Suravenir compensates policyholders via instant transfer

Crédit Mutuel Arkéa's subsidiary, Suravenir Assurances, has announced the introduction of a new system for accelerated claims settlement using instant transfers. The group illustrates another application of this payment method, an expected revolution in the payment ecosystem.

FACTS

• Suravenir Assurances is now communicating on an initiative taken last December. On that date, the Crédit Mutuel Arkéa subsidiary introduced instantaneous transfers as a means of payment for its claims settlements.

• The only condition applied: compliance with a ceiling defined at 15,000 euros by European regulations.

• All Suravenir Assurances policyholders are now concerned by this deployment, regardless of their bank. The validation of their reimbursement therefore automatically and immediately triggers the payment of their compensation into their account.

• 50,000 claims settlements should be concluded by an instant payment each year.

CHALLENGES

• Improving the quality of service for all customers: The deployment of this new service represents a way for the group to treat all its policyholders equally, including those who are not customers of the group's banking offer. The integration of the instant transfer makes it possible to avoid the processing time for interbank payments, which is estimated at 3 to 4 days on average.

• Optimising customer relations: The settlement of a claim represents a major key stage in the management of the relationship between policyholders and their insurer. The implementation of instant transfer is precisely a lever for improving satisfaction.

• Leveraging synergies within the group: the deployment of instant transfer as a means of paying claims is based on the API developed by Crédit Mutuel Arkéa.

MARKET PERSPECTIVE

• BNP Paribas recently began deploying instant payment with SlimPay. BPCE invested in Bridge to take this step last March. However, it was La Banque Postale that made the headlines recently by announcing the free and widespread use of instant transfers.

• Suravenir Assurances is racing to deploy this service at a time when its group is being reorganised.

• In France, another insurance company had already launched into this battle. It was Generali, which offered its customers the possibility of initiating payment of their insurance contributions by bank transfer. Today, Suravenir is tackling the payment of claims, covering another part of the payment value chain in insurance.