[Open finance](https://plaid.com/use-cases/open-finance/) Connect to financial data through a single API [Fraud & risk prevention](https://plaid.com/use-cases/fraud-and-risk-prevention/) Detect & prevent fraud across your user base [Onboarding & identity verification](https://plaid.com/use-cases/instant-onboarding-identity-verification/) Instantly onboard new users & verify identities [Billing & recurring payments](https://plaid.com/industries/billing-recurring-payments/) Boost successful payments for more revenue [Income verification](https://plaid.com/check/income/) Verify income in seconds [KYC & AML compliance](https://plaid.com/use-cases/kyc-aml-compliance/) Manage compliance & mitigate risk [Underwriting](https://plaid.com/check/underwriting/) Make smarter credit decisions [Inbound bank payments](https://plaid.com/use-cases/inbound-bank-payments/) Accept more successful bank payments [Outbound bank payments](https://plaid.com/use-cases/outbound-bank-payments/) Send faster, more reliable bank payouts [Personal financial management](https://plaid.com/use-cases/personal-financial-insights/) Deliver tailored insights to improve finances [Business financial management](https://plaid.com/use-cases/business-financial-management/) Power tools for modern business finance [Earned wage access](https://plaid.com/use-cases/earned-wage-access/) Offer early access to wages Catch up on EffectsWatch now - ### Spot risks earlier Verify identity and account ownership to help spot suspicious activity and cut claims fraud at first notice of loss. - ### Simplify payments Reduce failed premiums and speed up claim payouts when customers need them most. - ### Speed up underwriting Real-time income and cash flow insights help insurers gauge risk and price coverage faster. ### Catch fraud from onboarding to claims Plaid powers digital transformation with insights that help flag suspicious activity early and reduce fraud risk across your flow. - Confirm identity information against regulated data sources in seconds - Catch fraud early by confirming identity and account ownership at first notice of loss - Use network and device intelligence to surface hidden fraud patterns - Secure every channel by adding verification to self-service flows or secure links for call-center checks ### Smarter payments. Happier policyholders. Insurers can confirm account details in real time to reduce ACH returns. Digital payouts simplify processes and reduce reliance on paper checks. ### Verify accounts instantly Move beyond static database checks. Cut ACH returns by up to 80% to keep more policies in force. ### Simplify premium collection Avoid coverage lapses and save an average of 40% using lower-cost bank rails for recurring payments. ### Accelerate claim payouts With faster payouts over ACH, RTP, or FedNow, you deliver when it matters most. ### Work seamlessly with your systems Plug-in solutions integrate with existing processors and TPAs to move payments faster and keep workflows connected. - ### 10 seconds to unlock cash flow data - ### 25% boost in onboarding conversion - ### 72% of consumers feel safer with ID verification ### Faster underwriting, expanded coverage, more approvals Plaid gives life and P&C insurers real-time income, cash flow, and asset data to support more informed pricing and expand access. - Get real time income views from bank and payroll data to avoid NIGO delays. - Accelerate onboarding with real time data, replacing manual reviews. - Understand the full financial picture with income stability and cash flow insights. - Move faster, price smarter, and approve more applicants. - ### Enterprise-grade security Plaid meets SOC 2 Type II, ISO 27001, and uses end-to-end encryption and continuous monitoring to help keep sensitive data protected at scale. - ### A network millions trust 1 in 2 Americans with a bank account have connected through Plaid, giving insurers a secure, proven way to connect with customers. - ### Permissioned and transparent by design Policyholders choose what they share with Plaid, giving them clear visibility and control over their data. ### Property & Casualty (P&C) Real-time financial insights reduce fraud, streamline payments, and improve underwriting and claims. ### Life & Benefits Use income, identity, and bank data to reduce NIGO, support underwriting, and reach customers with limited credit history. ### Third-Party Administrators (TPAs) Support faster, more accurate premium collection and claims disbursement across multiple carriers. ### Retail & Wholesale Distributors Streamline submissions, payments, and renewals with bank connections and insights that simplify workflows from quote to bind. ### Managing General Agencies (MGAs) Speed up bind and improve submissions with connected financial data that reduces NIGO and supports smooth premium payments. ### Insurtechs Build differentiated insurance products with Plaid’s easy-to-integrate APIs and tools that power faster, simpler customer flows. ## Power every policy with Plaid ### Your questions, answered ### What is digital transformation in the insurance industry? Digital transformation in insurance replaces manual, paper-heavy workflows with automated, data-driven experiences across underwriting, billing, and claims. Real-time payments, identity verification, and AI-enabled decisioning help insurers work more efficiently and serve policyholders faster. ### How do insurers prevent and detect fraud in a digital environment? Insurers use modern fraud prevention tools like real-time identity checks, account owner verification, and behavioral signals to stop fraud at onboarding, billing, and claims. Verified financial data and AI-ready signals help prevent synthetic identities, payment fraud, and misdirected claims. ### How are insurance companies automating claims payments? Insurers are modernizing payments by replacing checks and manual processes with digital platforms that verify accounts and move money securely in real time. Automated claims speed relief and reduce fraud, while automated premium collection lowers ACH returns and improves policyholder experience. ### How is automation changing insurance underwriting? Automation is transforming underwriting by replacing PDFs and self-reported financials with verified data and AI-driven insights. Insurers instantly validate income, assets, and risk—speeding decisions, reducing NIGO, and creating a more consistent, transparent experience for applicants.