Search
 

Insurance E-billing Practices Slow to Take Hold: Ward Group Study

Ward Group, a provider of benchmarking and research studies to the insurance industry, recently published its findings from a study of billing and collections practices for insurance companies and identified several notable payment trends.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Ward Group, a provider of benchmarking and research studies to the insurance industry, recently published its findings from a study of billing and collections practices for insurance companies and identified several notable payment trends.

The majority of personal lines premium is paid on a monthly basis (40 percent), followed closely by annual payments. However, nearly 58 percent of personal premium is paid via paper check transactions and only 33 percent is collected electronically via electronic fund transfer (EFT) or credit card. For commercial lines, 31 percent of premium is paid on a monthly basis, however less than 14 percent is collected electronically.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.