How Payment Choices Shape Insurance Decisions
44% of policyholders say payment options help choose insurers.
In brief
44% of policyholders say payment options help choose insurers. 44% of policyholders use preferred payment methods to decide which insurer to choose. Originally reported by Pymnts.
Payment Choices Impact Insurance Decisions
44% of policyholders say preferred payment options help choose an insurance provider.
“44% of policyholders said preferred payment options were a reason to choose a provider”
Insurers Offer Installment Plans
53% of insurers let customers set up installment plans without calling the company.
“53% of insurers offered installment plans without requiring customers to call”
Payment Flexibility Options
73% of insurers offered payment extensions or grace periods.
“73% of insurers provided payment extensions or grace periods”
Digital Wallets Preferred by Policyholders
34% of policyholders want to use digital wallets but only 20% of insurers offer them.
“34% of policyholders said they wanted to use digital wallets”
Self-Service Payment Options
48% of insurers let customers reschedule payments themselves.
“48% of insurers allowed customers to reschedule payments”
Payment Shortfalls by Generation
42.2% of Gen Z policyholders say payment methods fall short of ideal.
“42.2% of generation z policyholders said the ability to pay using preferred methods fell short”
Insurers Prioritize Payment Flexibility
45% of insurers say payment flexibility is very or extremely important to customers.
“45% of insurers said payment flexibility was very or extremely important to customers”
The short version
44% of policyholders use preferred payment methods to decide which insurer to choose.
