PNC Bank Expands Treasury Management Capabilities with New Property and Casualty Insurance Payments Solution

PNC Bank today announced the expansion of its Treasury Management insurance payments offering to support property and casualty insurance payments. This offering helps insurers streamline complex, multi-party claims payments with greater speed, flexibility and transparency.

The enhanced solution builds on PNC’s existing Claim Payments & Remittances (CPR) platform, which has supported healthcare-related insurance payments since 2018. Through a continued collaboration with ECHO Health, Inc., PNC is extending those proven capabilities to meet the distinct needs of property and casualty insurers.

“Insurance payments don’t follow a one-size-fits-all model, especially in property and casualty claims,” said Tom Lang, head of Treasury Management Product Operations at PNC Bank. “By combining ECHO’s best-in-class claims technology with PNC’s payment rails, we’re providing insurers a more efficient way to deliver payments and remittance details to every party involved in a claim — from policyholders to body shops and contractors.”

Property and casualty claims often involve a broad network of recipients, including individual policyholders. These recipients may have different preferences and requirements for how they receive payments and related information. PNC’s expanded CPR solution enables insurers to:

• Deliver payments to both businesses and individuals
• Support multiple electronic payment methods, including instant payment options
• Provide remittance details in formats tailored to each recipient’s needs
• Manage payments for both medical and non-medical claims through a single platform

“ECHO has long helped insurers simplify claims payments, and our work with PNC extends that value even further,” said Tom Davis, chief strategy officer for ECHO Health, Inc. “Together, we’re enabling insurers to deliver faster, more transparent payments while maintaining the control and reliability they expect from a leading financial institution.”

PNC’s property and casualty insurance payments solution is designed for large national and regional insurers, including those managing high-claim volumes and complex vendor networks. By offering an alternative backed by a regulated financial institution, PNC provides insurers with greater choice and confidence in a market traditionally served by a limited number of providers.