Commerce Bank’s Digital Claims Payments App Now Available in Guidewire Marketplace

Guidewire Software, Inc. (NYSE: GWRE) and Commerce Bank (NASDAQ: CBSH) today announced that Commerce Bank’s new Ready for Guidewire-validated accelerator for ClaimCenter is now available to users in the Guidewire Marketplace.

PreferPay, the CommercePayments claims payment platform, enables insurers to move their claims payments to a digital-first approach. PreferPay handles digital payment processing for consumer, multi-party and vendor payments. Payees can choose the best payment method to fit their needs from several digital and traditional offerings, allowing insurers to give claimants faster access to their funds and increase policyholder satisfaction. For digital payment methods, payees access an insurer-branded, automated and mobile-friendly portal, alleviating the burden on adjusters to process payments and answer payment questions. With easily accessible digital payment methods that deliver their payment quicker, claimants are encouraged to opt for digital payment, helping to transition away from checks and reduce claims payment costs for insurers.

With the PreferPay app for ClaimCenter, insurers can:

• Quickly create and stop one-time and recurring single- and multi-party traditional claims payments;
• Easily attach relevant documents and remit data to payments; and
• View real-time payment status updates and payment history within ClaimCenter.

“PreferPay for Claims Payments is a reflection of Commerce Bank’s commitment to being an innovative, collaborative financial partner to our customers and solving real challenges,” said Jeff Burik, Executive Vice President, Director of Commercial Payments at Commerce Bank. “Our solution offers faster payments for payees, while reducing costs associated with checks and adjuster workload. We are excited to connect PreferPay with Guidewire to make these benefits even more accessible for ClaimCenter users.”

“We congratulate Commerce Bank on the publication of its digital payments app for ClaimCenter,” said Becky Mattick, Vice President, Global Solution Alliances, Guidewire Software. “Digital methods for claims payments are quicker and easier than checks for policyholders and insurers alike. Commerce Bank’s app seamlessly connects PreferPay and Guidewire, helping insurers transition their customer base to digital methods for claims payments.”