The majority of personal lines premium is paid on a monthlybasis (40 percent), followed closely by annual payments. However,nearly 58 percent of personal premium is paid via paper checktransactions and only 33 percent is collected electronically viaelectronic fund transfer (EFT) or credit card. For commerciallines, 31 percent of premium is paid on a monthly basis, howeverless than 14 percent is collected electronically.
A diverse group of 74 companies participated in this study,which was sponsored by Fifth Third Bank. Key findings of the studywere recently presented to participants in a webinar hosted by JeffRieder, president of Ward Group and Jodi McIntosh, vice president,treasury management officer at Fifth Third Bank.
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