New Data: Insurance Industry Adopts Instant Payments Amid Rising Consumer Demand

Receiving insurance disbursements in a timely fashion can be crucial. This is especially true if the expense was unexpected and for a sizeable amount.

That explains why, now more than ever, consumers choose instant methods to receive insurance claim payments. What’s more use of instant payments has been on an upward trajectory for the last seven years. In fact, instant usage reached a high of 33% in 2024 — a 7% increase from June 2022.

Consumer demand for instant disbursements is also rising. However, they report that fewer senders currently offer instant payment options. This indicates that supply is far from meeting demand.

These are some of the insights explored in “Generation Instant: Growing Use of Instant Pay for Insurance Disbursements,” a PYMNTS Intelligence and Ingo Payments,  collaboration. This report is based on a census-balanced survey of 3,898 U.S. consumers conducted between Dec. 28, 2023, and Jan. 22, 2024. It examines consumers’ interest in and satisfaction with instant payment methods when receiving disbursements.

The report explores the current status of consumer usage of instant payment methods for insurance claim disbursement.

Inside “Generation Instant: Growing Use of Instant Pay for Insurance Disbursements”

• The latest instant payment trends in the insurance industry
• Which insurance claim disbursement types are increasingly using instant and which are not
• Which instant payment options are getting the most use by insurance claim senders
• The shares of consumers who would choose instant for select types of insurance disbursements
• Where insurance senders are pulling back on offering instant options
• How growing shares of insurance claim senders are requiring consumers to use instant payment options
• What concerns consumers have about using instant options for healthcare-related insurance disbursements

The report features five charts of exclusive data exploring how the insurance industry’s adoption of instant payment methods for sending claims. Download the report to learn about consumers’ increasing interest in receiving insurance disbursement via instant payment methods.