Mastercard and Dream Payments Launch an API to Power Digital Payments for the Insurance Industry

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Travel Insured International is the first insurer to use the API to deliver claims payments to customers in minutes.

“Our focus is real-time, and continuously work to provide innovative solutions to anticipate and fulfill our customers’ ever-growing needs..." commented Jon Gehris, CEO of Travel Insured.

Dream Payments, a digital platform for banks and insurers, today announced that it has released a simpler way for insurers to optimize their claims systems and offer digital payments to consumers. With the Dream Claims Payment API, the first of its kind exclusively for the insurance industry, insurance companies can now more easily connect to the Dream Payments Hub and the Mastercard Send platform to pay claims digitally, rapidly and securely into the bank accounts and debit cards of their customers.

It is estimated that each year, insurers pay out over $1 trillion of insurance claims through slow and inconvenient checks. With just a few simple lines of code, insurers can streamline the process and add immediate, digital payments to their claims systems, creating a better consumer experience.

“At Mastercard, we understand that developing products and services that companies can easily adopt will ultimately best serve consumers,” said Zahir Khoja, SVP, Global Acceptance at Mastercard. “Through our partnership with Dream Payments, we’re reimagining how insurers can attract and retain consumers by optimizing systems and getting claim payments to people when they need them most, in near-real-time and digitally.”

Travel Insured International, a U.S. based travel insurer will be the first insurer in the U.S. to deploy real-time disbursements to their customer base using the Dream Claims Payments API. “Our focus is to consistently take our customer experience journey to the next level, and continuously work to provide innovative solutions to anticipate and fulfil our customers’ ever growing needs. In the age of instant gratification, partnering with Dream Payments is allowing us to provide real time satisfaction, while building trust and loyalty with our customers.” commented Jon Gehris, CEO of Travel Insured.

“Our API allows insurers to rapidly integrate digital claims payments into their claims systems and processes to deliver an exceptional experience for both end customers and internal claims personnel,” says Long Van, CTO of Dream Payments. “Through one API and the Dream Payments Hub, insurers of all sizes can now benefit from the speed and efficiency of digital claims payments and eliminate the friction associated with printing, sorting, mailing and tracking of checks.”

Northbridge Financial, a Fairfax company was the first insurance company to begin transformation of their claims payment process using the Dream Payments Hub to pay claimants digitally. “We know that waiting for and depositing cheques are key pain points for our customers and we’re excited to be able to offer them better and faster options to get them the funds they need as quickly as possible”, said George Halkiotis, executive vice president, Claims, Northbridge Financial. “The Dream platform also gives us multiple options to transfer funds based on our customers’ preferences and the fully integrated experience will create greater efficiency with our processes internally, and ultimately an easier experience for our team.”

The Dream Payments Hub and its Claims Payment API are built on the IBM Cloud, which provides a reliable, secure, and scalable platform for the world’s leading insurance providers. "IBM Cloud is tuned for AI and data demands and designed to meet the evolving needs of businesses," said Frank Attaie, vice-president, IBM Cloud, Canada. "By leveraging IBM Cloud for VMware Solutions, Dream Payments will be able to better serve leading insurance companies around the globe.”

Dream Payments will be hosting meetings with insurers and providing demonstrations of the Dream Payments Hub and Claims Payment API at the upcoming InsureTech Conference in Las Vegas. To arrange an in-person meeting and to learn more, insurers can contact Dream via the Dream Payments website. For more information about the Dream Claims Payment API and to request access, please visit http://www.dreampayments.ca/api.

About Dream Payments
Dream Payments provides cloud payments solutions that enable financial institutions and insurance companies to provide frictionless digital and mobile payment services to their end customers and business clients. Dream is backed by leading venture and strategic investors, including Real Ventures, Fairfax, and Connecticut Innovations.    The Dream Payments Insurance Hub is a secure digital payments cloud that enables insurers to seamlessly disburse funds digitally to their customers and suppliers. For more information or to book a meeting with Dream Payments, please visit http://www.dreampayments.com.

About Travel Insured International
Founded in 1994 by Peter Gehris, Travel Insured International is one of the leading travel insurance providers, offering the highest quality worldwide travel insurance protection for over 20 years. Located in Glastonbury, Connecticut, the company offers an array of travel insurance protection benefits including Emergency Assistance and Evacuation, Trip Cancellation and Trip Interruption Protection, Medical Insurance, Baggage Insurance, Airline Ticket Protection, and more. Travel Insured maintains relationships with specialty travel providers and tour operators, as well as provides 24/7 insurance assistance that allows you to travel relaxed, travel secure, and travel insured.

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Erin Weiland
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