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."
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.
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.