CLEVELAND, Nov. 30, 2017
/PRNewswire/ -- KeyCorp (NYSE: KEY) announced today its
strategic investment and partnership with Snapsheet, an innovator
of self-service claims solutions for insurance carriers. This
investment follows the joint launch and announcement of Snapsheet
Transactions, a payment platform on the back end of Snapsheet's
existing claims solution.
Snapsheet Transactions provides carriers with a payment hub that
features a variety of payment options, without adding complexity or
risk to insurance carriers' back-end processes. Key and Snapsheet
will continue to partner with each other to support the rollout and
execution of enhancements and innovations related to Snapsheet
Transactions.
This partnership marks the most recent in a series of
investments with emerging fintech providers, affirming Key's
commitment to bringing innovative solutions to market. Terms of the
investment were not disclosed.
"Insurance companies have traditionally been slow to adapt to
the growing expectations of choice, convenience and ease of use.
This partnership gives our clients a competitive advantage by
enabling them to handle claims faster and leverage Key's payments
platform to process transactions quickly and efficiently," said
Matt Miller, head of product and
innovation at KeyBank Enterprise Commercial Payments. "This
collaboration with Snapsheet exemplifies our model of partnering
with companies whose solutions align with our broader strategy of
delivering innovations that make our clients' businesses grow,
avoid risk and be profitable."
Snapsheet's cloud-based software is used by more than 60 of the
largest auto insurance providers to guide users through a photo-
and information-gathering process. On the back-end, Snapsheet helps
insurance providers virtually process claims without having to send
an adjuster to inspect a vehicle, and its mobile app and dispatch
platform help insurance carriers settle claims in hours instead of
days.
"Our technology is transforming the claims industry by focusing
on the customer-first experience, while simultaneously optimizing
operations," said Snapsheet President CJ Przybyl. "The partnership
with KeyBank broadens our platform and increases our capabilities
to seamlessly process both claims and payments swiftly and
effectively."
About Snapsheet
Snapsheet is the pioneering provider
of virtual claims technology to personal and commercial auto
insurance carriers. The Chicago-based company services major auto
insurance carriers through Snapsheet's Virtual Insurance Claims
Exchange platform, improving the estimation process for auto
repairs from virtual photo submission to final repairs and
payment. For more information, visit
www.snapsheetapp.com.
About KeyCorp
KeyCorp's roots trace back 190 years to
Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $136.7
billion at September 30, 2017.
Key provides deposit, lending, cash management, insurance, and
investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
more than 1,200 branches and more than 1,500 ATMs. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications and derivatives to middle
market companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com. KeyBank is Member FDIC.
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SOURCE KeyCorp