Zelis, a financial technology firm, has announced the integration of its Advanced Payment Platform (ZAPP) with Duck Creek's software solutions. This partnership seeks to enhance payment processing for property and casualty (P&C) insurance, aiming to reduce integration times from months to just weeks.
The collaboration features Zelis' Advanced Payment Platform, known for its efficiency and user-friendly interface, combined with Duck Creek's established insurance software offerings. This synergy is expected to benefit insurance carriers, agents, and policyholders by improving transaction speed and overall payment experiences.
One of the most significant improvements highlighted in the announcement is the reduction of integration time. Moving from months to weeks not only accelerates the setup process but also allows insurers to start using advanced payment mechanisms sooner, which is crucial for maintaining competitiveness in the market.
Additionally, faster processing can lead to enhanced cash flow for insurance providers, which can be a vital factor, especially in unpredictable markets. The integration promises to streamline manual processes, making transactions smoother and reducing the likelihood of errors and disputes.
This development primarily impacts insurance companies looking to improve their payment efficiency. Agents and brokers can also benefit from quicker payment turnaround times, leading to improved client satisfaction. Policyholders may experience faster claim settlements or premium payments, which can positively influence their overall experience with insurance services.
Overall, the integration between Zelis and Duck Creek may represent a step towards more efficient and modernized payment processing in the insurance industry. As insurers look to embrace technology, partnerships like this can play a critical role in driving innovation.
Original Source: https://beinsure.com/news/insurtech-zelis-expands-zapp/