Simpler options for faster funds enhance the customer experience
At Allstate Insurance Company, payments are contributing to quick and effortless claims settlement. Customer satisfaction is front and center for the nation’s largest publicly held personal lines insurer. The company cares about its customers from the moment they walk into the agent’s office or call to establish an insurance policy.
A few years ago, Allstate recognized claims payments as a key area of opportunity for enhancing the end-to-end consumer experience. “We wanted to simplify a complex and stressful time for our customers,” says Lynn Cirrincione, Director of Treasury and Planning at Allstate. “By adding options for fast and easy claims payment, we are reinforcing that our customers are in good hands with Allstate.”
Enabling effortless payments
Prior to 2015, check and ACH were the primary ways to settle a claim. Checks would arrive by mail, or adjusters would issue them on the spot, using printers and check stock stored in their cars. ACH was available but unpopular with customers, who did not always have their bank account and bank routing details handy. In 2016, Allstate policyholders gained two new ways to receive claims payouts:
- QuickCard Pay facilitates real-time payments by crediting a consumer’s debit card. The adjuster asks, “Do you have a debit card? I can put the money right on your card.” The only information required is the claimant’s name, the debit card number associated with the bank account, and the card expiration date. It typically takes seconds for funds to reach the payee’s account.
- Fast Mobile e-PaymentSM uses the customer’s mobile phone number or e-mail address to pay through ZelleSM, the digital payments network owned by Early Warning Services, LLC. Registered customers can receive funds as quickly as within a few hours. Unregistered customers receive a text or email from Allstate’s banking partner with a link to register, and funds transfer once registration is complete.
Value for everyone
Customers and Allstate are benefiting from the advantages of effortless claims payments:
- Client centricity. Payments fit around a customer’s personal preferences. There is no need to check the mailbox or travel to the bank to make a deposit.
- Faster payment. Customers no longer wait days for a check or ACH credit. Allstate sees tremendous value from the goodwill created by helping customers get paid more quickly after a catastrophe.
- Immediate confirmation. Faster payment combined with instant confirmation gives visibility into payment timing, which means fewer follow-up calls from customers anxiously awaiting funds. Adjusters no longer need to track outstanding payments, nor to void and reissue checks that did not arrive when expected.
- Process efficiencies. Both payment methods streamline payment reconciliation and eliminate escheatment.
According to Cirrincione, “It’s during the claims process that customers either question their investment in insurance premiums or understand the value of their benefits. Now, the last thing that customers remember about the claims process is leaving satisfied because they received their money.”
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