The Challenge for Insurance Companies

The Challenge for Insurance Companies

Small Insurers Lag in Adopting Real-Time Payments, But Plan a 2024 Catch Up

Although just 33% of smaller insurers are using real-time payments, many are looking to join the bandwagon as soon as next year. PYMNTS’ latest study of 125 insurance executives reveals that firms are embracing real-time payments for faster transactions and stronger partnerships. Read more in “Corporate Changes in Payment Practices: The Challenge for Small Insurance Companies,” a collaboration with The Clearing House.

Inside the August Data Brief

  • 82%: Portion of smaller firms not currently using real-time payments due to higher costs associated with implementing them
  • 90%: Share of large firms likely to turn to FinTechs for real-time payments solutions, compared to 77% of small insurance companies
  • 55%: Portion of small insurance companies likely to partner with third-party processors for real-time payments innovations

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