Payments At The Speed Of Light

While the processing of inbound and outbound payments in insurance isn’t exactly known for its speed, there are significant advancements being made by both insurers and solution providers to hasten delivery of payments and expand payment options.

A digital interaction actually happens at the speed of light – it is immediate and, being digitally based, can be controlled precisely.

Insurers are now looking at sending invoices to their policyholders in the method of the policyholder’s choosing – email, SMS or even a digital wallet. The consumer can now start to change the method of payment in real time.

Consumers also want their money delivered at the speed of light, but outbound payments are still generally made by check.

Recently, SMA held an Insights to Solutions virtual event that focused on the transformation underway in the Digital Payments space. Of the insurers registered for the event, a resounding 83% stated that improved customer experience is a key motivator as they look to adopt digital payments.