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How Mobile Technology Is Changing Insurance Claims APRIL 2020 How Mobile Technology Is Changing COVID-19 pandemic prompts restaurants to consider instant wage disbursements for workers Insurance Claims — Page 12 (News and Trends) — Page 8 (Feature Story) How businesses are tackling rising demand for mobile disbursements — Page 18 (Deep Dive) © 2020 PYMNTS.com All Rights Reserved 1 DisbursementsTracker® Table Of Contents WHAT’S INSIDE A look at the latest disbursements advances, including the U.S. government’s efforts to support consumers 03 during the COVID-19 pandemic and a federal agency’s plan to enable faster disbursements to SMBs FEATURE STORY An interview with Michele Schmitt, senior product manager for insurance technology firm Trōv, on mobile 08 disbursements’ challenges NEWS AND TRENDS The most recent disbursements headlines, such as how businesses can avoid costly duplicate 12 disbursements and why firms still rely on paper checks for B2B payments DEEP DIVE An in-depth analysis of mobile disbursements' growing appeal among both consumers and businesses and 18 how firms with less capital and a lack of technological infrastructure are catering to this need PROVIDER DIRECTORY 23 A look at the top disbursements companies, including two additions: Chase Pay and MuchBetter ABOUT 127 Information on PYMNTS.com and Ingo Money ACKNOWLEDGMENT The Disbursements Tracker® is done in collaboration with Ingo Money, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. © 2020 PYMNTS.com All Rights Reserved 2 What’s Inside nabling access to instant payment are thus moving forward with plans to make innovations is becoming a top pri- sending and receiving digital payments ority for businesses as demand even easier. This includes the Federal for old-school methods, like paper Reserve’s FedNow network, which is set to Echecks, further declines. The 2020 United launch by 2023. States tax season is proving that checks These are promising developments in the have lost their luster, with 74 percent of the push to digitize disbursements, but some country’s citizens choosing to receive re- problems persist. Fraud remains a concern, funds through direct deposit, according to with hackers stepping up efforts to use on- one study. The distaste for checks is boost- line transactions' speeds to slip illegitimate ing growth among other disbursement interactions past providers. Businesses’ af- types as well, especially as more platforms finities for paper checks continue to hinder that facilitate faster payments emerge. customers’ and vendors’ access to faster The lack of enthusiasm surrounding checks disbursements. These and other issues will has further grown in the wake of the new need to be solved before instant payments coronavirus pandemic. While online pay- can reach the ubiquity necessary for critical ments have been de rigueur for several years, adoption levels. many businesses in sectors such as manu- facturing, retail and shipping are scrambling to deal with outdated, paper-based pay- ment processes. Consumers are thus being challenged with disbursement de- lays arising from waiting for paper checks, having to cash them and waiting again for funds to arrive in their accounts. These is- sues are particularly frustrating for the more than 14 million Americans who are current- ly unbanked. Stay-at-home orders for COVID-19 could lead to even greater reliance on digital disbursements, especially given that con- sumers and businesses are becoming less tolerant of payment delays and are seek- ing faster access to funds. Several entities © 2020 PYMNTS.com All Rights Reserved 3 What's Inside Around the disbursements world COVID-19’s spread might push compa- COVID-19 could cause dramatic shifts in nies to embrace digital disbursements, but businesses’ and consumers' long-term dis- businesses must also guard against hu- bursement preferences, but the pandemic man errors. A maximum of 2 percent of is already disrupting digital payouts. A multi- businesses’ annual disbursements are erro- tude of companies have shuttered because neous or duplicated payments, according to of the virus, leaving many individuals with- a recent study, which added that this is often out work and access to needed funds. The a result of incorrect data entry. Businesses U.S. government debated multiple points in thus need to embrace innovative solutions a $1 trillion stimulus bill intended to offer fi- that can detect duplicated payouts and stop nancial relief to hard-hit businesses and them before they occur. consumers, including how best to disburse Firms still have other worries to contend such funds. Disbursing these funds is going with as COVID-19 changes how they op- to be challenging, however, as it is difficult erate, with small to mid-sized businesses for government agencies to send digital (SMBs) among the hardest hit. Many such disbursements to financially underserved companies are still relying on paper-based individuals or those who lack records. check payments to fulfill their needs, which could negatively affect their operations as © 2020 PYMNTS.com All Rights Reserved 4 What's Inside COVID-19 pushes owners to close physi- cal locations. Eighty percent of payments sent between businesses are made with pa- per checks, according to one study, making it difficult to track cash flows and manage daily operations. Many are finding this reli- ance detrimental as COVID-19 changes the way businesses work with their partners and their customers. For more on these stories and other dis- bursements headlines, read the Tracker’s News and Trends section (p. 12). Trōv details mobile disbursement barriers Forty-five percent of consumers around the world own smartphones, and a growing share expect these devices to have more their lives, social interactions and disburse- functionality than ever before — which in- ments. Many of the institutions they interact cludes offering their preferred insurance with for these payouts have yet to imple- disbursement preferences. Insurers have ment support for mobile disbursements, been slow to adopt these technologies due however, though this method is becom- to legal and security concerns, but their op- ing more intriguing as demand grows. This portunity to utilize mobile disbursements Tracker’s Deep Dive (p. 18) examines the remains, especially as mobile phone adop- current state of mobile disbursements, who tion worldwide rises. In this month’s Feature is asking for them and why and whether Story (p. 8), Michele Schmitt, senior product businesses and their disbursement part- manager for Trōv, discusses how mobile ners should implement them to satisfy new disbursements are progressing and what is firms and customers. holding insurers back from full adoption. April Disbursements Tracker® Deep Dive: Businesses struggle updates with rising demand for mobile The April edition of the Disbursements disbursements Tracker® includes profiles of more than 75 American consumers are becoming more suppliers and providers, including two addi- reliant on their smartphones to manage tions: Chase Pay and MuchBetter. © 2020 PYMNTS.com All Rights Reserved 5 What's Inside Executive Insight How do you see COVID-19 affecting the ways businesses and other entities are handling disbursements, and are these changes likely to continue after the pandemic? “Much will be learned from COVID-19 in terms with choice in how they receive their funds with of how disbursements will be handled, with many instant payment options. probably the most significant insights coming A disbursements marketplace, like Ingo Money, from the U.S. government and how it is having has the promise of providing that seamless to deal with the disbursements of stimulus disbursement experience to businesses payments to both consumers and small and government entities with an ability to businesses. authenticate individuals or small businesses, It is becoming more evident that those who verify their account information and … facilitate need the money the most, and the fastest, payment choices that go beyond bank accounts, may find it challenging to receive it through the including debit and credit cards, prepaid cards, government’s primary disbursement solution, mobile wallets, cash … and even checks. direct deposit [done with] account information What matters is that people get to decide from previous tax returns. Perhaps an individual how and when they … receive their funds in didn’t file taxes or changed bank accounts … the easiest and most efficient manner that or does not even own a bank account to which works for them. The more instant options, the funds can easily be distributed. The fallback better — in this environment and likely for the becomes checks, which take even longer foreseeable future. to arrive. Banks and businesses see the writing on the The financial challenges stemming from wall. What is likely to change after the pandemic COVID-19 put into perspective the need for a is faster adoption of instant digital disbursement better, modern disbursement solution — one solutions that better prepare them to facilitate that is ubiquitous, digital, 24/7 [year-round], disbursements in real time [and] on demand, on-demand and with an ability to provide people especially in times of great need.” DREW EDWARDS CEO at Ingo Money © 2020 PYMNTS.com All Rights Reserved 6 What's Inside FIVE FAST FACTS 74% 72.9% $398M 1% 80% © 2020 PYMNTS.com All Rights Reserved 7 How Mobile Technology Is Changing Insurance Claims © 2020 PYMNTS.com All Rights Reserved 8 Feature Story There are several complexities associated with reviewing and settling claims, given the nature of the insurance industry, which requires stringent customer authentication and documentation. The uptick in smartphone use and availabil- “So, if an insurance company does not invest ity, however, has prompted many insurance in the customer experience of the claim, like providers to enable customers to file claims during the claim flow, that is going to come from their phones, but few have implement- back to them,” she said. ed mobile disbursements.
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