Insurance

The problem

Insurance companies need to pay claims quickly, accurately, and cost-effectively. Traditional payment avenues like checks and ACH can be slow, labor intensive, and cumbersome to adapt to digital experiences. As claims are tied to financial and customer management and policy systems, the reconciliation of payouts is a constant challenge.

The solution

Virtual cards provide a more efficient and less expensive way to settle claims and provide policyholders with faster payouts. Dynamic spend controls and clear transaction data allow virtual cards to create a more controlled environment for claims payouts, fraud prevention, and accelerated reconciliation.

Insurance app

Claim filed

You receive a claim from a customer.

Glasshouse Payments platform

Claim paid

A single-use virtual or physical card is issued through the Glasshouse Payments platform to pay a specific repair shop for the estimated amount.

Repair shop

Card presented

The auto repair shop runs the card just as they would any Visa or Mastercard.

Glasshouse Payments platform

Spend evaluated

Managed or gateway spend controls can be customized to minimize fraud and ensure funds are only used as intended.

Repair shop

Auth requested

Glasshouse Payments’ platform is contacted by the appropriate network for authorization.

Insurance app

Notification received

Glasshouse Payments webhooks allow real-time notifications upon transaction completion.

Glasshouse Payments platform

Funds released

Just-in-Time (JIT) Funding releases funds to the card on approval and in real time to complete the transaction.

Repair shop

Transaction completed

Authorization is successful and the payment is confirmed.

Virtual cards

Provision virtual cards directly to digital wallets for faster payouts.

Push to card

Settle claims by instantly sending payouts directly to an existing payment card. This is faster than ACH and cheaper than checks.

Physical cards

Pay out claims to policyholders on branded cards that can be used anywhere Visa or Mastercard is accepted.

Dynamic spend controls

Control when, where, and how a payment is made (e.g., a virtual card can be used for up to $100 for a tow truck). Recover the balance if the upper limit is not reached.

Zero-balance cards and JIT Funding

Reduce fraud by funding cards in real time to pay expenses such as lodging or repairs upon transaction approval.

Inject metadata into each transaction

Simplify reconciliations by appending metadata such as a claim or policy number to each transaction.