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10/05/2023
82% of Small Insurance Firms Forgo Instant Payments
PYMNTS
The insurance industry is witnessing a surge in the adoption of real-time payments, with nearly 40% of all firms surveyed in a PYMNTS study planning to increase their use of instant payments, and 25% anticipating increases in the real-time payments they receive.
That study, “Corporate Changes in Payment Practices: The Challenge for Small Insurance Companies,” drew on a survey of 125 executives from insurance firms across the United States to learn more about their interest in adopting, using and expanding their use of real-time payments and how this interest impacts the partners — FinTechs, digital giants, card networks, banks, credit unions and third-party processors — they are likely to rely on.
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