Commerce Bank and Progressive partner for claims payments offering
The offering provides customers, claimants and service providers with multiple claims payment options
Commerce Bank worked with Progressive to implement CommercePayments PreferPay for claims payments. The relationship is the result of a collaboration between Commerce’s product team and Progressive's stakeholders to build a solution that provides fast, convenient reimbursement options to customers.
CommercePayments PreferPay provides customers, claimants and service providers with multiple claims payment options including ACH, check, or direct-to-debit card via Visa Direct. With the Visa Direct functionality, customers can now receive an insurance claim payout to their eligible debit and prepaid card, in real time.
“We’re excited to offer our customers more options for faster claim payments,” says Cory Freier, business systems manager at Progressive. “Whether the payment helps with repairs or much-needed medical treatment, a quick, convenient claims payment is a critical step in helping our customers get back to their routine as soon as possible.”
“PreferPay for claims payments is a reflection of Commerce Bank’s commitment to being a collaborative financial partner to our customers and solving real challenges,” says Jeff Burik, executive vice president and director of commercial payments at Commerce Bank. “Through our work with Progressive, we’re able to bring a truly innovative solution to the marketplace that meets the needs of all insureds – offering payments, the way the Progressive customer wants.”
Commerce’s solution offers faster payment methods, while leveraging the knowledge of a financial organization to facilitate the payment.
“When handling claims payments, maintaining high standards, reducing cycle time and improving customer satisfaction are essential. Commerce’s solution brings value for both Progressive and their customers through this automated, easy-to-use technology,” says Lenny Richileau, vice president and insurance industry consultant at Commerce Bank.
“The speed and ease at which customers receive their insurance disbursements can have a significant impact on their lives and finances,” says Gaurav Gollerkeri, head of Visa Direct, North America. “By implementing Visa Direct into its service offerings, Commerce Bank and Progressive are now able to provide real-time claims payouts to their customers, making the days of waiting to receive checks in the mail a thing of the past.”
With $26.1 billion in assets (as of Dec. 31, 2019), Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., the Company currently operates banking facilities in nine markets including St. Louis, Kansas City, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City and Denver.