Insurance companies offer peace of mind.  

With such an intangible product to sell, consumer trust is essential to their business. Just like online shoppers, insurance customers strongly value the quality of their experiences as well as the total transparency within the journeys they go through. 

What do insurance customers want? Prompt reimbursements!

Coping with adversities, such as financial losses as a result of an incident, the typical insurance customer is somebody who might not always be in a position to pay upfront for all costs for repairs, medical expenses, or any assistance, for instance. In dire situations, availability of funds can really make the difference between a happy ending and a tragic finale. 

Hence, insurers and insurance brokers have a huge opportunity in front of them as they can decide to provide a much greater value than their competitors by offering instant relief to their claiming customers in the form of Instant payouts

Being recognised as a fair and trustworthy insurer that needs moments rather than days or weeks to process a reimbursement would provide a massive advantage for consumers to keep at the forefront of their minds when deciding which company to entrust (and return to). 

What do insurers want? An efficient way to avoid fraud. 

To be able to send a money transfer insures must verify the customer’s bank account to make sure that the funds are sent to the right recipient. Besides involving more administrative (and possibly manual) work for the insurance company, this leads to mistakes, creates openings for fraud attempts, and taints the customer experience with tedious tasks and long processes to stand. 

Instead, Instant payouts allow reimbursements to be sent directly from the insurer’s bank account to the customer’s, who authorises the transfer of funds and verifies the ownership of the receiving account (through Strong Customer Authentication) in real-time and with the click of a button Thanks to this strong securing the risks of fraud become non-existent. 

Besides upgrading the customer experience, Instant payouts help insurers to increase transparency and annihilate fraud while entirely streamlining their processes.

More on payouts.

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Nicola Spera | CBO

A jack of all trades with a passion for usability, fresh pasta and breezy payment flows.

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