Cover for the PYMNTS and The Clearing House July 2023 Report “Corporate Changes in Payment Practices: A Deep Dive Into the Insurance Industry”

A Deep Dive Into the Insurance Industry

FinTech Partnerships Surge as Insurance Firms Adopt Real-Time Disbursements

Is speed set to redefine insurance industry disbursements? PYMNTS’ latest study of 125 insurance execs, “Corporate Changes in Payment Practices: A Deep Dive Into the Insurance Industry,” a collaboration with The Clearing House, reveals that about half of those not using real-time payments to pay insurance claims are planning to adopt them, potentially pushing the share of adopters to 91% by 2024.

Inside the July Playbook

  • 68%: Portion of insurance firms planning to ramp up real-time payments for inbound transactions that cite speed as a reason for doing so
  • 64%: Share of insurance firms gearing up to introduce additional B2B payment features in the next 12 months
  • 82%: Portion of small insurance firms citing implementation costs as the primary barrier to adopting real-time payments

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