U.S. Life Insurance Premium Bill Payments: A Market Sizing

The U.S. life insurance individual premium bill pay market increased 30% in total gross dollar volume from 2016 to 2020.

Boston, November 12, 2020 – Life insurance carriers’ embrace of digital transformation centers on one key area that spans their value chain: improving the customer experience. As carriers dive into initiatives to reach this overarching goal, they are recognizing the importance of digitally transforming the premium payment experience. The stakes have never been higher; though the total amount of premiums paid is increasing, the number of policyholders paying premiums directly to their life insurer is decreasing.

This report compares the market size and key trends from 2016 to 2020, and sizes channels, methods, frequencies, and bill delivery methods. Offering insights into the minds of the policyholders and developing a profile of their ability and wherewithal to pay bills, it uncovers industry-level insights while fleshing out the impact of electronic bill delivery on three key areas: payment channels, payment methods, and payment frequency. It is based on a Q2 2020 Aite Group survey of 3,039 U.S. consumers, in particular on a sample of 1,228 consumers who indicated their household paid a life insurance premium directly to their carrier between March 2019 and March 2020.

This 40-page Impact Report contains 37 figures and five tables. Clients of Aite Group’s Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions PayPal.

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