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[00:00:00.00] J. P. Morgan. Christine Tan

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[00:00:02.78] Insurance companies face complex challenges due to the global nature of the business, multiple regulatory environments and the unpredictable claims payouts process, all while staying ahead in building enhanced digital customer experiences.

[00:00:18.83] At J.P. Morgan Payments, we understand your challenges. Premium and statement of account reconciliation, trapped cash, dealing with restricted currencies, a lack of balance visibility, managing multiple currencies, digital disruption and new insurtech business models, along with the need for the latest channels to receive insurance premiums and pay insurance claims.

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[00:00:40.16] Matthew Le

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[00:00:40.82] Now imagine if you could ensure your account structure is maximizing access to cash, optimize FX flows to ensure you manage risk and market volatility, digitize payment processes and reduce manual effort, leverage the latest digital payment rails and navigate relevant regulations and legal requirements all with just one trusted financial institution.

[00:01:06.80] J.P. Morgan has a proven ability to deliver efficient, dependable payment solutions at scale as you evolve, with the security you'd expect from a trusted payments innovator.

[00:01:17.09] With us you can have a reliable partner to support you through market cycles, a global perspective with data and expertise built on decades of banking insurance companies worldwide, a foundation to help shape future financial infrastructure with a focus on your innovation needs, and a global team of insurance specialists and an expansive partner network that can open exciting opportunities while helping you navigate local regulations and requirements.

[00:01:49.50] Let us propel you further and faster over the long term with the global and local expertise you can bank on.

[00:01:56.24] We are J.P. Morgan Payments, the global payments provider for insurance.

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[00:02:01.13] J.P. Morgan payments. Copyright, 2023. Disclaimers, QR code

Unlocking modern claim payments

With a financial and regulatory landscape that’s constantly in flux – combined with ever-increasing expectations from customers – insurers face a growing need to evolve their business.

Resolving everyday matters quickly, with a modern claims payout experience consumers expect, helps cultivate loyalty and promotes the insurer’s brand. But how can a $6T+ industry1 move away from slow yet proven methods and make the leap to transforming the customer experience? The key is collaborating with the right partner who understands insurers' unique needs.

Bridging the gap between treasurers and claims processing

Making the journey toward transformation is easier with a partner that insurers can trust to cover all of their priorities, from financial requirements to intuitive, fast and seamless payment experiences.

The treasurer’s role for insurers is crucial. They need to ensure account structures are built to maximize access to cash, so that the insurer has the necessary cash on hand locally in order to disburse claims in a timely manner. They’re also concerned about digitizing paper processes and reducing manual efforts. From a global perspective, treasurers are looking for opportunities to optimize FX flows in order to manage risk and market volatility, as well as ensure relevant regulatory and legal compliance.

Meanwhile, the goal for claims is to enhance the customer experience. This includes integrating insurance products and coverage options into the customer’s buying experience, streamlining the claims process for enhanced speed and convenience, and optimizing cross-currency payments to improve disbursements for
global customers.

6 key challenges global treasurers must overcome in the insurance industry

  • true

    Reconciliation

    Manual processes create error-prone decisioning and reduce effciency in claims and other payments.

  • true

    Trapped cash

    Due to regulatory requirements for insurers to hold capital at an entity level in various locations, which they can’t always repatriate.

  • true

    Lack of balance visibility

    Caused by multiple banking providers, complex account structures and the number of internal systems.

  • true

    High volumes of currencies

    Managed differently across different banks.

  • true

    Digital disruption

    Insurtechs quickly entering the market while insurers are hamstrung by legacy systems and pressure to innovate.

  • true

    Flexible disbursement

    Need to make it simple to reconcile and manage your entire cash picture.

The insurance value chain is inherently complex.

The $6T+ insurance industry typically relies on slow-moving legacy methods like paper checks and traditional mail. J.P. Morgan can help pave the way for faster, more convenient disbursements.

With more than 150 years of industry experience,2 J.P. Morgan Payments can bring these aspects of your business together. We can enable insurers to do more with their payments and help them build successful relationships across cross-functional business partners. Working with a payments provider who partners with insurtechs—and understands the insurance landscape—can help optimize your customer experience via comprehensive insurance-centric workflows for single-party or multi-party lienholder, vendor and provider claims. Our insurtech partnerships combine industry expertise with cutting-edge digital payment solutions that deliver flexibility and agility throughout the insurance lifecycle.

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Consumers demand speed, convenience, and efficiency. A break anywhere in this seamless experience can lead to lost customers. But what does this mean for insurers? This is Gwen. As a mother of two, she wants to purchase the best homeowner's insurance policy to protect her family's home.

Gwen browses your website and purchases the ideal policy for her family's needs. As Gwen confirms her payment, the platform validates her account information quickly, easily, and securely. This platform can also accept multiple currencies for global customers at the same time, improving operational efficiency and foreign exchange.

A few years later, Gwen's house floods. Gwen gets on her phone and submits a claim on her insurance app. Within minutes, she receives her claims payment directly to her preferred payment method. Gwen is so relieved. She can begin repairs immediately.

In order to handle claims and payouts seamlessly for customers like Gwen, you need to deliver a seamless claims journey, instantly transfer funds globally, settle claims promptly, and stay connected to the latest payment tech with an intuitive dev portal. Gwen is grateful her insurer has her back in her moment of need. She knows she's chosen the right provider.

Imagine having a strategic payments partner that can help you make claims payouts and purchasing experiences seamless. JP Morgan Payments has a proven ability to deliver efficient and dependable payment solutions at scale, as you evolve, with the security you expect from a trusted innovator in payments. Let us propel you further and faster over the long term, with global and local expertise you can bank on.

[UPBEAT MUSIC]

Doing business with nearly 3 out of 4 top insurers globally (Fortune 500),3 we have a proven ability to deliver efficient and dependable payment solutions at scale as you evolve, with the security you’d expect from a trusted innovator in payments. Let us propel you further, faster over the long-term with global and local expertise you can bank on.

Let’s design payment flows that do more for your business.

To learn more about how we can support your business, please contact your J.P. Morgan representative. And take a look at how we help financial institution groups like yours through our cross-currency solutions, innovative technology and liquidity optimization.

Member FDIC. Deposits held in non-U.S. branches are not FDIC insured. All rights reserved.

The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content.

References

1.

Statista, Global insurance industry - statistics & facts, 2023

2.

J.P. Morgan “History of our Firm

3.

Internal data, 2023.

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