Marcia Klingensmith
CEO Fintech Consulting, LLC
In the fast-paced world of insurance, customer satisfaction hinges on speed and convenience. Gone are the days of paper checks and lengthy wait times. Today, policyholders expect immediate resolution, especially when facing unexpected events like a natural disaster or property theft. This is where instant payments revolutionize the claims process, empowering insurers to exceed customer expectations, achieve operational efficiency, and thrive in a post-pandemic landscape.
Shifting Gears: From Pull to Push
Traditional claim settlement relies on the “pull” method, where customers wait for funds to arrive via check or ACH. This can take days, leaving them stressed and dissatisfied. Enter digital disbursements, a “push” system that proactively deposits funds directly into policyholders’ accounts – be it via ACH, Zelle, Real Time Payments (RTP), push-to-card options, or even stored-value accounts like PayPal or Venmo.
The Power of Instant Gratification:
Imagine this: your policyholder’s home suffers storm damage. They file a claim, and within minutes, funds are deposited into their preferred account, ready to use for repairs. This drastic reduction in wait time creates a ripple effect of benefits:
- Elevated Customer Satisfaction: Studies show 85% of satisfied claimants renew policies and recommend their provider. Instant payments deliver on the promise of speed and convenience, leading to happier, more loyal customers.
- Reduced Churn: By minimizing friction and exceeding expectations, digital disbursements help retain valuable customers, a critical metric in the competitive insurance market.
- Operational Efficiency: Streamlined payments reduce call center inquiries, freeing up staff for more complex tasks. Paper checks and mailing become obsolete, cutting costs and boosting productivity.
- Disaster Readiness: In uncertain times (pandemics, floods, earthquakes), getting funds to customers quickly is crucial. Digital disbursements ensure seamless financial support.
A Future-Proof Solution:
The world of insurance is evolving, and instant payments are leading the charge. By embracing this innovative technology, insurance companies can:
- Build a customer-centric culture: Prioritize speed, convenience, and choice, exceeding expectations and fostering loyalty.
- Gain a competitive edge: Differentiate themselves in a crowded market by offering modern, efficient claim settlement.
- Optimize operations: Reduce costs, boost productivity, and refocus employee efforts on critical tasks.
- Embrace the future: Be prepared for digital-first customers and navigate challenges like pandemics with agility and resilience.
Investing in instant payments is not just about keeping up with the times; it’s about redefining the future of insurance. By empowering customers, optimizing operations, and adapting to a changing world, you can ensure your company thrives in the years to come.
Ready to make the switch? Let’s talk about how instant payments can revolutionize your claim settlement process.
Marcia Klingensmith
CEO Fintech Consulting, LLC
As CEO of Fintech Consulting, LLC, Marcia is a driving force for instant payment strategies for financial institutions, fintechs and other organizations. With a commitment to innovation, she delivers training, strategy workshops, and her proprietary “instant payments in a box” approach, to empower organizations to succeed in the ever-evolving payments landscape.
With a career spanning over 15 years in financial services, 10 years of technical project management, coupled with 5+ years focused on fraud and identity, Marcia is a thought leader at the forefront of emerging payments. Her legacy includes shaping secure, game-changing products and solutions, leading global cross-functional teams. She has honed her expertise at industry giants like Bank of America, Wells Fargo, Visa, LexisNexis Risk Solutions, and FIS Global. Marcia is admired for her ability to create a clear vision of the future, connect people to the vision, and bring transformative solutions to market.
Dive into the heart of instant payments evolution with the Balkans Instant Payments Round Table. As a dynamic regional forum, we're gathering the industry's brightest minds, financial experts, and technology pioneers to drive the transformation of payments in the Balkans region. Join this intimate and engaging discussion that delves into the intricacies of instant payments. This round table brings together key stakeholders from across southeastern Europe including Albania, Croatia, Greece, Serbia, Slovenia and more to explore challenges, share best practices, and foster collaboration that propels the adoption of instant payment solutions.
Unveil the untapped potential of instant payments in the Baltics. From financial institutions to cutting-edge fintech disruptors, this round table convenes a diverse array of stakeholders to uncover opportunities, streamline processes, and enhance the financial fabric of the Baltic region. Join us for an illuminating dialogue that transcends borders and explores the nuances of instant payments. The Baltics Instant Payments Members Round Table Meeting is your platform to share insights, exchange ideas, and collaborate with fellow industry experts from Northern Europe including Estonia, Latvia, Lithuania in a vibrant atmosphere conducive to innovation and growth. 
Step into the forefront of the instant payments revolution with the Central Europe Instant Payments Round Table. As a premier regional platform, we're assembling the sector's leading thinkers, eminent financial professionals, and innovative tech trailblazers to catalyze the metamorphosis of payments in Central Europe. Engage in a deep and insightful conversation that navigates the complexities of instant payments. This round table amalgamates pivotal stakeholders from across Central Europe, encompassing countries like Poland, Czech Republic, Slovakia, Hungary, and more, aiming to dissect challenges, disseminate best practices, and cultivate a synergy that accelerates the embrace of immediate payment methods.
Embark on a journey into the epicenter of instant payments progression with the Benelux Instant Payments Round Table. As a distinguished regional convocation, we are rallying the industry’s foremost intellects, esteemed financial leaders, and avant-garde tech innovators to spearhead the renaissance of payments within the Benelux domain. Immerse yourself in a profound and constructive discourse that ventures deep into the subtleties of instantaneous transactions. This round table melds pivotal figures from Belgium, the Netherlands, and Luxembourg, endeavoring to untangle challenges, promulgate top-tier methodologies, and nurture alliances that advance the adoption of real-time payment frameworks.
Delve into the nexus of instant payments transformation with the Iberia Instant Payments Round Table. As a distinguished regional assembly, we're mobilizing the sector's top strategists, revered financial authorities, and trailblazing tech visionaries to pioneer the next era of payments in the Iberian peninsula. Engage in enriching dialogues that dissect the fine details of immediate transactions. This round table assembles vital influencers from Spain and Portugal, striving to address challenges, propagate effective strategies, and foster partnerships that bolster the swift adoption of instant payment mechanisms.
Embark on a transformative odyssey with the Nordics Instant Payments Round Table. As a paramount regional confluence, we're aggregating visionary thinkers, influential financial figures, and edgy tech disruptors to recalibrate the payment landscape of the Nordic region. Plunge into captivating discussions that spotlight the intricacies of on-the-spot transactions. Converging stakeholders from Sweden, Norway, Denmark, Finland, and Iceland, this round table sets the stage to confront challenges, share pioneering insights, and craft collaborations that elevate the trajectory of instant payment modalities.
Venture into the vanguard of instant payments advancements with the UK & Ireland Instant Payments Round Table. As an elite regional gathering, we're bringing together the brightest luminaries, financial stalwarts, and pioneering tech minds to shape the future of payments in the British Isles. Dive into in-depth discussions that tackle the nuances of real-time payments. Drawing participants from across the United Kingdom and Ireland, this round table aims to navigate challenges, exchange unparalleled insights, and stimulate collaborations that amplify the momentum of instant payment innovations.
Explore the cutting edge of payment evolution at the DACH Instant Payments Round Table. As a premier regional symposium, we're rallying industry vanguards, esteemed financial luminaries, and groundbreaking tech architects to champion the modernization of payments across Germany, Austria, and Switzerland. Engage in insightful exchanges that delve deep into the world of instant payments. With representation from the heart of Central Europe, this round table endeavors to discern challenges, spread exemplary practices, and weave connections that supercharge the uptake of instantaneous payment systems.