Many consumers are likely to switch insurance companies because of slow payouts

Elise Amendola/AP

FILE - In this June 15, 2018 file photo, twenty dollar bills are counted in North Andover, Mass. A small change in spending habits may improve your chances of reaching your savings goals. Researchers have found that so-called middle savers set aside about 3% more of their salary than low savers. (AP Photo/Elise Amendola, File)

By: Kelly Broderick

According to InvoiceCloud’s 2026 Consumer Claims Experiences Survey, about 15-percent of people say they got their claim payment within a week.

The survey added that three out of four people say they would be likely to switch insurance companies because of slow payouts.

And three out of four say they’d be likely to switch insurance companies because of slow payouts.

“Filing a claim is stressful enough. Slow payments make it worse,” said Kevin O’Brien, CEO at InvoiceCloud. “Consumers want speed and reliability. Real-time digital payments give carriers a way to earn trust in the moment it matters most.”

They added that communication plays an important role in the relationship between a provider and policyholder. Many consumers prefer conventional communication during claims processes.

The survey also found that direct deposit is now the preferred way to get claim payments, with more than half of consumers choosing it over paper checks.

When funds are needed in an emergency, they said online banking is preferred

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Many consumers are likely to switch insurance companies because of slow payouts