Fiserv and State Farm® Speed Fire and Auto Claim Payments with Digital Payout Solution
State Farm is enhancing its claims payout process by integrating digital payout technology from Fiserv (FISV). With the launch of Digital Pay, customers can receive approved auto and fire claim payments directly to their personal accounts almost instantly, using preferred payment methods. This initiative aims to personalize the customer experience and streamline the claims process. Fiserv's Carat omnichannel commerce ecosystem supports this transition, ensuring quick and customizable payment solutions to meet modern consumer demands.
- Introduction of Digital Pay offers faster, flexible claim payments.
- Enhancement of customer experience through personalized payment options.
- Partnership with State Farm strengthens Fiserv's market position in digital payments.
- None.
State Farm, the largest insurer of cars and homes in the nation, is accelerating the claims payout process for customers with technology from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions.
State Farm is incrementally deploying digital payout technology from Fiserv, which will enable the company to offer customers speed and flexibility in how they receive auto and fire claim payments. With the launch of Digital Pay, claims that have been reviewed and approved can be paid digitally. If a claimant opts for a digital payout, funds can be received in their personal account in a matter of seconds – and disbursed via the payment method that best suits their needs, including to a debit card or directly to their bank account.
“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 and 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 a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
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About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.
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