Pennsylvania-based PNC Bank recently expanded its Treasury Management insurance payments offering to include property and casualty insurance payments.
Treasury Management insurance payments help insurers streamline complex, multiparty claims payments. The property and casualty insurance payments solution is designed for large national and regional insurers. Property and casualty claims often involve multiple recipients who have different preferences and requirements for how they receive payments and related information. Insurers will be able to use the solution to support multiple electronic payment methods, deliver payments to both businesses and individuals, provide remittance details in formats tailored to each recipient’s needs, and manage payments for both medical and nonmedical claims.
The solution builds on PNC’s existing Claim Payments & Remittances platform and is the result of a continued collaboration with ECHO Health, a payment solutions company.
“Insurance payments don’t follow a one-size-fits-all model, especially in property and casualty claims,” Tom Lang, PNC Bank treasury management product operations head, said. “By combining ECHO’s best-in-class claims technology with PNC’s payment rails, we’re providing insurers a more efficient way to deliver payments and remittance details to every party involved in a claim — from policyholders to body shops and contractors.”
PNC Bank, National Association is a member of The PNC Financial Services Group, one of the largest diversified financial services institutions in the United States.