The insurer has used a solution enabled by Fiserv to make the process possible.
State Farm has rolled out a new digital solution for making insurance payouts on claims for its fire and auto customers. The digital payments solution uses technology from Fiserv, Inc. a leading global payments and financial services technology solutions provider.
Using the Digital Pay option, customers are provided with improved flexibility after a claim.
The Digital Pay service lets consumers choose a faster way to receive their insurance payouts on auto and fire claims. Many consumers now prefer to use various forms of digital payment, so this option makes it possible to opt for a method they prefer and that can better serve their needs. The insurer first started incrementally deploying this new payment technology in February. The process was done gradually in order to provide enough time to test it out and fine tune it before a full rollout.
Through this Fiserv technology, State Farm has the opportunity to quickly and securely distribute claim payments that have been reviewed and approved. In a news release, State Farm identified some the benefits it expected its customers to enjoy from this option. These included faster payment delivery speed, a broader payment delivery option choice, a smoother enrollment process, easier service communication.
Digital insurance payouts allow the insurer to appeal to an increasingly online customer base.
“We believe this new capability will support our goal to personalize the customer experience and help more people in more ways,” said State Farm Vice President of Property & Casualty Claims Schuyler Schupbach. “As an industry leader, we are committed to ongoing transformation to meet the changing needs and expectations of customers including modernizing our technology. We are excited to introduce digital payment options through Fiserv that will simplify the claims payout process for our customers and provide added convenience.”
The digital payments using Fiserv technology are processed through the Carat omnichannel commerce ecosystem. That solution provides secure unlimited payment options compatible with the most popular devices and channels. It employs basic API access, making it possible for clients like the nationwide insurer to easily access solutions such as the new payouts option from State Farm.
“Carat is helping organizations like State Farm move money and information with the speed, flexibility, and convenience that today’s consumer demands,” said Carat and Digital Commerce head Nandan Sheth at Fiserv in the insurer’s news release announcing the digital insurance payouts rollout.