Fiserv and State Farm simplify claims payout with digital payout solution

By Pavithra R

Fiserv, a leading global provider of financial services technology solutions, has announced that State Farm, a large group of insurance companies throughout the United States, is accelerating the claims payout process for customers with technology from Fiserv.

State Farm is deploying digital payout technology from Fiserv, which will enable the firm to offer customers speed and flexibility in how they receive auto and fire claim payments. The launch of Digital Pay allows digital payment of claims that have been reviewed and approved. If a claimant opts for a digital payout, funds can be received in their personal account and disbursed via the payment method that 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. 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,” said Schuyler Schupbach, vice president of Property and Casualty Claims at State Farm.

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 to easily access pre-integrated solutions such as payouts that allow businesses to reimagine 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. 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,” said Nandan Sheth, head of Carat and Digital Commerce at Fiserv.

Established in 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The Firm is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.