State Farm, the largest insurer of vehicles and homes in the US, is expanding its Digital Pay solution to include claim payouts delivered instantly into a customer’s PayPal account.
Through Digital Pay, claims can be reviewed, approved, and paid digitally. Customers can choose their payout method, which can be sent to a debit card, directly to the customer’s bank account, or to certain digital wallets, such as PayPal. When a customer opts for a digital payout, they can receive funds into their personal account in a matter of seconds.
Digital Pay is enabled by Carat from Fiserv. Carat is the unified, simple, global operating system for enterprise merchants to enable payments anywhere and anytime, optimize commerce across channels, and deliver embedded finance in ways that create new customer experiences.
“As more consumers use digital wallets to manage daily financial tasks, we’re giving State Farm customers more options for how they receive payments,” said Schuyler Schupbach, Operations Vice President at State Farm. “As an insurance industry leader, we’re always looking for ways to improve the customer experience. Together with Carat, we’re not just simplifying payouts, we’re creating better customer experiences by adding choice and convenience to the claims process.”
The ability for customers to receive claims payouts directly to their PayPal account expands on State Farm’s Digital Pay initiative announced last year. With Digital Pay, State Farm customers can choose their digital payout option and receive funds instantly from approved claims. The quick, seamless process eliminates payout complexity, simplifies funds disbursements, and enhances customer satisfaction.
“Carat is working with industry leading organizations like State Farm to deliver flexible digital payout solutions that people want and need,” said Casey Klyszeiko, Head of Carat and Global eCommerce at Fiserv. “As businesses work to create positive new consumer experiences, the ability to simply and instantly pay out funds is a significant differentiator and driver of customer satisfaction.”
“PayPal has partnered with banks, fintechs, and tech platforms alike for years to move forward our mission to expand access and increase the speed at which our joint customers can access their money. This partnership with Fiserv enables State Farm customers to receive funds within minutes into their PayPal account, which they can save, spend or transfer however they choose to resolve their claims,” said Eduardo Righi, VP, Payments Partnerships & Markets at PayPal.