Boston, May 18, 2021 – Home insurance premiums are an anomaly of sorts when it comes to consumer bill payments. Some consumers pay their home insurance premiums directly to their carrier, but others pay the premium through an escrow account with their mortgage payment. Because some home insurance premiums are paid indirectly through escrow accounts, carriers have limited opportunities to engage their policyholders. When consumers do pay their carriers directly, however, the carriers’ website or mobile app acts as the leading destination for customers to pay or look up their bill.
This Impact Report examines consumer home insurance premium bill payment behaviors for carriers, core systems, financial institutions, and payments vendors. The report first compares key trends from 2016 to 2020, sizing channels, methods, frequencies, and bill delivery methods, and uncovering industry-level behaviors and probing deeper into generational breakouts. It is based on a Q2 2020 Aite Group survey of 3,039 U.S. consumers, 1,688 of whom indicated their household paid a premium for homeowners (property) insurance coverage between March 2019 and March 2020.
This 36-page Impact Report contains 31 figures and five tables. Clients of Aite Group’s Property & Casualty Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
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