Ingo Money adds Safelite to widen its instant claims pay footprint
The mass distribution of insurance payments makes it a natural fit for Ingo Money's strategy to move consumers to digital transactions.
Insurance enables a “one to many” approach of using a single company to enable digital distribution of funds, said Drew Edwards, CEO of Ingo Money, which has partnered with Safelite Solutions, the insurance claims management unit of Safelite Group. "Enabling as many of the players in the insurance industry is critical and with consumers having the choice, payments will migrate to digital,” Edwards said.
Most recently Ingo Money partnered with the treasury bank unit of KeyBank to offer instant payments to the $163 billion in claims the insurance industry pays out each year.
The new partnership between Ingo Money and Safelite Solutions is aimed to support the rapid growth of Safelite’s handling of non-glass claims, which includes answering over 2 million first-notice-of-loss (FNOL) calls providing insurance related services and solutions.
In partnering with Ingo Money, Safelite Solutions will be able to provide a service for their customers that's designed to make the processing of minor auto physical damage claims easier than manual processes. It will be able to deliver instant payment to the vehicle owner, accelerating the entire auto claims process. Currently payouts occur mainly using paper checks or ACH.
According to Michael Naoom, AVP Claims Experience of Safelite Solutions the industry average Total Cost of Repairs (TCOR) was $2,921 in 2017. However, drivable claims, which are the target for Safelite Solutions’ self-service digital photo app called ClaimGo Auto, were $2,289 and the average deductible is about $500.
Safelite Solutions has a direct technical integration with Ingo Money, which means that it can send funds to a range of consumer account types including debit and credit cards, an online account such as Amazon and PayPal, as well as physical cash-out distribution points available nationwide, Edwards said.