The digitization of our world is reshaping consumer expectations. People don't just want simplified, digital solutions for everyday services. They expect it. And while innovation is evolving many consumer and business interactions, some processes, such as insurance claims payment, remain mired in paper. Making the move to digital disbursements can increase efficiency while boosting customer satisfaction. Nearly half of disbursement payments across industries are made by checks today, which can be an expensive and slow process. In addition, this does not align with the lifestyles of consumers, most of whom are ready to leave checks behind. According to a recent Expectations & Experiences survey conducted by Fiserv, 68% of consumers prefer to receive insurance payments electronically. Simply put: The process of paying insurance claims by check — which often includes a cumbersome paper trail process, weeks of waiting for reimbursement and multiple phone calls between insurers and claimants — goes against the grain of customer preferences. Digital disbursement solutions allow insurance companies to meet expectations for how and when people want and need to be reimbursed. Organizations that employ these solutions can foster customer loyalty, create efficiencies and save money with payment capabilities that align with today's fast-paced digital lifestyles. Forward-thinking insurance companies are implementing digital disbursement solutions to deliver fast, secure and simplified payments. With this in mind, here are five things to consider when evaluating a move to digital disbursements in the slideshow above. Related: |

• Why insurance agents should adopt electronic payments
• Paper or plastic? Changing the way carriers pay
• What to consider when picking a digital claim-payment partner

Deva Annamalai ([email protected]) is the head of payment strategy solutions consulting at Fiserv. The views expressed here are the author's own.