Many insurance companies still rely on paper checks for claim settlements. But for claimants, the process is slow, and your customers are forced to wait days – or even weeks – to receive and cash their checks. The delay can lead to serious dissatisfaction, especially in urgent situations when immediate funds are needed.
That’s where embedded finance for insurance from a modern FinTech company like Juice can transform this workflow. With integrated digital payment solutions, insurance companies can offer instant electronic payouts directly to claimants. And not only is this faster, it’s more modern, more secure, and more aligned with what today’s savvy customers expect.
Adopting a modern FinTech insurance payment service ensures a streamlined internal process while improving the customer experience. It’s transformative for both insurers and policyholders alike.
The Importance of Modernizing Insurance Payment Services
Paper checks are not only challenging for customer service, but there are numerous other downsides. The process to receive and use funds is not only slow, but there are other hiccups and costs you might not be considering, such as administrative overhead, the costs of the checks themselves – and even the environmental impact.
For instance, issuing just a single paper check can cost as much as $10. Across tens of thousands of annual claims, you could be losing hundreds of thousands of dollars – if not millions – in margin. Add on delays for receiving and cashing checks, issues with check fraud, and more, and paper checks start to look at lot more antiquated (not to mention costly).
And then there are the environmental impacts. Did you know that 40% of the world’s commercially cut timber is used for the production of paper? Plus, that environmental footprint feeds into your customer reputation, too. Forbes points to a study by Unilever that says that a third of all global customers engage with brands they believe are doing social or environmental good.
The right insurance payment services navigate these challenges. It helps both insurers and policyholders through the ease of transactions, security, and accessibility. You can eliminate overhead costs, limit the usage of paper, and increase the speed and security of payments.
Breaking Down the Best Insurance Payment Services
Now, let’s explore some of the leading insurance payment services providers in the market today.
Juice Financial is a leader in the insurance payment services marketing due to its innovative approach to both out-of-the-box and highly customized embedded finance solutions. The FinTech company specializes in digital and streamlined payment services. It’s served over 15,000 clients, managed more than 30 million accounts, and processed over $20 billion. And Juice is not a newcomer – it’s been in business for over two decades. This experience makes it especially suited to handle the dynamic needs of the insurance industry.
Best For: Insurers seeking advanced digital-first payment solutions with a focus on quickly deploying solutions with rapid customer-friendly payments and exceptional customer service.
Key Features: Cutting-edge digital payment platforms, seamless integration with existing systems, and a modern, user-friendly interface, backed by high security and compliance standards. A high degree of customizability plus the ability to quickly deploy solutions.
Pros: State-of-the-art technology, superior customer experience and service, and robust security measures. Speed to getting solutions to market is industry-leading.
Cons: A lesser-known name in the insurance payment space, Juice has been quietly processing billions of dollars of payments over the last decade. With a renewed focus on the insurance industry, Juice may not be a household name but is nonetheless an industry leader.
One Inc is a digital payments network that’s known for simplifying premium payments and disbursements. The platform has been designed to cater to the specific needs of the insurance industry.
Best For: If you’re looking for a well-rounded solution, One Inc brings experience specifically within the insurance realm.
Key Features: The platform offers multi-channel digital engagement for policyholders and insurers alike. They focus on fast and secure digital claims payouts.
Pros: Very efficient in processing claims and a quick availability in funds. Strong foothold in the insurance space.
Cons: Not very transparent on the process, and their payment process may have limited features.
Marqeta is a modern financial services company that provides many solutions. The cost-effective platform offers dynamic spend controls for streamlined transactions, and aims to make the process of settling claims more efficient.
Best For: Another well-rounded provider, with a strong market presence in Banking as a Serviec (BaaS).
Key Features: For insurers looking for another well-rounded platform, Marqeta has a range of solutions.
Pros: Very transparent, with efficient claim processing and a large FinTech footprint.
Cons: Availability of funds isn’t fully transparent, limited industry case studies, and uncertain customer service quality for insurers.
Fiserv is a global provider of financial services that specializes in solutions for businesses and financial institutions. They offer a broad range of integrated solutions, including payment processing for insurance companies.
Best For: For insurers looking to prioritize processing claims and want solid customer service, but aren’t as concerned with transparency and time to market.
Key Features: The platform can send funds to various channels such as bank accounts or digital wallets, offering a choice of payment methods for policyholders.
Pros: History of efficiency with the payments process. Strong industry position.
Cons: Less clarity about speed of disbursements of funds than other services, and a lack of transparency on the claims process. Market position may mean lower customer service for individual insurers.
FIS offers a wide range of financial solutions that cater to different parts of the financial industry, including insurance. They focus on helping clients manage high volumes of payments and minimize fraud while complying with regulatory requirements.
Best For: Large-scale insurance companies concerned with regulations and security protocols, and not worried too much about transparency around efficient disbursements.
Key Features: FIS offers digital platforms for making and receiving payments and enhancing the customer experience while providing the utmost security and adherence to regulatory requirements.
Pros: High emphasis on security, with a trusted reputation.
Cons: A lack of transparency, including around the efficiency disbursement process. Market position may mean lower customer service for individual insurers.
Why Juice Financial Is a Leading Insurance Payment Service
So how do insurers determine which service is best for their needs? The reality is that the industry demands a service that’s as fast as it is reliable, as secure as it is disruptive, and as dynamic as it is simple.
Juice Financial’s experience and proven excellence means we’re ready to step to the challenge. As pioneers in the FinTech space, we’ve been around for longer than many of these competitors, with more use cases demonstrating our ability to adapt while providing exceptional service.
Over the years, Juice has served over 30 million customers, processed billions of dollars in payments, and developed hundreds of custom use cases. The platform supports more than 15,000 clients.
These factors – combined with the industry-leading speed in the onboarding process and the ability to create custom integrations and solutions – position Juice as a frontrunner in the insurance payment industry. Discover more about the Juice approach!