Use Case 2: Real-Time Claim Payout

Problem

Claim payouts are a crucial moment for any insurer. There could be cases where insurers also need to propose a wide variety of reimbursement methods while offering immediate compensation. However, this flexibility requires integrating and leveraging multiple providers, which is often a stumbling block for enterprises because it is costly, time-intensive, and resource-draining to create and manage so many integrations.

Example

Say your policyholder has lost both their luggage and their wallet when traveling abroad. In this situation, they don't have access to their preffered payment method. They require alternative payment options like a virtual card or a voucher. So, you need to make a payment to the alternative Financial Instrument quickly.

Solution

The Imburse platform acts as your single access point to the payments' ecosystem. Imburse does all the payment integration heavy-lifting, providing you quick access to relevant payment providers and methods. The platform can easily integrate with core insurance IT systems to support any pay-out mechanism. It is efficient enough to not cause disruption to your day-to-day operations and quick enough to process the claim in near real-time. In addition, Imburse integrates with KYC, AML, and Sanction Check providers to verify the policyholders identify, reduce risk, or prove compliance.

Through Imburse's push-to-card capabilities from Visa and Mastercard, you can pay out claims in real-time to the policyholder's credit card or bank account.

Prerequisites

In order to work with Real-Time Claim Payout, ensure the following.

• You have access to the Tenant Portal
• You have generated valid API Keys.
• You have installed and configured the Marketplace Apps with the relevant credentials.
• You have created and configured Payout Scheme.
• You have
  create a Financial Instrument

Supported Apps

• Citi
• BottomLine
• Tango Card

Working with Real-Time Payout Claims

Imburse supports two types of Payout Option.

Direct Credit:

Step 1: Authenticate

Step 2: Create Financial Instrument

After you generate your Access Token, you can start using the Imburse APIs and create a financial instrument.

Request example:

{
  "name": "Testing",
  "iban": "GB09KDUX86642922629868",
  "bic": "CGDITLDI"
}

Response example:

{
    "_links": {
        "location": "/v1/customer-vault/Customer_01/financial-instrument/9cb4aab7-5cbe-012c-c345-00c118e66696"
    },
    "id": "9cb4aab7-5cbe-012c-c345-00c118e66696"
}

Step 3: Create Order and Instruction

When creating the instruction, the direction of the payment, whether it is debit or credit, is set. Use the Credit direction for payouts.

Request example:

{
    "orderRef": "order_Payout_01",
    "instructions": [
        {
            "instructionRef": "PAYMENT-01",
            "customerRef": "customer_01",
            "direction": "CREDIT",

            "financialInstrumentId": "9cb4aab7-5cbe-012c-c345-00c118e66696",
            "amount": "10.00",
            "currency": "GBP",
            "country": "UK",
            "schemeId": "62518C8474D3C5472DDCAF51C2136412",
            "settledByDate": "2022-09-01",
            "metadata": {
            }
        }
    ]
}

The following table lists all properties along with their type and description:

Rewards:

Step 1: Authenticate

Step 2: Get Payout Options

Step 3: Create Order and Instruction

The next step is to create an order and instruction/s, setting the payment intention and related information such as the amount and the SchemeID (which is fetched from the Tenant Portal, after creating the Scheme). You can have as many instructions as actual payments you which to perform.

When creating the instruction, the direction of the payment, whether it is debit or credit, is set. Use the Credit direction for payouts.

Request example:

{
    "orderRef": "order_Payout_01",
    "instructions": [
        {
            "instructionRef": "PAYMENT-01",
            "customerRef": "customer_01",
            "direction": "CREDIT",
            "financialInstrumentId": "9cb4aab7-5cbe-012c-c345-00c118e66696",
            "amount": "10.00",
            "currency": "GBP",
            "country": "UK",
            "schemeId": "62518C8474D3C5472DDCAF51C2136412",
            "settledByDate": "2022-09-01",
            "metadata": {
            }
        }
    ]
}

The following table lists all properties along with their type and description:

Step 4: Claim Reward

To Claim a reward, all you need is to point to the order and instruction created previously and the reward ID that was obtained earlier when getting the Payout Options.

Request example:

{
    "rewardId": "{{rewardId}}"
}

On the response of the request will be the transactionId on the end of the location header is unique to claiming this reward. Each claim will have a different transactionId. The {transactionId} placeholder will be a GUID and will look something like this: 8f482020-965f-4e9b-afb2-1e6e4336e6da. This value will be used in the next step.

Step 5: Get Reward

To learn the status of the payment, Imburse provides a webhook notification at each changing status and the possibility to poll the status through the GET instruction endpoint.