Checking Out: Emerging Digital Innovations in P&C Claim Payments

Digital claim payments have emerged as a panacea for carriers concerned about costs and for payees who want to get funds faster: Aite Group report

Boston, MA (July 16, 2019) – The act of paying an insurance claim has been an afterthought for property and casualty insurance carriers, most of which send physical checks or have local adjusters cut checks and deliver them to payees. But given shifting consumer preferences and the availability of newer technology, carriers have several innovative digital claim payment options at their disposal.

Can carriers use these innovations to enhance policyholders’ claim experience, deepen their satisfaction, and even increase policyholder retention?

Aite Group’s latest report, Checking Out: Emerging Digital Innovations in P&C Claim Payments, examines the environment for P&C insurance claim payments, which methods are being employed, what policyholder needs are with regard to claim payments, and what emerging options are available to pay claims.

Payment method usage for claim disbursements, 2017-18 (Aite Group)

“Gauging comparability between paper checks and digital payments is not an exact science, but the directional comparisons are pretty clear—when it comes to immediacy, operational efficiency, and perhaps most importantly, choice, digital payments are far superior to paper checks,” states Jay Sarzen, senior analyst at Aite Group.

This report explores the various digital claim payment options available to P&C carriers and profiles solutions from ACD, ACI Worldwide, The Clearing House, Commerce Bank, Cover Genius, Dream Payments, Fiserv, Ingo Money, InsurCard, InsurPay, Jack Henry & Associates, Mastercard, One Inc., Pay.claims, and Prelude Software. It is based on 18 interviews with executives at carriers and payments vendors based in the United States and Canada between January and June 2019.

Click here for the online report summary or to download the table of contents.

This report explores the various digital claim payment options available to P&C carriers and profiles solutions from ACD, ACI Worldwide, The Clearing House, Commerce Bank, Cover Genius, Dream Payments, Fiserv, Ingo Money, InsurCard, InsurPay, Jack Henry & Associates, Mastercard, One Inc. Systems, pay.claims, and Prelude Software. It is based on 18 interviews with executives at carriers and payments vendors based in the United States and Canada between January and June 2019.

This 46-page Impact Report contains six figures and seven tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.

Source: Aite Group

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