With Peak Hurricane Season Underway, Consumers Want More Options for Receiving Insurance Claim Payments Quickly & Securely, N...
July 08 2021 - 8:00AM
Business Wire
- Insurance companies must consider adding options for digital
disbursements to ensure payments quickly reach consumers in their
time of need
- Fewer consumers prefer to receive payments by check; direct
deposit to banks is most preferred method
- Checks getting lost in the mail is a top concern among
consumers
New data from ACI Worldwide (NASDAQ: ACIW), a leading global
provider of real-time and digital payments software solutions,
revealed that of U.S. adults who received a payment disbursement*
(including insurance claims), more than half (54%) did not have a
choice in how they received their payment, a significant disconnect
considering nearly half (48%) feel a choice in how payments are
received is either important or very important. Only 17 percent
prefer to receive payments through a check in the mail, while 35
percent prefer a direct deposit to their bank account if given the
choice.
Based on a sample of 1,188 U.S. adults, the survey also showed
more consumers who have received payments did so via a check in the
mail (31%), followed by direct deposit to their bank (21%) and
credit toward their debit card (14%). In addition, of those who had
issues receiving payments (23%), a check getting lost in the mail
(39%) was at the top of the list.
According to the study, of those who received an insurance claim
payment, 33 percent filed a claim for a natural disaster that
caused damage to their property.
“As we enter peak hurricane season in many parts of the country,
insurance companies are likely to see more claims for natural
disaster-related damage,” said Sanjay Gupta, executive vice
president, ACI Worldwide. “It is important for these companies to
ensure claim payments reach consumers quickly and securely.
Insurance companies should consider adding options for digital
disbursements to allow payments to quickly reach consumers in their
time of need.”
*Payment disbursement refers to insurance claims, and refunds
and rebates from a wide variety of billers; it does not include
income tax refunds or stimulus payments from the government.
Key Findings:
Consumer preference in receiving payments:
- Preferred methods for receiving payments among U.S. adults who
have received one include:
- Direct deposit to bank account – 35 percent
- Check in the mail – 17 percent
- Deposit in a digital wallet (e.g., PayPal, Venmo) – 17
percent
- Credit toward debit card – 13 percent
- Electronic gift card or code – 12 percent
- Physical gift card that was mailed – 4 percent
- Other – 2 percent
- These consumers’ choice of payment method depends on:
- Convenience – 46 percent
- Security – 28 percent
- Speed – 24 percent
- Other – 2 percent
- Of those who experienced issues with receiving payments, the
check getting lost in the mail was most common (39%), followed by:
- Not being given a choice in payment method (30%)
- Taking too long to receive payment (24%)
- Having no way to track payment status (23%)
- Never received payment (19%)
Insurance payments:
- Of those who received a payment, 29 percent received it from an
insurance company:
- Auto: 14 percent
- Health: 13 percent
- Home/Rental: 8 percent
- Of those who received an insurance payment, 15 percent were
part of a multi-party claim, while 33 percent made a claim for a
natural disaster such as a hurricane or earthquake.
- Nearly half of insurance payment recipients received their
insurance claim payment as a check in the mail (49%), followed by a
direct deposit to their bank (25%) and credit toward their debit
card (10%).
Methodology
All figures, unless otherwise stated, are from YouGov Plc. Total
sample size was 1,188 adults, among whom 372 have received one of
the forms of payments tested in the survey. Fieldwork was
undertaken between June 22-23, 2021. The survey was carried out
online. The figures have been weighted and are representative of
all U.S. adults (aged 18+).
About ACI Worldwide
ACI Worldwide is a global software company that provides
mission-critical real-time payment solutions to corporations.
Customers use our proven, scalable and secure solutions to process
and manage digital payments, enable omni-commerce payments, present
and process bill payments, and manage fraud and risk. We combine
our global footprint with local presence to drive the real-time
digital transformation of payments and commerce.
© Copyright ACI Worldwide, Inc. 2021 ACI, ACI Worldwide, ACI
Payments, Inc., ACI Pay, Speedpay and all ACI product/solution
names are trademarks or registered trademarks of ACI Worldwide,
Inc., or one of its subsidiaries, in the United States, other
countries or both. Other parties’ trademarks referenced are the
property of their respective owners.
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Media Contacts Dan Ring dan.ring@aciworldwide.com
781-370-3600
Nidhi Alberti nidhi.alberti@aciworldwide.com 781-370-3600
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