Disbursement Tracker – June 2018
June 24, 2018
How can push payments make the “last mile” of insurance claims more efficient?
“The insurance industry has recently adopted a range of tech-based innovations, from smartphone photo claims to new models for pricing insurance by usage. But, like many industries, insurance has also been hampered by a ‘last mile’ problem that relied on outdated payment instruments like paper checks and ACH to disburse funds to customers.
Consumers are increasingly saying ‘no’ to these slow and expensive payment methods. In fact, a recent J.D. Power survey found that 58 percent of policyholders felt claims payment took longer than expected. That’s why innovative insurers are turning to push payments to digitize the last mile, and earning customer loyalty and saving money in the process. Even insurance support services now offer turnkey integrations to instant payment capabilities — much like our deal with Prelude Software — to facilitate this transformation for insurers.
Through push payments and instant money services, insurers can instantly fund ready-to-spend claims payouts directly to a policyholder’s preferred financial account. Not only does this fulfill the promise of insurers to help customers get back on their feet as quickly as possible, but this powerful mix of choice, convenience and confidence in payments can differentiate insurers from their competitors. It can also contribute cost and time savings to an insurer’s bottom line.
A number of other industries like lending, treasury banking, retail and travel are driving toward this same digitization of last mile payments. As we hit critical mass in many of these sectors, we will realize the full potential of the instant money economy.”
CEO at Ingo Money
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- Disbursements Trackers
Table of Contents
- WHAT’S INSIDE
The latest developments in disbursements, including a new partnership to improve the last mile in insurance claim payouts and how the insurance industry is well positioned to #KillTheCheck
- FEATURE STORY
Accruit CEO Brent Abrahm and TruckTractorTrailer CEO John Gillie on how digital escrow tools are working to strengthen confidence in big-ticket eCommerce transactions
- NEWS AND TRENDS
The growing gig economy means companies are under greater pressure to deliver payments using the methods its workers prefer. See this and more of the latest developments from ADP, Visa, PayPal and others.
- DEEP DIVE
Consumers want to receive their goods on time. The drivers who transport such products across states and navigate city traffic to delivery them want to be paid on time, too. This month’s Deep Dive looks at the mobile apps changing how quickly freight drivers get paid for their work.
- PROVIDER DIRECTORY
The top companies in the market based on the services they provide, including networks, enabling platforms and point solutions, among others
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