Quick Silver Systems, Inc. today announced it is teaming up with Toronto-based FinTech company Dream Payments to bring faster and more cost-effective digital claim payment offerings to P&C insurance carriers in the United States.
Insurance organizations have historically had little difficulty collecting in-bound digital payments. However, outbound vendor and claims payments have been processed in the form of printed checks. With the integration of the Dream Payments Insurance Hub within the Mercury System; U.S. Insurance Carriers will have access to a scalable payments platform that enables secure mobile and digital payment services. This allows insurance companies to eliminate the costs associated with physical checks while improving the overall payments experience for their claimants and rapidly launching solutions that work with new payment technologies such as debit cards, mobile wallets, and virtual cards.
Quick Silver Systems partnered with Dream Payments because they have a well-documented API and a focus on secure outbound payment processing. The Mercury System is an end-to-end insurance policy and claims processing system that allows insurance carriers to fully automate their policy and claims processes, and includes numerous 3rd party data offerings, add-ons, and integrations such as Dream Payments.
“While Quick Silver Systems has implemented an end-to-end solution for insurance carriers I am the first to recognize that we can’t build the very best of every component or module in a system so large and complex. The strategic partnership with Dream Payments provides our clients with the ability to implement a best in class digital payments solution fully integrated into the Mercury System,” said Sean Pitcher, CEO, Quick Silver Systems, Inc.
“Combining Dream’s digital claims payment offering with Quick Silver’s Mercury Policy and Claims Administration System is a natural fit for embedding faster payments to customers and vendors. Through our partnership, we see the potential of helping a broader set of insurance carriers to achieve a digital experience more seamlessly,” said Brent Ho-Young, CEO, Dream Payments.
SOURCE Quick Silver Systems, Inc.