The Quick And Quiet Evolution Of Insurance Toward Instant Payments

September 9, 2019

Hurricane Dorian may be officially over, but for those in the Southeastern United States and the Bahamas, the rebuild is just getting started. According to the experts, the damage Dorian left in its wake was massive – and costly. Insurers estimate it will cost them as much as $25 billion.

Settling the tens of thousands of claims and paying out those funds to all the consumers and businesses who need them will present a series of operational challenges over the next several weeks and even months, Ingo Money EVP and CPO Lisa McFarland told PYMNTS in a recent conversation.

The “good” news, according to McFarland, is that this is hardly new ground for the insurance industry. Natural disasters and the crush of claims that follow is very much the cost of doing business for an insurer. “The challenge [insurers] face is finding better ways to disperse large sums on an emergency basis,” she said, adding that a further challenge is the sums of money required to rebuild areas that have been almost totally devastated.

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