What Public Adjusters Need to Know About Claim Wallets
On a multi-party property claim, the insurance check names several people, and each of them is owed a share. A claim wallet is how iink handles that last step: once the check clears, funds are transferred to each party. This guide explains what a claim wallet is, what it changes for a public adjusting firm, and what to confirm before you rely on one.
What is a claim wallet?
A claim wallet is where claim proceeds are distributed. Each party on a claim has a wallet, iink splits the claim payment and transfers funds to each party, and each party can then transfer their funds to their bank account. It is built for multi-party property claims, where a check can name a contractor, a public adjuster, an attorney and a mortgage company.
Why do claim funds get stuck?
Most delays come from handoffs, not from the claim itself. Common sticking points for public adjusting firms include:
- Collecting signatures from every payee on the check.
- Satisfying the mortgage company's requirements, which vary by servicer and by whether the claim is monitored.
- Not knowing which step a payment is waiting on, so clients keep calling for status.
- Waiting to find out when your own fee will be available.
How does a claim wallet help a public adjusting firm?
It gives every party the same record of what has been paid and what is still pending. Your firm can answer "where is my payment?" from one place instead of from scattered calls and email threads. When the check clears, iink transfers funds to each party, including your firm's fee, so no one has to split a deposit by hand.
How do transfers to a bank account work?
After funds reach a party's wallet, that party can transfer them to their bank account by standard ACH or, where available, by instant RTP transfer. Standard ACH transfers are free. Instant transfers carry a fee that is listed in iink's pricing. Transfer speeds for instant transfers depend on the receiving bank.
How are claim funds protected?
iink is a financial technology company, not a bank. Claim funds are held in a custodial account at iink's bank partner, Member FDIC, for the benefit of iink customers until they are paid out. iink is SOC 2 compliant, and accounts require multi-factor authentication and identity verification at signup. When a bank account is connected, iink uses Plaid to confirm it belongs to the account holder before sending funds to it. A claim check cannot be released until every payee named on it has signed, and every party on the claim sees the same status in real time.
What should you confirm before using one?
- Your fee and the amounts for each party. Agree these with your client in writing before any funds are transferred.
- Whether the claim is monitored. Monitored claims can require a hand-signed check and staged releases tied to repair progress.
- Who is iink Verified. Claim-related requests and payments are currently available only to iink verified customers.
- How your client will receive updates. Decide who explains each pending step so clients are not surprised.
Frequently asked questions
Is a claim wallet a bank account?
No. iink is not a bank. A claim wallet shows each party's funds and status for a claim, and funds are transferred to the party's own bank account.
Can my fee be transferred directly to my bank account?
Yes, once the check clears and funds reach your wallet, you can transfer them to your bank account. Confirm the agreed amounts and authorizations with your client first.
Does a claim wallet guarantee a payment date?
No. Bank review, check clearing and the mortgage company's release conditions still apply. iink checks clear on a risk basis, as fast as 1 business day, and every party can see the current status.
To see how this fits your firm's process, visit the public adjusters page or request a demo.