Checkbook, a trailblazer in digital payments, is thrilled to announce its acquisition of sureti, a cutting-edge digital payment solution dedicated to transforming the distribution of insurance claim proceeds. This strategic acquisition positions Checkbook at the forefront of the insurtech revolution, delivering faster, smarter, and more secure payment solutions for insurance companies and their customers.
By integrating sureti’s robust vendor network and innovative fund control mechanisms, Checkbook is set to redefine claims payment workflows. The synergy between the two companies promises to solve one of the insurance industry’s most persistent challenges: slow and cumbersome payment processes that delay restoration work and inflate costs.
sureti has been on a mission to revolutionize claim payments, with a firm belief that restoration contractors are often building slowly because they are being paid slowly – a cycle that costs carriers billions in increased loss-of-use expenses. Traditional paper claim checks, with mortgage lenders as payees, have created bottlenecks that negatively impact all stakeholders: carriers, contractors, policyholders, and lenders alike.
“The legacy model was overdue for disruption, and we take pride in leading the charge to solve these claims-related payment challenges,” said Whatley, founder of sureti.
sureti’s groundbreaking approach allows vetted restoration contractors to be paid ahead of work completion – a bold departure from industry norms that addresses widespread contractor cash flow issues. This innovative payment process also reduces the risk of omitting lenders from large-loss claim payments while maintaining integrity and control through sureti’s underwriting mechanisms.
Since its inception, sureti has exclusively relied on Checkbook’s digital endorsement technology to streamline multi-party payments. With the integration of their tech stacks, customers can expect enhanced security, performance, and an unrivaled user experience.
“By joining forces with sureti, Checkbook has tackled the ‘last mile’ problem in claims payment distribution, allowing large claim proceeds to reach the right hands quickly and efficiently – without requiring lien holders to slow the process,” said PJ Gupta, Founder of Checkbook. “This is more than an acquisition; it’s a transformation for the insurance industry. We’re cutting large-loss cycle times, reducing administrative costs, and delivering peace of mind to all stakeholders.”
Gupta added, “If there ever was a perfect marriage between an insurtech pioneer and a fintech innovator, this is it. Our partnership is a testament to a shared vision of modernizing claims payments, and we’re excited to continue reshaping the future of insurance payments together.”
Together, Checkbook and sureti are poised to lead the charge in modernizing the property insurance ecosystem, delivering faster payments, better outcomes, and billions in savings for carriers and policyholders alike.
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