While 2022 was something of a banner year in that $1.37 trillion in insurance claim payouts were sent, and $277 billion — or 20% — went via instant payment rails, the most since 2018, there’s more in store when we break down data on consumer...
The auto claims payment process is ripe for a technology-led overhaul. “There are inefficiencies and manual processes, and the processes are not yet fully connected,” Kelli Svymbersky, vice president of sales and business development for payments at CCC, told PYMNTS. “There’s a tremendous opportunity to bring digital...
We’ve all gotten used to speed, to getting what we want on demand, through digital channels. In research done in collaboration between PYMNTS and Ingo Money, and as detailed in the latest installment of the “Disbursements Satisfaction Report” report titled “Instant Payouts Reach an Inflection...
Consumers’ need for speed when it comes to insurance payouts may be at odds with common practices in the sector. When consumers are owed money, whether gambling earnings or insurance payouts, they want to be paid as soon as possible. In fact, 68% of all consumers surveyed would choose...
What typically happens when consumers want a particular product or service, have expressed their strong desire for it, see other providers with similar capabilities offering it, but are told they can’t get it from their preferred provider? Many will take their business to where they...
Sports betting has always been big business in the U.S., although historically it has been mainly limited to shadowy corners of off-track establishments, bookies or casinos. However, the legalization of online sportsbooks has ushered the industry into the mainstream market, with a record 20% of...
Consumers in the United States frequently receive disbursement payments, whether it be Social Security payments, tax refunds, insurance claim payouts or bonus payouts. In the last year, 63% of consumers received a disbursement — and 68% want the choice to receive their disbursement payment instantly,...
ClassWallet’s digital wallet technology platform is now being deployed in early childcare and preschool markets. Already used for state agencies, family scholarships, private schools and K-12 school districts, the platform has entered these new markets with a contract in which it will be used by...
When consumers are given a choice, they usually choose to receive insurance disbursements via same-day account transfer or instant payment rails. It’s a finding that is consistent with the general need for speed when it comes to payments preferences. This is explored in the study Insurance...
