​Embedded insurance insurtech partners with HSBC and Numeral to improve claims payment process

Embedded insurance insurtech Qover has teamed up with HSBC Innovation Banking UK and payment technology provider Numeral to improve its claims payout experience.

Qover operates a platform-as-a-service, which provides artificial intelligence (AI) enabled claims and associated support services. It also offers an embedded insurance proposition, which it launched in June 2024.

The insurtech’s recent collaboration taps into Numeral’s payment technology and HSBC Innovation Banking’s account services, to bolster the efficiency, speed and reliability of Qover’s claims payment processes.

Ed Ackerman, chief customer officer at Qover, explained: “When claims are paid, customers benefit from the safety net an insurance policy provides.

”At Qover, we see the claims journey as the moment of truth for customers. We therefore decided to fundamentally reshape the claims experience, leveraging artificial intelligence at key stages, such as claim submission and review.

“By integrating with HSBC Innovation Banking UK through Numeral’s application programming interface (API), we can automatically initiate claim payouts as soon as they are approved and track these payouts in real-time.

”Customers receive their payouts much faster and Qover’s operations have been streamlined.”

Improving processes

The partnership will see Qover integrate with HSBC Innovation Banking UK’s cash management infrastructure via Numeral’s API – this means the insurtech will be able to send and receive UK Bacs, Clearing House Automated Payment System (CHAPS), Faster Payments Service (FPS), Single Euro Payments Area (SEPA) and Swift payments.

It will also have real-time access to account balances and transaction data.

Hugo Pires, director, global treasury and payments advisor (fintech) at HSBC Innovation Banking UK, said: “It’s great to see how our innovative clients, like Qover, can use [our infrastructure] to [its] advantage to streamline processes and improve customer experience.”

Édouard Mandon, co-founder and chief executive at Numeral, which has fintech and insurtech clients across the UK and Europe, added: “Innovative companies [that have] payments [at the] core [of] their products often struggle to find banking partners that understand their unique needs.

“This is why we are thrilled to collaborate with HSBC Innovation Banking UK, to bring together our unique expertise and offer joint customers an out-of-the-box integration.”