How “Instant Payouts” Work In Travel Insurance

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When it comes to travel insurance claims, is faster better? I didn’t have the time to ask that question after I visited a walk-in clinic on a recent visit to Spokane, Washington. I had a touch of conjunctivitis in my right eye. The clinic charged me less than $100 for the visit.
I filed a claim online with my travel insurance company. I was stunned when it paid the claim within a few hours.
Instant payouts are a major trend that could affect your next insurance claim. Travel insurance companies are using new payment technology to process claims faster and distinguish themselves from their competition. But there are important limits to instant payouts.
Instant payouts to customers give insurance companies an edge over competitors, says Ariel Paradis, a marketing manager for Payouts Network, a payment-processing company for insurance companies. She says the ones with the fastest claim payouts are very highly rated by consumers.
A recent survey by the payments platform VPay …

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