At-Bay stands as the world's first InsurSec provider, blending top-tier insurance with cutting-edge cybersecurity to tackle digital risks head-on. As a full-stack insurance provider, they offer specialized coverage across Cyber, Tech E&O, and Miscellaneous Professional Liability domains. Their fresh approach gives businesses both prevention and protection in today's increasingly complex digital world.

• Managing multi-carrier claims payments is complex and time consuming as an insurer, creating headaches for finance teams when routing funds and generating reports.
• At-Bay turned to Modern Treasury for its flexibility, cost-effectiveness, and API integration capabilities. This would allow them to work with their preferred bank partners, expand their carrier partners, avoid transaction fees, and abstract away the complexity of building and maintaining their own payment infrastructure.
• By partnering with Modern Treasury, At-Bay streamlined their claims payments, improved reporting and auditability, and increased efficiency for the finance team.

As an insurance provider working with multiple partners, At-Bay navigates a complex financial landscape requiring precise fund management. Their claims payment process demands careful tracking to ensure money flows from the right carrier accounts to the correct recipients without delay.

Before Modern Treasury, At-Bay's team was dealing with largely manual work—extracting data from Excel, logging into various bank portals, initiating payments, and documenting everything in Netsuite.

"Our primary goal is to ensure that claims payments are made accurately and securely to the right people, especially during critical moments for our customers," explains Jacqueline Ryan, Senior Product Manager at At-Bay. "Given the complexity of our payment ecosystem, we needed a solution that could manage payments with the right metadata and ensure full reporting for our reinsurers and partners."

Rather than pouring resources into building and maintaining connections with multiple bankpartners—a daunting task for a growing company—At-Bay leveraged Modern Treasury to create a unified payment system.

The company now routes 99.9% of their claims payments through a single, API-driven interface that connects seamlessly with their existing claims management system. This integration reduced system sprawl and centralized payment data for better visibility.

"As a growing company, we needed a flexible solution that could scale with us," notes Ryan. "The cost and complexity of building an in-house system, especially with multiple bank integrations, made it clear that working with Modern Treasury, a partner who already had those capabilities in place, was the right choice."

The partnership with Modern Treasury has improved At-Bay's claims processing in three key ways:

Accelerated Payment Processing: At-Bay has slashed payment timelines from a standard three-day turnaround to next-business-day processing for most claims. In urgent situations, they can now use same-day ACH instead of expensive emergency wire transfers.

Better Reporting and Auditability: With a single source of truth for payment data, At-Bay has transformed their reporting. The finance team can quickly pull reports from Modern Treasury and easily reconcile transactions between their bank and ERP. The claims team can create custom reports for carriers and reinsurers and confidently verify claims payments were processed correctly.

Operational Efficiency: The new framework has dramatically reduced administrative burden across departments. The claims team maintains ownership of the payment process, while the finance team enjoys instant visibility into payment statuses without constant coordination. Best of all, the integration requires minimal technical maintenance, freeing up developers for other strategic projects.

"The biggest benefit of Modern Treasury is how little brain power we have to spend managing payments," Ryan emphasizes. "The platform provides instant visibility into payment statuses and eliminates the need for constant follow-ups and manual checks, which frees us up for more strategic work."

Building on their successful implementation, At-Bay is exploring new applications for their payment capabilities to support innovative security initiatives. Their forward-looking strategy aims to leverage enhanced payment infrastructure not just for processing claims, but potentially preventing them altogether.

At-Bay has shown remarkable agility. As they continue scaling their insurance operations and expanding security offerings, they're strategically enhancing their financial systems to become a leader in the InsurSec space.