5 reasons why insurers should modernize their claim payment process

In today’s competitive landscape, modernizing and digitizing claim payments is key to accommodating customer expectations. Our eBook explores why a digital payment solution should be a central focus for modern US insurance firms.

A digital payment solution can help firms meet the ever-changing expectations of their customers. As such, many modern insurance providers are under pressure to leverage digital capabilities across their end-to-end claim payment process.

Here are 5 compelling reasons you should look to modernize and digitize your claim payment process:

Keep up with changing demographics

Attracting new and future generations of customers requires insurers to implement modern ways of issuing claim payments. Most millennials are not familiar with paper checks; so, if insurers want their services to resonate with this demographic, utilizing digital payment methods such as PayPal is key.

Drive customer satisfaction

The competitive insurance market means customers will not settle for anything less than an exceptionally high level of customer service. So, to differentiate themselves from competitors, insurance firms need to focus on customer satisfaction. When customer trust is strong, firms will see financial, competitive, and reputational benefits.

Streamline claim payout processes and operations

Leveraging technology can help insurance companies save on administrative time and kick operations into high gear, enabling them to create dynamic interactions with their policyholders across all stages of the claim process. Automating and streamlining payment processes in this way also allows insurance firms to give time back to the consumer.

Reduce claim expenses and eliminate checks

Unnecessary steps in the claim process can be time-consuming, expensive, and potentially off-putting for customers. To mitigate this, insurance firms are increasingly turning to payment platforms that give policyholders the option to self-select their preferred claim payment method through web and mobile-first interfaces.

Deliver faster claim payment

In today’s world of hyperconnectivity, it’s not surprising that policyholders are more impatient than ever before. Digitized claim platforms speed up the payment process and provide increased visibility and transparency into the payment disbursement. In fact, by automating the claims process, companies can improve accuracy and reduce the usual time required to process claims by 50%.¹

Read our eBook to explore why now is the time to consider digitizing and automating your claim payment process