Payments

Paper checks continue to comprise a significant portion of transactions in the P&C sector.

The shift to electronic insurance payouts is an undeniable win-win.

Making payments is the cornerstone of the customer experience in insurance and digital engagement is vital.

The Consumer Financial Protection Bureau, the Treasury Department and the Department of Health and Human Services released a request for comment on medical debt financing products. At the same time, the White House said that the agencies will explore whether efforts to sign up customers are breaking the law.

By digitizing the payout process, insurers empower claimants to choose how money is received.

As incentive marketing and payments preferences change, Geeta Chandan, vice president and head of product and loyalty at Discover, will join us at American Banker's Payments Forum to discuss opportunities and challenges. interview at Payments Forum

The Consumer Financial Protection Bureau is advising consumers to transfer money stored on nonbank digital payment apps such as PayPal, Venmo and Cash App to insured banks and credit unions.

Companies holding a Bitlicense will have to follow similar standards for consumer protection, safety and soundness, and pay more to cover the cost of regulations.

The bank has agreed to acquire Big Data Healthcare, a Texan fintech that automates commercial payments flowing to and from hospitals and medical groups. It's the latest example of banks' deepening health care investments.

At the heart of the industry's self-billing challenges is data — how it's stored, how it moves between partners, how it's cleaned for use.

Based on Keynova Group's 2022 Mobile Insurance Scorecards, there are three trends to watch in mobile apps.

The card brand has opened a development lab and is expanding contactless payments and other initiatives as financial technology companies boost investment in a market where access to mobile commerce is exploding.

The risks aren't necessarily new but the pace is.

Cargo supply chain insurer offers parametric event coverage.

CarePlus offers millions of pet owners accessible pet insurance plans and access to licensed veterinarians.

American Banker interviewed the Consumer Financial Protection Bureau chief about his views on Big Tech, the qualified mortgage rule, real-time payments apps and more.

The goal should be to expand payment types and access options to give policyholders greater control of their experience.

Keynova Group released its Q1 2022 Mobile Insurance Scorecard, which evaluates the mobile website and mobile app offerings from the 12 largest U.S. property and casualty firms.

Allstate and John Hancock recently announced a partnership to reward John Hancock Vitality members with points if the policyholder is also a safe driver with the Allstate Drivewise program. The alliance is the first of its kind and could be an indicator of where the insurance industry may be going.