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Man receiving a payment on his phone. In one survey, 42% of consumers said they would be more likely to stay with an insurance provider that pays approved claims within minutes. (Photo: Shutterstock.com)

As the insurance industry defines what a competitive advantage looks like in a post-COVID world, insurers must move digital strategies to a top-level priority to differentiate themselves in the market’s “new normal.” Along with digital shopping experiences, claim processes — especially payment — will be central to these strategies.

At the beginning of 2020, growth predictions were already high for global InsurTech, with researchers pointing to an upward trajectory of market revenue from 5.48 billion in 2019 to 10.14 billion by 2025 — representing a CAGR of 10.8%. A 2020 J.D. Power study released mid-year reported that the pandemic had further thrust digital expansion into the spotlight as consumers and businesses increasingly looked to web-based interaction and remote services.

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