CitiConnect_API_Case_Study_Book

The Challenge The Solution 17 Seamless Client Experience | API Playbook 1 With digitization being an overarching part of the company’s business architecture, it is continuously looking for ways to improve interactions with clients and differentiate itself from competitors. More specifically, the company was looking to for a solution that would allow it to digitize and accelerate the insurance claims and reimbursement experience for its policyholders. It wanted to offer its customers instantaneous electronic reimbursements of their claims, instead of sending them checks. Instant Insurance Claim Reimbursement The Company A world-leading insurer with more than 88 million retail and corporate customers The company chose CitiConnect API solutions for enhancing its customers’ insurance claims and experiences along with streamlining the company’s own internal processes. The solution is powered by the following CitiConnect APIs: Authentication of company instruction Payment initiation Payment status inquiry to confirm that payment is successfully made or credited Potential Uses The Benefits • Reduction in manual processes and real-time visibility into payments • More efficient payment reconciliations, particularly compared to check payments, which can be stalled, rejected or go uncashed • Sets the company apart from competitors and provides a platform for attracting more customers • Extend the solution to the instant collection of insurance premiums and combine it with statement QR codes or tokenization, such as through India’s unified payment interface • Enable payments to virtual payment addresses, such as email addresses, mobile numbers and government ID numbers, in countries where the capacity exists STEP 1 A policyholder buys insurance online or via an agent, in the process providing key data such as name, ID card number, phone number and email address STEP 2 The policyholder initiates an insurance claim online, providing the required proof-of-claim documentation STEP 3 The company approves the claim and issues an electronic payment immediately Insurance