Trulydata will include the Acclaim payment system within its three insurance administration platforms.
Acclaim’s global payment capabilities are now embedded directly within Trulydata’s Care, Invest, and AMS platforms.
The firms said this would give Trulydata clients a single, pre-integrated layer for premium collection, agent commission payouts, claims disbursements, and surrenders across more than 200 countries.
They added that the combined platform brings “unified payment infrastructure to carriers, MGAs, TPAs, and agencies across North America, Latin America, and Europe”.
Trulydata clients will have access to the capabilities now which include real-time payment visibility for distribution partners, providers, and members, while payment events will be triggered automatically by policy activity in the platform.
Payment processing costs should also be reduced by consolidating onto a single infrastructure for more than 65 instant payment methods, they added.
The firms said for international health, travel, and cross-border life and investment insurers, fragmented payment infrastructure is one of the biggest hidden costs in the business.
They noted that a range of issues including separate gateways, processors, and banking relationships for every market could be the source of significant issues.
“International insurers have been stitching together payment vendors for decades, and it’s costing them clients, agents, and margin,” said Acclaim CEO Jared King.
“Trulydata’s clients can now access everything they need — premium collection, commission payouts, claims, surrenders — through one layer, already connected to the platform they run on.
“That’s a different category of solution than anything else available to this market.”
Trulydata CEO Jesus Delgado (pictured) added: “Our clients operate across borders, currencies, and regulatory environments that most platforms simply weren’t built for.
“Acclaim solves the payment piece the same way we solve the administration piece — by actually understanding how international insurance works.
“Together, we’re giving carriers, MGAs, TPAs, and agencies the infrastructure they need to scale without the operational drag that typically comes with it.”
