Self-Service and Digital Payment Rates in Insurance

Report Summary

Self-Service and Digital Payment Rates in Insurance

Matthew Josefowicz
Head of Research Councils and Advisor to the CEO
Harry Huberty
Head of CIO Research

March 2021 - Agent and customer self-service and digital premium payments are growing, but are not yet ubiquitous in insurance, especially in complex lines. A majority of personal lines and small commercial insurers report that most of their agent new business transactions happen via self-service. Adoption rates in other lines are much lower. Meanwhile, digital payments are on the rise across the industry.

This report tracks self-service and digital premium payment adoption rates for agents and policyholders across seven different property/casualty and life/annuity lines of business.

Key Points and Findings

  • Individually focused lines of business have the highest self-service rates. Transaction efficiency and individual policyholder experience are key for lines with low premium values.
  • Specialty, large commercial, and workers’ comp have higher post-issue self-service rates. It’s still common to send applications via email, but portals are increasingly used for service.
  • Digital premium payments have the potential to be a differentiator. Most insurers have digitized payments to some extent, but many only do so in some cases.

How can we help?

If you have a question specific to your industry, speak with an expert.  Call us today to learn about the benefits of becoming a client.

Talk to an Expert

Receive email updates relevant to you.  Subscribe to entire practices or to selected topics within
practices.

Get Email Updates