Commerce Bancshares
50 Case Studies
Case Study: Missouri Farm Bureau Insurance speeds claims payments with Commerce Bank's PreferPay solution
A Commerce Bancshares Case Study
Farm Bureau affiliates discover a better way to pay insurance claims.
Missouri Farm Bureau Insurance, a customer of Commerce Bancshares, faced the challenge of paying insurance claims in a slow and inefficient manner. Their traditional method of issuing bank drafts meant claimants had to wait several days to access funds, which was not ideal for people who needed money immediately after a loss.
Commerce Bank developed an innovative digital payment solution called PreferPay through its CommercePayments product set. This online portal allows claimants to choose their preferred payment method, with funds sent to a debit card arriving within minutes. The solution significantly improved back-office efficiency and customer satisfaction. For Missouri Farm Bureau Insurance, 75% of payments to individual claimants are now completed digitally, with direct-to-debit being the most popular option.
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