Allstate Unveils Fastest Claims Payment in the Industry
Insurer introduces Fast Mobile e-Payment, a same-day payment method in the Allstate ExpressPay network
NORTHBROOK, Ill., Jan. 28, 2015 /PRNewswire/ -- With just an email address or mobile phone number, consumers can now get an Allstate claim payment made directly to their bank account in a single day with Fast Mobile e-Paymentsm, one payment method now available in the new Allstate ExpressPaysm portfolio. Working with Bank of America Merrill Lynch, Allstate becomes the first U.S. company to use the new digital disbursement method.
"When you have a claim, you want to receive your payment quickly," says Allstate President Matt Winter. "Fast Mobile e-Payment simplifies and accelerates the payment process. It's another good example of how Allstate is innovating on behalf of customers."
Fast Mobile e-Payment eliminates delays that can occur with snail mail and lost checks by requiring only an e-mail address or mobile phone number in order to process a payment. The new solution – which can be faster than all existing payment methods, including Electronic Funds Transfer – is immediately available across the U.S. and works with any bank to handle all Allstate auto and property insurance claims that have a single payee.
Here's how the service works:
- A consumer confirms he/she is willing to be paid utilizing Fast Mobile e-Payment.
- Allstate gathers email address or mobile phone number from the consumer and sends information to Bank of America Merrill Lynch.
- Consumer gets an email or text message with instructions on how to receive payment.
- A one-time registration process is performed by the consumer that will register their email address or mobile phone number in order to receive payment.
- Once registered, consumer automatically receives the payment into his/her account.
"We are proud to be one of the first banks to offer this electronic business-to-consumer payment solution," says Bank of America Merrill Lynch Head of Global Payments Ather Williams. "Allstate and their customers may benefit greatly from the speed and convenience this solution provides."
Fast Mobile e-Payment is the latest, customer-friendly advance in Allstate's overall claims experience that delivers fast, fair and easy service. Allstate ExpressPay is the complete suite of streamlined payment solutions Allstate offers consumers. The company's customers already enjoy innovations at their fingertips like Digital Locker® to inventory all their valuables and belongings and QuickFoto Claim® that enables customers to file an auto claim by submitting pictures through a smartphone app.
"Consumers are more connected than ever, and they expect companies to offer the technology to do business simply, instantaneously and on-the-go," says Suren Gupta, executive vice president of Allstate Technology & Strategic Ventures. "We're committed to innovation and we'll add more features like Fast Mobile e-Payment to Allstate ExpressPay soon."
About Allstate Corporation:
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, protecting approximately 16 million households from life's uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Allstate is widely known through the slogan "You're In Good Hands With Allstate®." The Allstate brand's network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In 2014, The Allstate Foundation, Allstate, its employees and agency owners gave $34 million to support local communities. Allstate employees and agency owners donated 200,000 hours of service across the country.
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SOURCE Allstate Corporation
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