April 2022
Learn More [link to accelerator program page]
Sign-up for The Quarterly Update
While insurers look to embrace payment innovation, they continue to face challenges in deploying an effective transformation strategy. The industry must solve for both enterprise-wide challenges as well as distinct priorities across business lines. This long-standing reality has been a significant driver in the industry’s history of conservative approach to next-generation capabilities.
In 2019, the industry reported that 52% of all disbursement payments were made via traditional mailed checks, a percentage dramatically higher than that of the 22% reported across all industries.2
Accelerating Innovation and Digitization Across the Insurance Industry provides insights into the current payments and overall treasury landscape, while delivering guidance on how providers can integrate these capabilities into and across their organizations in a scalable fashion to expedite their digital transformation.
1. New Data: 67% of Insurance Carriers See Need to Digitize Payments. PYMNTS. September 27, 2021.
2. Here’s Why Digital Payments are Becoming a Must-Have For Insurers. CB Insights. December 21, 2020.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally and may include The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286, a banking corporation organized and existing pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square, London E14 5AL, England. The information contained in this material is for use by wholesale clients only and is not to be relied upon by retail clients. Not all products and services are offered at all locations.
This material, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. BNY Mellon does not warrant or guarantee the accuracy or completeness of, nor undertake to update or amend the information or data contained herein. We expressly disclaim any liability for any loss arising from or in reliance upon any of this information or data.
Trademarks and logos belong to their respective owners.
© 2022 The Bank of New York Mellon Corporation. All rights reserved.
Zelle® and Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.