Allstate is launching a new electronic system capable of making same-day claims payments to a customer’s bank account – a process enabled by an email address or cell phone.
Allstate dubbed the new service Fast Mobile e-Payment and it offers it in partnership with Bank of America Merrill Lynch. Allstate said it is the first U.S company to use the digital disbursement method for claims.
It will be available across the U.S. and work with any bank as far as Allstate auto and property insurance claims with a single payee, Allstate explained. Fast Mobile e-Payment is designed as part of Allstate’s ExpressPay electronic insurance and claims service options.
To use it, a consumer first must say he or she is willing to be paid using Fast Mobile e-Payment. At that point, Allstate solicits either an email address or mobile phone number and sends it to Bank of America Merrill Lynch. Then, the consumer gets an email or text with instructions on how to get a claims payment.
At that point, the consumer goes through a one-time process registering either a relevant email address or mobile phone number. Then, the consumer than gets the desired payment in his or her bank account.