It’s amazing how the paths you begin and end on aren’t always the same. Some might say that’s the spice of life.
What started out as a journey to help the underbanked manifested initially as a p2p transfer app, then an eComm refund expedition service, to now being a full-fledged insurance claim payment processor. Wow! The process of locking in product market fit is an amazing rollercoaster of research, creativity and ambition.
The insurance industry is unique because there’s an average of 30 days to receive payment for claims, and it typically involves being mailed a paper check, which is expensive to manage and slow to deposit. During our research we learned that speed of claims payments is one of the single most important factors that weight into someone’s insurance provider choice. This exploration into the slow-moving realm of payments got us incredibly excited to help!
So, we realized we had to be more than just a payment expedition service like we were doing with eComm; we needed to be a one-stop shop to alleviate the payment processing challenge insurance providers face. We expanded our platform to include multiple payment options beyond instant debits to give our client’s customers a sleek, flexible platform to get their money for an approved claim as fast as they wish.
Our partners save money on the labor they would’ve needed to manage the paper check lifecycle, and their claimants gain the convenience of being paid within seconds instead of weeks for their insurance claim. That’s a win win!
What business models our journey will lead to next? Injection molded hot-dogs? Probably not.