research studies billing and collections practices
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.
A diverse group of 74 companies participated in this study, which was sponsored by Fifth Third Bank. Key findings of the study were recently presented to participants in a webinar hosted by Jeff Rieder, president of Ward Group and Jodi McIntosh, vice president, treasury management officer at Fifth Third Bank.
For most insurance companies, billing and related activities represent the most frequent types of interactions with policyholders. Ward Group conducted this study to assist companies in measuring their performance, develop staffing comparisons, and establish operating benchmarks in this important area.
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