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

According to InvoiceClouds 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.

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

Filing a claim is stressful enough. Slow payments make it worse, said Kevin OBrien, 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.

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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