San Mateo, CA Jan, 13th – Checkbook , a leading digital payments platform, has acquired sureti, a digital payment solution specializing in the distribution of insurance claim proceeds. The acquisition underscores Checkbook’s keen interest in better serving their existing and prospective insurance company customers. By leveraging sureti’s vendor network and fund control mechanism, Checkbook aims to establish itself as the preeminent claims payment solution.
sureti’s mission is to deliver frictionless claim payments. sureti believes that restoration contractors are building slowly because they are being paid slowly, and those delays are costing carriers billions in increased loss-of-use severity. The property insurance ecosystem now recognizes that including mortgage lenders as payees on paper claim checks often leads to terrible outcomes for carriers, contractors, policyholders, and lenders. “The legacy model was ripe for distribution, and we see it as our responsibility to solve the claims-related payment problems,” says Whatley, Founder of sureti. By establishing digital payment rails to vetted restoration contractors, sureti is then equipped to economically underwrite the double indemnity risk associated with omitting the lender from large loss claim payments. Paying contractors slightly out ahead of them performing work is an unfamiliar pattern, but this refreshing approach is welcomed by restoration contractors as they have been experiencing widespread cash-flow issues principally caused when lenders are listed on paper claim checks.
sureti’s digital payment platform revolutionizes the insurance claims process by removing the lienholder and ensuring contractors are paid quickly and in full upon completion of the restoration. Property owners can now access a vast network of credible restoration contractors in their property’s vicinity when faced with property damage. Additionally, sureti facilitates direct payments to these contractors, further enhancing efficiency and convenience for all parties involved.
Since its inception, sureti has exclusively relied upon Checkbook’s digital endorsement of multi-party payments technology. As the two tech stacks merge, customers will benefit from improved security, performance, and overall user experience. “By joining forces with sureti, Checkbook has now solved the ‘last mile’ problem associated with distributing large sums of claim proceeds without needing to include the lien holder as a payee,” says PJ Gupta, Founder of Checkbook. This innovative approach to distributing claim proceeds results in an unparalleled reduction in large-loss cycle times while simultaneously reducing administrative costs for all materially interested parties.
“If there ever was a perfect marriage between an insurtech solution and fintech provider, this is it. This partnership is a testament to our shared vision for modernizing the claims payment process. We are excited about continuing to disrupt the insurance-centric payments market together.” said PJ Gupta.
About Checkbook
Checkbook is a digital payment platform that offers innovative and secure payment solutions for businesses and individuals. With a focus on simplicity and efficiency, Checkbook provides a range of services, including digital checks, ACH transfers, and real-time payments, all designed to streamline financial transactions and enhance user experience. For more information about Checkbook, visit checkbook.io. Follow us on LinkedIn, Facebook and X.
About sureti
sureti is a digital payments solution purposely built for property claim proceeds. sureti eliminates the need for mortgage lenders to be listed on multi-party paper claim checks and leverages geospatial capture data to substantiate the release of proceeds. Learn more at sureti.com. Follow us on LinkedIn, Instagram, YouTube, Facebook and X.
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