Payshift offers an automated third‑party payer platform for pet insurance, letting policyholders submit veterinary invoices through a digital flow where OCR extracts claim data and AI validates coverage and detects fraud in real time. Approved claims are paid instantly to veterinarians via a Mastercard‑based card, with any co‑pay settled on site, eliminating advance payments and reducing administrative costs for insurers. The solution integrates via an API‑first framework and supports phased deployment without disrupting existing insurer or clinic systems.
Funding
Funding not disclosed
Founders
Product
Problem
Pet insurance reimbursement processes are often manual, requiring insurers to handle incomplete documents, long verification times, and advance payments by policyholders. This creates frustration for insured owners, higher administrative costs for insurers, and can deter potential customers from purchasing coverage.
Solution
Payshift provides an end‑to‑end automated third‑party payer platform for animal health insurance. Policyholders submit veterinary invoices through a standardized digital flow, where OCR extracts claim data and AI validates coverage, service consistency, and detects anomalies in real time. Approved claims trigger instant payment directly to the veterinarian, while any remaining co‑pay is settled on site, eliminating the need for policyholders to advance funds. The solution integrates via API with existing insurer and veterinary practice systems, allowing a phased rollout without disrupting current infrastructure. Continuous monitoring and SLA‑backed support ensure ongoing optimization and fraud reduction.
Target Audience
Primary customers are pet insurance carriers and veterinary practice networks that need to streamline claim reimbursements and improve member satisfaction.
Features
- OCR engine that automatically reads and extracts data from veterinary invoices and receipts
- AI‑driven verification of policy coverage, service coherence, and anomaly detection to prevent fraud
- Real‑time, direct payment to veterinarians via a Mastercard‑based card, with optional on‑site co‑pay settlement
- API‑first integration framework that connects to insurers’ and clinics’ existing workflows and databases
- Automated end‑to‑end claim processing workflow from document receipt to payment, reducing manual handling
- Incremental deployment process including audit, customization, pilot testing, and continuous optimization