Coforge partners with Transcard to help insurers automate disbursements, collections

Coforge, formerly known as NIIT, on Monday announced a new partnership with a leading global player in payments and data technology Transcard to leverage the latter's suite of embedded payments solutions.

Coforge and Transcard will address the payment challenges faced by insurers and other organisations, driving impact for clients by providing an all-in-one solution for disbursing and collecting payments of any type, Coforge said in a statement on Monday.

Transcard said it offers SMART Suite, a cloud-native platform that supports any digital payment method for any business application. SMART Suite offers insurers pre-configured payment solutions for applications such as premium collections, property and casualty claim pay-outs, and lienholder payments.

"Transcard is excited to announce this partnership with Coforge and we look forward to helping insurers and other organisations digitise and simplify their payments to achieve better business outcomes," said Transcard Chief Executive Officer Greg Bloh.

According to Coforge, digitising the disbursement and collection of payments enables insurers to significantly reduce transaction processing costs, decrease the possibility of policy lapses through accelerated payments, deliver a better experience for policyholders and claimants, and improve visibility and control over payments.

Rajeev Batra, Executive Vice-President and Head of Insurance, Coforge, said, "We are delighted to partner with Transcard. The advancement of real-time payments and the need for faster settlement has provided tremendous opportunities for insurers."

He further added, "In the commercial insurance space, payment modernisation will help carriers to manage liquidity, ability to adopt multi-message formats, global clearing, frictionless payments, and reconciliation."

( With inputs from ANI )