Paper checks are no longer the only option when it comes to paying policyholders for their claims. (Photo: Shutterstock)
No one likes to wait for payment when they're owed money — not vendors, insurers or policyholders. A new report from the Aite Group, Checking Out: Emerging Digital Innovations in P&C Claim Payments, finds that technology is giving insurers more options to make digital claims payments, and policyholders are embracing the change.
Today's consumers are familiar with using their cellphones to purchase insurance, file the first notice of loss, provide details to their insurance company and follow their loss through the claims process. It seems only natural that they would expect a digital payment process. According to the Aite study, 70% of consumers would or definitely would select an instant payment option for their insurance claims payments. They like the convenience and expedited payment process, and they believe that instant payments are a safe way to receive their funds.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
