State Farm, the largest insurer of vehicles and homes in the US, announced the expansion of its Digital Pay solution to include claim payouts delivered instantly into a customer’s PayPal account.
Through Digital Pay, claims can be reviewed, approved, and paid digitally. Customers can choose their payout method, which can be sent to a debit card, directly to the customer’s bank account, or to digital wallets, such as PayPal. When a customer opts for a digital payout, they can receive funds into their personal account in a matter of seconds.
Digital Pay is enabled by Carat from Fiserv. Carat is the unified, simple, global operating system for enterprise merchants to enable payments anywhere and anytime, optimize commerce across channels, and deliver embedded finance in ways that create new customer experiences.
As more consumers use digital wallets to manage daily financial tasks, we’re giving State Farm customers more options for how they receive payments. As an insurance industry leader, we’re always looking for ways to improve the customer experience. Together with Carat, we’re not just simplifying payouts, we’re creating better customer experiences by adding choice and convenience to the claims processSchuyler Schupbach, Operations Vice President at State Farm
The ability for customers to receive claims payouts directly to their PayPal account expands on State Farm’s Digital Pay initiative announced last year. With Digital Pay, State Farm customers can choose their digital payouts option and receive funds instantly from approved claims. Our quick, seamless process eliminates payout complexity, simplifies funds disbursements, and enhances customer satisfaction.
“Carat is working with industry leading organizations like State Farm to deliver flexible digital payout solutions that people want and need,” said Casey Klyszeiko, Senior Vice President and Head of Global eCommerce and Carat. “As businesses work to create positive new consumer experiences, the ability to simply and instantly pay out funds is a significant differentiator and driver of customer satisfaction.”
“PayPal has partnered with banks, fintechs, and tech platforms alike for years to move forward our mission to expand access and increase the speed at which our joint customers can access their money. This partnership with Fiserv enables State Farm customers to receive funds within minutes into their PayPal account, which they can save, spend or transfer however they choose to resolve their claims,” said Eduardo Righi, VP, Payments Partnerships & Markets at PayPal.
For 100 years, the mission of State Farm has been, and continues to be, to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams.
State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and approximately 53,400 employees serve over 87 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies.
by Peter Sonner