Chubb breaks new ground with ANZ, offering instant payouts via the NPP

Chubb Insurance partnered with ANZ to develop the solution, as part of their wider global transformation program to streamline treasury operations. The aim was to vastly improve the customer claims process by enabling straight-through processing, faster payments and simpler addressing with PayID. The solution has received multiple awards for its initiation and excellence in corporate treasury management.

“The ability to make faster and simpler claim payments creates a much better customer experience, particularly for people in urgent or emergency situations,” said Gerard Sitaramayya, Chief Financial Officer of Chubb Insurance Australia and New Zealand. 

“By using the NPP it means our customers can submit a claim and have it paid in near real-time, 24/7, 365 days a year. And the enriched data that can travel with that payment gives us much more efficiency and control, as well as faster reconciliation,” Gerard said. 

API connectivity fully integrates the solution with Chubb Insurance’s internal and customer facing web-based applications. Depending on the insurance type and/or amount, customers can use either a web-based self-service portal or raise a request over the phone with a claim examiner who can approve and process the payment in real-time. 

APIs provided by ANZ deliver the functionality to track payment status, allowing Chubb to notify the claimant in near real-time when the payment has been completed. With real-time information, the insurer’s staff can also now address failed payments immediately, rather than waiting for two or three days.  

Using NPP PayIDs protects sensitive customer information, reduces risks and accelerates the transition from cheques to electronic payments allowing claimants to receive payments quickly and easily. As well as efficiency gains and an improved customer experience, the new solution enables scalable automation and reduces paper, cheques and remittance related risks.  

Using API technology to access the benefits of the NPP means businesses can improve customer experiences without having to make major changes to their existing systems. It is a ground-breaking solution for the Australian insurance industry where established players have been hesitant to adopt new technologies due to legacy systems. 

Recognising this, the solution was recently awarded Best Payments and Collections Solution (Regional), The Asset Triple A Treasury, Trade, SSC and Risk Management Awards 2021 and Best AP Solution, Highly Commended Winner, Treasury Today Adam Smith Awards Asia 2020. 

Based on the success of this initial rollout Chubb plan to extend the use of NPP to other parts of Chubb’s operations. 

You can hear Gerard discuss the work to bring this solution to life with ANZ’s Global Head of Financial Institutions, Transaction Banking, Michael Lim, in an episode of the podcast NPP Soundbites here.