Contents
- Checking the account before sending the reimbursement
- Less manual follow-up for the operations team
Learn how AXA uses Prometeo’s no-code Bank Account Verification to check beneficiary accounts before issuing reimbursements in Argentina.
For an insurer, approving a reimbursement is only part of the process. The funds also need to reach a valid bank account held by the intended beneficiary.
At AXA, a multinational insurance company, the reimbursements team in Argentina faced a recurring challenge: before introducing account verification with Prometeo, between 30% and 40% of reimbursement transactions were being rejected.
Each rejection created additional work. The team had to contact the customer, reconfirm their bank account details and wait for that information before moving forward with the payment.
Checking the account before sending the reimbursement
AXA incorporated Prometeo’s no-code Bank Account Verification into its claims process. Before a reimbursement is issued, the solution checks that the account exists, is open and belongs to the intended beneficiary.
This moves account checks to an earlier stage in the payment process. The team can verify the destination account before sending funds, rather than discovering an issue through a rejected transaction.
The no-code setup enabled the operations team to launch the solution without dedicated engineering resources, addressing an immediate need in its reimbursement workflow.
As AXA’s Reimbursements Team in Argentina explains:
“Before Prometeo, a failed reimbursement meant a phone call and a wait — now the account is validated before the payment ever goes out. It's given our operations team back the time they used to spend chasing down account details.”
Less manual follow-up for the operations team
The team’s experience shows the value of checking accounts earlier: spending less time contacting customers to retrieve or correct bank details after a failed payment.
The solution is live in Argentina, with expansion to Mexico planned. For AXA, incorporating verification into the reimbursement process provides information about the account and its holder before payment, while reducing the operational work involved in following up on bank details.
Looking to verify accounts and beneficiaries before issuing reimbursements? Schedule a call with the Prometeo team to explore how we can help.
