Accelerating Innovation and Digitization Across the Insurance Industry

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Accelerating Innovation and Digitization Across the Insurance Industry

April 2022

Insurance leaders are continuing to eye payment transformation as a strategic imperative in 2022 and beyond, as they navigate challenges fueled by aging legacy systems, high check volumes of traditional payables and receivables, as well as increasing client demands for digital services in the post-pandemic economy. According to a recent study, more than two-thirds of insurers now believe that digitizing payments is an important part of their transformation journey.1

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While insurers look to embrace payment innovation, they continue to face challenges in deploying an effective transformation strategy. The industry must solve for both enterprise-wide challenges as well as distinct priorities across business lines. This long-standing reality has been a significant driver in the industry’s history of conservative approach to next-generation capabilities.


In 2019, the industry reported that 52% of all disbursement payments were made via traditional mailed checks, a percentage dramatically higher than that of the 22% reported across all industries.2


Accelerating Innovation and Digitization Across the Insurance Industry provides insights into the current payments and overall treasury landscape, while delivering guidance on how providers can integrate these capabilities into and across their organizations in a scalable fashion to expedite their digital transformation.

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1. New Data: 67% of Insurance Carriers See Need to Digitize Payments. PYMNTS. September 27, 2021.

2. Here’s Why Digital Payments are Becoming a Must-Have For Insurers. CB Insights. December 21, 2020.


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