Many consumers are frustrated with slow insurance payouts, which may lead them to switch companies. A survey found that only about 15 percent of people receive their claim payment within a week. This slow process can be stressful for consumers.

The survey also revealed that three out of four people would likely switch insurance companies due to slow payouts. Communication plays a crucial role in the relationship between providers and policyholders.

Further details on consumer claims experiences and insurance company responses are available, including the potential benefits of real-time digital payments in building trust with policyholders.