NEW REPORT: Can Disbursements Give The Insurance Industry An Innovation Adjustment?

New disbursement tools appear to be ready to hit the road. But are payment disbursers (and their financial partners) prepared to put them in the driver’s seat?

June’s PYMNTS.com Disbursements Tracker, powered by Ingo Money, follows the latest trends and developments on how disbursements are shifting old business habits and reshaping different industries and the challenges involved with getting companies to adopt new payment solutions.

Around the World of Disbursements

From insurance companies to credit unions to gig workers, disbursement tools are demonstrating their potential to disrupt conventional business operations across multiple industries.

In the financial industry, banks and credit unions are exploring how new disbursement tools could improve services, such as access to real-time payments. One such effort to help banks with real-time payments is being made by IT consulting firm Icon Solutions, which is partnering with The Clearing House to help financial institutions gain access to TCH’s Instant Payments Framework to allow banks to prepare for real-time payments. Meanwhile, in an effort to grow its ranks, Corporate One Federal Credit Union recently formed a partnership with payment technology firm D+H to allow credit union members to gain access to a testing environment for real-time payments.

Disbursement tools are also showing promise as a way to invigorate and address some of the biggest headaches encountered with getting insurance claims. For example, Cambia Health Solutions integrated Visa Direct technology into its payment platform to deliver health care reimbursements sent directly to subscriber’s debit cards. Visa’s research indicates 89 percent of U.S. debit cardholders want to receive their reimbursements this way.

Tapping Payment Rails to Innovate the Insurance Industry

Health care is not the only type of insurance in which disbursement tools are making an impact. These solutions are offering providers of property insurance, such as home and auto, new ways to deliver funds quickly and directly to policyholders’ debit accounts instead of waiting by the mailbox for a paper check to arrive. For the June Tracker’s feature story, PYMNTS caught up with Lynn Cirrincione, director of cash and banking for Allstate Insurance Company, for a discussion about the company’s use of disbursement tools, how they’re both helping deliver claims faster and changing old perceptions about the insurance industry and the challenges involved in convincing payment partners to take a chance on the new solutions.

Find the feature story, a roundup of all the latest news and trends, and a directory of 36 providers – including 10 new additions – from around the digital Disbursements space, inside this month’s Tracker.

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About The Tracker

The PYMNTS.com Disbursements Tracker, powered by Ingo Money, is your go-to resource for staying up to date on a month-by-month basis on the trends and changes in the digital disbursement space.