VPay, a leading turnkey claim payments platform, 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.
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“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”
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.”
