Aite Group study finds that on average consumers will pay their auto insurance eight times per year and their property insurance five times a year.
Boston, June 21, 2017 — This latest Aite Group report, P&C Insurance: How Consumers Pay Their Bills, examines how consumers in the United States pay their property and casualty insurance bills. The report aims to help industry participants understand where consumers’ preferences lie when it comes to paying these bills and can also be used as an indicator to carriers that are looking to devise or refine their policyholder outreach strategy.
Aite Group research shows that carriers should pay close attention to the actual payment transaction to create value for their policyholders. Even though people seem more time-constrained than ever, and a “set it and forget it” approach is increasingly gaining favor, carriers would be unwise to forget that a significant portion of their clients prefer a more analog experience. The challenge for carriers will be to strike a balance between these analog methods and channels while promoting newer ones.
“Not all people, not even all millennials, want a completely digital payment experience,” says Aite Group senior analyst Jay Sarzen. “P&C carriers should embrace this and recognize that there could always be some people, old or young, who will want a traditional manner of paying their bills,” he says.
This report’s analysis is based on a Q3 2016 Aite Group survey of 2,429 U.S. consumers and focuses on how different generations pay their P&C insurance bills.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.