How long do you think it takes traditional carriers to pay out an approved insurance claim…? 10 days… 5 days… 1 day… 2 hours… 1 second?
Waiting for an insurance claim to pay out can be a really stressful experience. Especially for people on lower incomes. Often, that money is essential for making ends meet. This can be particularly worrying when there are reliant family members in the picture, too.
In a nutshell: waiting ages for a payout in an acute time of need is, for many, more than inconvenient. Which is why we’ve been working hard to make sure this doesn’t happen for our workers.
Introducing Rapid Payments
We’re thrilled to announce the introduction of an industry-leading new feature for all UK Collective Benefits members who are covered by our Accident and Sickness insurance*.
It’s called Rapid Payments, and it means that payouts can be paid within two hours of a claim being approved.
This comes off the back of a serious push to make our claims experience as fast and seamless as possible for our members.
In fact, the introduction of Rapid Payments is one of the reasons we’ve been able to get the length of our claims process down to an average of just 6.5 days. This is a BIG win! Time-off-work insurance can often take weeks or months to pay out – and our own average claims settlement time used to be 36 days.
How it works and why it matters
Research shows that many flexible workers don’t have the savings to cope with financial shocks. Which is why having access to Accident and Sickness insurance can act as a crucial lifeline in times of need.
These stats from a study we carried out recently illustrate things pretty well 👇
With our Rapid Payments feature, we aim to alleviate some of the strain that comes with not feeling financially secure.
To make it possible, we’ve reworked our claims process so that:
Offering a reliable, genuinely game-changing type of protection like this is also good for business because it helps with attracting and retaining great workers. Research shows that the majority of workers would rather have a lower-paid job with benefits and protections than a higher paying one without, for example.
Sidenonte: Check out how this care-tech platform got 65% more applications after rolling out a benefits and protections package – including Sickness and Injury insurance – for its workers.
A claims experience for the modern flexible worker
And it’s not just Rapid Payments and a speedy settlement time that makes our process stand out. We’re also proud to deliver a claims experience that:
- Is fully digital and customised
- Doesn’t involve any long, boring forms – workers can access everything quickly and easily through our app
- Is available in 15 languages
- Means claims can be submitted in less than 4 minutes
- Provides regular claim status updates so workers stay informed
- Offers crystal-clear communications when a claim is unsuccessful
We’re focusing on rolling out a fully plugged in API across all the territories we work in. This will allow us to speak directly to our handling partners and share live claims information with each member, keeping them informed at every stage of their claim. We’ll be able to prompt our members instantly if we need them to give us more information, for example – helping to streamline the claims process even more. Nice 😌
To find out more about why our insurance products are the best in the world of flexible work, click here.