The heat of summer is kicking in around the U.S., and the temperature is rising, too, in the digital transformation in one area of the market: digital outbound payments in claims.
Since February, the pace has accelerated beyond what we even thought fathomable. COVID-19 has been horrific, but it has brought clarity about the areas that are urgently in need of digital transformation.
SMA recently published findings from our latest market pulse survey, titled P&C Tech Plans in the COVID-19 Era. The report reveals that fully 81% of personal lines insurers and 57% of commercial lines insurers are investing in digital payments.
In January 2019, I wrote that this area was positioned to explode. The focus on enhancing the customer experience was pushing P&C insurers forward. The digital payment process possessed the potential to provide operational improvements, especially in efficiency. The flexibility around payments became the target of many critical initiatives.
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Fast forward to May 2020. When we went into lockdown, we quickly realized which activities required intervention – those that required people coming into the office to print paper checks to be sent to customers and third parties. It becomes obvious that this is low-hanging fruit, and a plethora of vendors have solutions in the market today.
Join SMA and TDI on July 15 for a first-of-its-kind industry event that showcases the capabilities of digital payments and how vendors are bringing these capabilities to life.
