EYST Technology provides a white-label SaaS solution for insurers to enable instant claim and health benefit settlements for policyholders without upfront payments. The platform issues virtual payment cards, compatible with Google Pay and Apple Pay, allowing direct payment to providers. This system enhances fraud control for insurers through real-time transaction traceability and payment scoring algorithms.
Funding
Funding not disclosed
PAWFounders
Product
Problem
Insurers face challenges in promptly processing claims and disbursing payments to policyholders, often requiring policyholders to pay out-of-pocket expenses upfront. This process can be slow, cumbersome, and susceptible to fraudulent activities, leading to increased costs and potential losses for insurers.
Solution
EYST Technology offers a SaaS platform that enables insurers to instantly process claims and disburse payments to policyholders via virtual payment cards. The platform integrates directly into the insurer's existing environment, such as their app or website, and allows for immediate fund transfers to policyholders. These virtual cards are compatible with mobile payment systems, allowing policyholders to directly pay for claims or healthcare expenses without needing to advance funds. The platform provides insurers with real-time transaction tracking, enabling them to monitor payments, restrict payment recipients, and gain insights into how policyholders utilize their claim settlements. An integrated algorithm analyzes payment data in real-time, alerting insurers to potential fraudulent activities.
Target Audience
EYST Technology primarily targets insurance carriers and mutual insurance companies seeking to streamline claims processing, reduce fraud, and improve policyholder satisfaction.
Features
- Instant claim settlement through virtual payment cards, eliminating the need for policyholders to advance funds.
- Real-time transaction monitoring and tracking to prevent fraudulent claims.
- Integration with mobile payment platforms (e.g. Apple Pay, Google Pay) for convenient payment processing.
- Customizable payment rules to restrict payment recipients and control fund usage.
- Real-time fraud detection algorithms that analyze payment data and flag suspicious transactions.
- API integration for seamless connectivity with existing insurance systems and workflows.
- White-label solution that can be branded and integrated into the insurer's existing app or website.