Insurance Innovation of the Month: Clal PAY
Qorus-Accenture’s Insurance Innovation of the Month Award for April goes to Clal PAY by Israel’s Clal Insurance, a timely solution which streamlines payment of travel insurance claims and introduces the digital wallet to the world of insurance.
Qorus-Accenture’s Insurance Innovation of the Month Award for April goes to Clal PAY by Israel’s Clal Insurance, a timely solution which streamlines payment of travel insurance claims and introduces the digital wallet to the world of insurance.
Clal PAY is a digital credit card that is issued as part of an overseas travel insurance policy and enables real-time payment for medical expenses at private clinics and pharmacies abroad. The policy holder can see the card details through the company's app ‘Clal's button’ and can add the card to Google Pay/Apple Pay. When a medical incident occurs abroad, they can file a claim on the app and ask that the amount requested for the required medical service be charged onto the card. Loading is done automatically, without human involvement and online.
The innovation significantly improves customer experience, making the medical claims process easier and quicker. No more phone calls from overseas to the insurance company, no need to pay up front then reclaim the expenses later. The insurer likewise saves time and costs, through the automation of the claims management process. The solution strengthens the bond of trust between the company and its customers, and brands Clal as a digital leader in the insurance industry.
Since Clal PAY was launched in collaboration with Israeli credit card company Max, the card has seen a 50% uptake rate among customers who purchase overseas travel insurance from Clal (approximately 500 users per month), and 30% of claims have been settled through the digital service. Initial results also point to an expected increase of approximately 5% in the company’s overseas travel policy sales, alongside the cost savings in claims management.
As winner of this month’s Innovation in Insurance award, Clal PAY stands out for its use of automation to streamline the claims process and enhance customer experience, positioning the company at the forefront of technological innovation in the industry.
Entry for the awards is open to all and free of charge. To be in with a chance of winning, organizations need to enter their innovative projects in the Qorus-Accenture Innovation in Insurance Awards portal. The deadline has been extended to April 12th included.
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