Digital payment company Checkbook announced the acquisition of sureti, a digital payment solution dedicated to transforming the distribution of insurance claim proceeds. This strategic deal positions Checkbook at the forefront of the insurance-tech revolution, delivering faster, more innovative, and more secure payment solutions for insurance companies and their customers.
By utilizing sureti’s robust vendor network and innovative fund control mechanisms, Checkbook is set to redefine claims payment workflows. And the synergy between the two companies promises to solve one of the insurance industry’s most persistent challenges: slow and cumbersome payment processes that delay restoration work and inflate costs.
sureti aims to transform claim payments, firmly believing that restoration contractors often build slowly because they are being paid slowly. This cycle costs carriers billions in increased loss-of-use expenses. And traditional paper claim checks, with mortgage lenders as payees, have created bottlenecks that negatively impact all stakeholders: carriers, contractors, policyholders, and lenders.
sureti’s approach enables vetted restoration contractors to be paid ahead of work completion – a bold departure from industry norms that address widespread contractor cash flow issues. And this innovative payment process also reduces the risk of omitting lenders from large-loss claim payments while maintaining integrity and control through sureti’s underwriting mechanisms.
Since its founding, sureti has exclusively relied on Checkbook’s digital endorsement technology to streamline multi-party payments. And with the integration of their tech stacks, customers can expect enhanced security, performance, and an unrivaled user experience.
KEY QUOTES:
“The legacy model was overdue for disruption, and we take pride in leading the charge to solve these claims-related payment challenges.”
– Mark Whatley, founder of sureti
“By joining forces with sureti, Checkbook has tackled the ‘last mile’ problem in claims payment distribution, allowing large claim proceeds to reach the right hands quickly and efficiently – without requiring lien holders to slow the process. This is more than an acquisition; it’s a transformation for the insurance industry. We’re cutting large-loss cycle times, reducing administrative costs, and delivering peace of mind to all stakeholders.”
“If there ever was a perfect marriage between an insurtech pioneer and a fintech innovator, this is it. Our partnership is a testament to a shared vision of modernizing claims payments, and we’re excited to continue reshaping the future of insurance payments together.”
– PJ Gupta, Founder of Checkbook
