Insurance technology startup Benekiva has simplified and accelerated life insurance claim payments for insurers and beneficiaries with digital technology from Fiserv.
Image: Fiserv implements Benekiva’s insurance processing services. Photo: Courtesy of Benekiva.
The addition of digital payment capabilities to software as a service (SaaS) platform has allowed Benekiva a completely digital claims process, driving efficiency for insurers and reduced the time to transfer funds to beneficiaries.
Benekiva CEO Brent Williams said an insurance firm using the Benekiva technology has realized about 40% increase in efficiency in the claims process due to the elimination of paper document processing time and automation of most of the claims process.
Fiserv stated that digitization can have significant impact on beneficiaries. Beneficiaries generally wait between 45 and 60 days to receive claim payment.
By implementing digital payments via digital disbursements from Fiserv, Benekiva has reduced the time to as much as 48 hours, including the payment process, which will be completed on the same day.
Williams said: “Our technology digitizes the claims process from the beginning. Ending the entire process by sending out a paper check would have disrupted the seamless experience we have created.
“Our new digital disbursements capability allows us to stay true to our focus on solving problems with technology and bridging the gap between insurance policies and the beneficiaries.”
Fiserv electronic payments president Tom Allanson said: “Benekiva is blazing a bold trail, addressing the insurance industry’s reliance on paper-based processes as part of an overall digital overhaul. Fiserv has decades of experience as a tech provider to insurance companies, enabling capabilities ranging from electronic billing to automated reconciliation, and we know the unique payments needs of this industry.
“Utilizing Fiserv technology will allow Benekiva to continue to focus on their core business of improving the claim process for insurers and beneficiaries while we take care of the payments.”
Benekiva was established to provide smart, sleek technology solutions for life insurance providers.
The company provides a comprehensive digital platform to service various document management, compliance and claims issues associated to the insurance industry.