Allstate Touts Industry’s Fastest Claims Payment with Single-Day Service

Allstate reports that it is the first U.S. company to use a new digital disbursement method available through partnership with Bank of America Merrill Lynch.

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Allstate has announced a new service enabling policyholders to receive a claim payment in a single day. The Fast Mobile e-Payment service, which the insurer characterizes as the fastest claim payment in the industry, is available through the Allstate ExpressPay portfolio. Allstate reports that it is the first U.S. company to use a new digital disbursement method available through partnership with Bank of America Merrill Lynch.

Mitch Wein, Principal, Novarica.

Mitch Wein, Principal, Novarica.

“Allstate’s introduction of Fast Mobile e-Payment continues the evolution of insurers towards a fully digital experience for their customers,” comments Mitch Wein, a New York-based principal with research and advisory firm Novarica.  “It will be interesting to see how this capability continues to evolve and integrates into the overall claims experience.”

The customer proposition is straightforward, suggests Allstate president Matt Winter. “When you have a claim, you want to receive your payment quickly,” he says. “Fast Mobile e-Payment simplifies and accelerates the payment process. It’s another good example of how Allstate is innovating on behalf of customers.”

Suren Gupta, EVP, Allstate Technology & Strategic Ventures.

Suren Gupta, EVP, Allstate Technology & Strategic Ventures.

Fast Mobile e-Payment eliminates delays that can occur with snail mail and lost checks by requiring only an e-mail address or mobile phone number in order to process a payment, an Allstate statement notes. The new solution—which the insurer says can be faster than all existing payment methods, including electronic funds transfer—is immediately available across the U.S. and works with any bank to handle all Allstate auto and property insurance claims that have a single payee, the carrier reports.

“Consumers are more connected than ever, and they expect companies to offer the technology to do business simply, instantaneously and on-the-go,” comments Suren Gupta, executive VP, Allstate Technology & Strategic Ventures. “We’re committed to innovation and we’ll add more features like Fast Mobile e-Payment to Allstate ExpressPay soon.”

Allstate describes how the new service works as follows:

  • A consumer confirms he/she is willing to be paid utilizing Fast Mobile e-Payment.
  • Allstate gathers email address or mobile phone number from the consumer and sends information to Bank of America Merrill Lynch.
  • Consumer gets an email or text message with instructions on how to receive payment.
  • A one-time registration process is performed by the consumer that will register their email address or mobile phone number in order to receive payment.
  • Once registered, consumer automatically receives the payment into his/her account.

 

 

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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