For Insurance:
Vitesse is contracted with over 60% of the London insurance market and gives them the means to make instant, low cost payments across the globe.
Working with the likes of Brit Insurance, Mayfair Group, and CEGA Group has led to the innovative solution Vitesse has built around the management of Loss Funds (monies held by a Delegated Claims Administrator (DCA) or Broker on behalf of the insurance provider), that makes the claims payment process instant for insurers and brings control of millions back to insurers globally.
Coupled with a regulated, industry audited solution which gives total control and transparency over funds, Vitesse is changing the game with claims payments and associated claims funds management by providing an efficient capital management solution. They also enable businesses to pay claims via a range of payment types globally such as bank transfer, Visa Direct, and USD eChecks.
Phillip McGriskin, CEO of Vitesse, said:
“The system in place was completely outdated. There was no clarity around the payment process, businesses had no direct overview of the money going out and the entire process was expensive”.
Vitesse provides insurance carriers with a market leading treasury management solution, bringing visibility and control over their funds whilst also catering for the rise of the neo-insurer. The neo-insurer has changed the pace of the traditional insurance operations model by offering fully digitised, end-to-end delivery of insurance products; Vitesse provides the innovative and instant payment solutions they need, allowing faster claims settlement and improved claimant experiences.
“Payment businesses were focused on collecting money. Now the internet is used for everything, including the payment of insurance claims and with the rise of neo-insurers, people expect the immediacy of it. They do not want to wait days or weeks for a payment to be processed but want an instantaneous transfer, and that is where Vitesse can help.”
