Automated Insurance Payouts
In the insurance industry, speed and control are critical to an end user experience. The Airwallex Issuing platform can be utilized to create this experience.
At the point where an insurance claim is approved, the Insurer can connect to the Airwallex Issuing platform and generate a single use or multi use Virtual card. This card can then be sent to the claimant via their mobile application.
The Virtual card can be locked down to a specific amount and merchant category.
The claimant can visit any service provider who can take card payments (Online or POS), provide the full card details and complete payment for services rendered. Metadata can be associated with cards so as to simplify reconciliation for the Insurer.
Due to Airwallex’s multi currency capabilities the same solution can be rolled in a single country or across a global insurers network.
- A claim is approved by Insurance assessor in their system;
- The insurance system requests a single / multi use Virtual Card for the relevant amount, currency and merchant type via Airwallex API;
- Airwallex instantly generates a Virtual Card and sends the PAN back to the system via an API response. Virtual Cards are sent out active to the claimant making the transaction process seamless;
- Claimant uses the Virtual Card details to make a payment with the service provider;
- Transaction reports are available to support automated reconciliation with the Insurers system.