One of the main demands of insurance consumers, instant claims payments are on the way to becoming a reality in the world. However, this depends on the existence of a real-time value transfer infrastructure in the country, such as Pix in Brazil, brings Valor Econ\u00f4mico.<\/p>\n
In the US, payments are made through credit card networks and through the infrastructure of financial institutions, in addition to the possibility for the customer to choose digital platforms such as PayPal and Venmo, as explained by the CEO of payments insurtech One Inc., Ian Drysdale, during a panel on payments at InsurTech Connect (ITC), in Las Vegas, this Wednesday (21). The expert also mentioned the future FedNow, which will be the American version of the Brazilian Pix.<\/p>\n
At the same event, the partner and executive director of partnerships in the payments area of \u200b\u200bJ.P. Morgan, Ray Nazloomian, stated that \u201cabout 70% of insurance customers would switch brands if they could have a faster digital experience in receiving claims.\u201d According to the expert, the possibility of making payments in real time exists for both insurtechs and incumbent insurers.<\/p>\n
Liberty insurer’s experience shows that it is important to offer options to the customer as to how he wants to receive the value.<\/p>\n
The CEO of One Inc. added that insurers live in the same world as digital companies in various industries. \u201cSo consumers want experiences that are like the ones they have with Netflix or Amazon,\u201d he said. \u201cThat means being able to work in this world,\u201d he added.<\/p>\n
Part of that experience, said Drysdale, is offering multi-channel payments. \u201cGlobally there is a shift towards real-time payment systems. The insurance has to be able to pay the claim in less than 24 hours and even minutes.\u201d<\/p>\n
According to him, this type of solution involves the possibility for the customer to choose how and where he wants to receive the money. \u201cInsurers need to be able to send the claim to a debit card account, but also to credit cards or digital wallets,\u201d he said.<\/p>\n
According to J.P.Morgan’s Nazloomian, even companies with very old legacy systems are able to implement instant payment solutions. \u201cCompanies just need APIs [protocols for connecting applications and systems],\u201d he pointed out. \u201cBanks and payments companies have focused a lot in recent years on developing an ecosystem of APIs and it is really important to make these platforms easy to connect, whether for insurtechs or large insurers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
One of the main demands of insurance consumers, instant claims payments are on the way to becoming a reality in […]<\/p>\n","protected":false},"author":1,"featured_media":3722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[149],"tags":[],"class_list":["post-5035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-clipping"],"acf":[],"yoast_head":"\n