Virtual Ledger Manager

Virtual Ledger Manager is a virtual account solution that can be used by insurance carriers, brokers and reinsurers to automate premiums and claims reconciliation to achieve maximum straight through reconciliation. The platform allows you to consolidate multiple bank accounts into a single omnibus account linked to the Virtual Ledger Manager. Incoming payments into the omnibus account are identified using unique virtual IBANs and allocated to a dedicated receivables ledger for individual insurance policies, clients, products, business segments etc.

The solution is offered as a Platform-as-a-Service requiring minimal integration and disruption to existing systems, and can also integrate common messaging standards such as ACORD to further enhance automated reconciliation capabilities of the platform.

Prepaid Cards for Claims Payments

Insurers can go cashless and greatly reduce the costs and administration effort involved in paying out insurance claims on a prepaid MasterCard. Card programmes can be deployed for a variety of use cases and vastly improve the claims payment experience for customers.

Healthcare claims
All policyholders are given a prepaid MasterCard that also doubles as a membership card. Before visiting a healthcare provider, policyholders request funds on the card from their insurer in real-time and pay instantly. This assists policyholders on a daily basis, easing claim settlements and enhancing the consumer experience by completely eliminating paperwork.

Healthcare providers can also be paid directly by the insurer with single use virtual prepaid cards. Virtual cards can be generated, loaded with funds and sent in real-time for B2B and emergency payments.

Travel Insurance cards
In-destination disbursement of funds during a travel emergency is a challenging task for insurers. Our platform can be used to issue low-cost prepaid cards with each travel insurance policy.

In the event of a claim, policyholders just have to call their insurer who can quickly assess a claim and pay out in real-time on the policyholders’ card for immediate use.

Insurers have complete control over the claims payment process and a centralised view of all policyholder cards and funds.

E-Wallets for real-time global beneficiary payments

Our innovative e-wallet solution for insurers can facilitate efficient and cost-effective international claims and pension payments on behalf of insurers.

Making one-off or recurring payments to beneficiaries is often a lengthy and expensive process for insurers. Maintaining an up-to-date database of beneficiary bank details is impractical and cheque payments are time consuming and expensive.

With our platform, beneficiaries can be paid on e-wallets in real-time without the insurer having to collect and store bank account details and postal addresses. All they need is a phone number or email address.

Beneficiaries are notified of payments on the e-wallet and can request the funds to be sent to any bank account globally. The e-wallets can also be linked to a virtual or plastic prepaid MasterCard card giving customers the option to start using their funds immediately.

The platform maintains unique accounts for each beneficiary maintaining traceability and automated reconciliation.

Insurers save on banking, administration, and fraud related costs of making multiple individual international transfers as funds are sent internally in bulk and paid out to beneficiaries from local bank accounts. Insurers have full visibility and traceability for each transaction at any moment. The end result is a superior and unparalleled user experience for consumers.