How payments innovation can boost revenue in the global insurance market

Ways payment innovation can accelerate revenue growth

The insurance industry is in the midst of a significant transformation.

This transformation is driven by increased customer expectations and the rise of insurtechs. The traditional approach is being challenged by the need for more systematic innovation, especially in payment solutions.

With an alarmingly high rate of cart abandonment at 84%, modernizing payment methods and making the process more seamless can lead to greater customer loyalty, retention, and serve as a new revenue driver. Focusing on payment innovation strategies is key to succeeding in this rapidly changing market.

Fewer than 25% of insurance companies have truly digitized their value chain. 85% of surveyed insurance claimants were dissatisfied with their insurer's digital experience, while 58% are dissatisfied due to the claim payment taking longer than expected.

By embracing payment innovations such as digital wallets and instant payment methods, insurance companies can streamline processes, enhance customer experiences, and drive efficiency. Additionally, the report explores the role of data analytics and artificial intelligence in revolutionizing payment processes, enabling insurers to make data-driven decisions and mitigate risks more effectively.

As the insurance sector embraces these innovations, opportunities arise for companies to differentiate themselves in a competitive market and meet the evolving needs of policyholders in a rapidly changing digital landscape.