Customers will be able to access funds quickly and select how they are received.
State Farm® Gives Customers Faster Claim Payouts with Digital Pay Solution Enabled by Fiserv
Bloomington, IL, May 11, 2021 — State Farm, the largest insurer of cars and homes in the nation, is accelerating the claims payout process for auto and fire customers with technology from Fiserv, Inc., a leading global provider of payments and financial services technology solutions.
With Digital Pay, State Farm customers will now have greater flexibility in how they receive approved and reviewed auto and fire claims payments. This technology will give State Farm the ability to digitally disperse qualifying claims payments. In turn, our customers will have the ability to choose a payment method that best suits their needs. State Farm began an incremental deployment of payout technology in February to test and tune the payment option.
Leveraging Fiserv technology, State Farm will be able to distribute reviewed and approved claim payments into customer accounts quickly and securely.
Some of the options and benefits of Digital Pay include:
- Increased speed of payment delivery
- Customer choice of payment delivery options
- Streamlined enrollment processes
- Simplified customer communications
“We believe this new capability will support our goal to personalize the customer experience and help more people in more ways,” said Schuyler Schupbach, Vice President of Property & Casualty Claims at State Farm. “As an industry leader, we are committed to ongoing transformation to meet the changing needs and expectations of customers including modernizing our technology. We are excited to introduce digital payment options through Fiserv that will simplify the claims payout process for our customers and provide added convenience.”
At Fiserv, digital payouts are part of the Carat omnichannel commerce ecosystem that securely delivers unlimited payment opportunities across the most popular channels and devices. Through simple API access, Fiserv enables clients like State Farm to easily access pre-integrated solutions – such as payouts – that allow businesses to imagine and realize new customer experiences.
“Carat is helping organizations like State Farm move money and information with the speed, flexibility, and convenience that today’s consumer demands, said Nandan Sheth, head of Carat and Digital Commerce at Fiserv. As businesses look to create positive new consumer experiences, the ability to pay out funds with the same speed and simplicity with which they are paid in can be a significant differentiator.”
In an age of fast-paced technology and the rise of FinTech firms, it is important for insurers and financial institutions to continuously invest, innovate, and evolve. State Farm is a proven innovator and continually encourages change inside and outside the industry. We’re the right company to find solutions for a future inspired by our customers, employees and the communities we serve. We are prepared for today and are always looking into the future.
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. State Farm is ranked No. 42 on the 2022 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
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