The State of Digital Payments in P&C Insurance

The Imperative for Carriers to Transform Transactions

Meredith Barnes-Cook, Partner
Heather Turner, Lead Research Analyst
Publication Date:
November 15, 2023
Number of Pages:
$1,495.00 USD

Across the board, consumers are increasingly demanding digital payment options. From tapping their phone to buy groceries and receiving a tax refund electronically via direct deposit, people expect a fast, easy, and secure payment experience. While many in the insurance industry offer a digital premium payment option, too many remain on the sidelines, especially when it comes to claim payouts, risking not only the loss of customers but also increased costs, inefficiencies, and the risk of check fraud. It is clear now more than ever that the imperative for P&C insurance to provide digital payments is here.

This new research report provides a comprehensive overview of the digital payment methods and capabilities insurance companies can leverage today. The report also offers a sampling of the vendor landscape, offering insight into the range of digital premium and claims solutions in the market. It concludes with our call to action for carriers on why now is the time to invest in digital payments.

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Table of Contents

  • The Digital Payment Imperative 3
  • Digital Payments: Methods and Capabilities 4
  • Bank Transactions
  • Prepaid Debit Cards
  • Digital Payments
  • Cryptocurrency
  • Payment Vendor Landscape for P&C Insurance 8
  • Premium and Claims Payment Vendors
  • Call to Action 15
  • About ReSource Pro Consulting 16
  • Use of Our Reports
  • About the Authors