to accelerate their pace of innovation and drive business forward. The Solution program has shown increased momentum, doubling the number of partners who have joined over the past two years. Since the start of Guidewire’s current fiscal year in August 2020, more than 10 new Solution partners have signed on to the program and over 30 partner integrations published to the Marketplace. Customer adoption has also flourished, with thousands of downloads from Guidewire Marketplace since its launch.

For more information about Guidewire PartnerConnect, please visit http://www.guidewire.com/partners.

About Guidewire Software

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210401005002/en/

FAQ

What is the significance of VPay's new accelerator for Guidewire users?

VPay's new accelerator enhances the payment process for Guidewire users, enabling faster, mobile-friendly digital payment options.

How does VPay's solution improve policyholder satisfaction?

VPay's solution improves satisfaction by offering policyholders convenient, real-time payment options that they can choose from.

When was the VPay accelerator made available to ClaimCenter users?

The VPay accelerator was recently announced and is now available to ClaimCenter users through the Guidewire Marketplace.

What benefits do insurers gain from using VPay's claims payment solutions?

Insurers gain reduced costs, improved efficiency, and enhanced payment experiences for both payees and claims professionals.