When compared to the costs involved with this dependency, an industry-wide reliance on analog solutions seems almost ancient in our continuously connected digital world. Paper checks are still often used to pay for or distribute healthcare claims, according to the most recent Ingo Money partnership report, demonstrating the prevalence of these outmoded techniques.
Standard payment procedures
This is important since, at 19%, healthcare costs represent the biggest share of payments made to the consumers polled. (While the frequency of such payouts is frequently lower, the matching check payout rate for property and casualty claims is significantly higher.) The overall number of claims varies from year to year, but since 2020, consumer healthcare payouts have been the most common kind of claim.
Around 24 million American consumers are expected to have received at least one insurance payout in the year previous to June 2022 since they make up 14% of all claims.
Even though this is a reduction from the 17% of claims in 2021 that were health insurance-related, that year was unique for the insurance industry due to the highest payout volume happening in July and data corresponding with the pandemic’s peak.
Since that high, when 24% of all customers received at least one insurance payment in the 12 months preceding to the survey, all segments of the insurance industry have fallen to their pre-pandemic 2020 levels.
Despite the demand of consumers for more options, several insurers from numerous industrial sectors have restricted or eliminated various payment methods. For instance, 62% of disbursements received in 2022, a 12% drop from 2021, gave customers the option of choosing speedy reimbursements from insurance companies as a whole.
Particularly when it came to payment options, health insurance companies came in last, giving consumers a choice of receipt methods 57% of the time.
