Modernizing Claims Payments

This article was written with the assistance of AI and edited by Angela Sabarese.

In a recent CLM Tech Talk, entitled, “The Last Mile of Claims Resolution: Where Payments, Trust, and Risk Converge,” Kirsten Knull of Verity Pay sat down with Robert Bowdon, founder of Verity Advisors and creator of Verity Pay, to discuss how digital payment solutions are transforming the insurance claims process. The conversation explored the persistent challenges of paper check disbursements and how modern technology can improve both operational efficiency and customer experience.

Addressing the Problem

Bowdon identified the problem after founding Verity Advisors in 2014, while working on asset recovery and unclaimed property. He explained the staggering scope of the issue: "In the insurance industry alone, there are still 1.3 billion checks every year that go out to consumers…check issuance is actually coming down as digital options increase, but fraud continues to double every year…since 2023." With check costs ranging from $8 to $20 per issuance, the financial impact on organizations is substantial.

The discussion focused on meeting consumer expectations for immediate results, reducing fraud exposure, and eliminating operational inefficiencies. Verity Pay's platform enables organizations to send personalized text messages to thousands of recipients, allowing them to select their preferred payment method. Bowdon emphasized the efficiency gain: "We take a 90-day process and turn it into 90 seconds….And it's not just on the consumer experience side, but the ninety seconds actually encapsulates the reconciliation piece as well."

Displaced Claimants

Perhaps most compelling was the discussion of displaced claimants. Bowdon shared that one Florida client handles disaster recovery, noting that displaced individuals staying in hotels miles from home can now receive payments via text, whereas paper checks would never reach them.

The interview highlighted that Verity Pay requires no system integration, offers API capabilities, and averages just seventeen days from contract to implementation. The platform is designed as a significant step forward in modernizing claims payments while improving the claimant experience during often stressful situations.