Payments Innovation Is Key To Shortening The Insurance Claims Lifecycle (PaymentsJournal)

Payments Innovation Is Key To Shortening The Insurance Claims Lifecycle

  Monday, October 18th, 2021 Source: PaymentsJournal

The insurance industry is full of metaphorical dinosaurs. Despite overseeing a whopping $3 trillion in claims payments per year, it overwhelmingly relies upon outmoded payment methods like checks, which are slow, lack transparency, vulnerable to fraud, and therefore prove ten times more expensive for insurers to manage than digitized payments.

It’s no secret that consumers hate waiting and confusion—feelings that become especially acute when they need to pay for necessities under stress.

If a flood destroys the flooring of your home, that event triggers a laborious construction project, but also a more complex process to get your insurance provider to pay for it.

While the claim is going through the system for up to six to eight weeks, the insured could be spending thousands of dollars on temporary accommodations.

A faster claims lifecycle must fight a myriad of bottlenecks: adjusters are used to sending payments by checks; financing partners, such as mortgagees and lienholders, often need to approve payments; third-party vendors are typically needed to remedy damage, so they are involved in the payment workflow as well.

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