VPay, a leading turnkey claim payments platform, today released the results of its survey on consumer expectations for claim payment from insurers. The survey of 502 consumers who had filed an insurance claim in the past three years was commissioned by VPay and conducted by Engine Insights. Nearly 60% of those surveyed said they received their last claim payment by paper check. For more than half of these consumers, paper-based payment took four days or longer to receive.
The survey found that consumers are willing to change insurers to decrease the time it takes to receive claim payment. More than half of respondents (53%) said they would be willing to switch insurers to gain access to instant claim payment. That percentage rises to more than 90% of Gen Z and 68% of millennials. Additionally, more than 95% of respondents indicated that the benefits associated with digital payment (ease, convenience and speed of payment) impacts their satisfaction with their insurer.
“Now more than ever, consumers are seeking faster access to claim payouts and the latest digital advances to support cash flow at times when they need it most,” said Jeff Brown, president of VPay. “While the COVID-19 pandemic further underscores the value proposition of electronic payment, our survey found that consumer demand for real-time payments was already high. The impact the pandemic has had on the economy will only accelerate these movements and expectations, and forward-thinking insurers are wise to firm up digital payment strategies to support customer acquisition and retention.”
Additional key findings include:
- Ease, convenience, speed and access are top of mind. The overwhelming majority (97%) said that ease and convenience, speed of payment and ability to access funds quickly impacted satisfaction with their insurer.
- Instant or same-day payment is especially important. More than two-thirds deemed having instant or same-day payment as somewhat or very important to their claim experience—including 82 percent of millennials and 81 percent of Gen Z.
- The ability to choose is paramount. Survey respondents also indicated that having options to choose from in how they receive claim payment is important – 82% said that it is very important or somewhat important to them.
See the full report at: https://www.vpayusa.com/resources/#white-papers.
The survey was commissioned by VPay and conducted by Engine Insights from January 29 to February 3, 2019. Engine Insights surveyed 502 people ages 18 and older living in the U.S. To qualify for the survey, respondents had to have filed an insurance claim in the past three years.
VPay® delivers better claim payment experiences. Offering the insurance industry’s only total payment solution, the company equips insurers with configurable, next-generation digital solutions that streamline every aspect of the payment process. Workers’ compensation, auto and property insurers, health plans, dental plans and third-party administrators trust VPay to design solutions that reduce costs, drive higher epayment adoption, boost efficiency and improve retention by increasing payee satisfaction.
By replacing checks with fast and secure electronic payments and remittance advice, VPay simplifies the reconciliation process while also eliminating processing and management costs. The company’s proprietary, best-in-class software; patented claim payment technology; decades of financial and insurance payment expertise; and commitment to developing breakthrough payment technologies have made it an established industry leader. For more information, visit www.vpayusa.com.