Insurers bear the brunt of billions of pounds in claims every single year. These companies make lots of small payments in huge volumes over the course of a typical day. Cash is the de facto method of settling these types of claims, and for good reason, too.
Cash is flexible; it gives someone the option of spending money whenever and wherever they like. Cash is very easy to transact (now via bank transfer) and settles claims within the space of a few working days.
If a claimant receives money to put towards replacing something that is lost, stolen or faulty, cash makes for an ideal way of resolving the case. Yet, only by going further into the process do you realise that cash is far from perfect, and can certainly be rivaled.
It’s our opinion that eGifting can make a huge play in the insurance industry: a space that has aimed to satisfy its customers through a process which makes little business sense.