New Novarica study of 70 insurers tracks self-service and digital premium payment adoption rates for agents and policyholders across seven lines of business Boston, MA (Mar.9, 2021) – A majority of personal lines and small commercial insurers report that most of their agent new business transactions happen via self-service, and digital payments are on the rise across the industry.In Self-Service and Digital Payment Rates in Insurance, research and advisory firm Novarica analyzes a study of 70 insurer CIOs.

“Digital premium payments are currently leading the way in adoption,” said Matthew Josefowicz, President and CEO of Novarica, and lead author of the report.“To the extent to which they’re not yet universal, they represent an opportunity for insurers to differentiate themselves from their competitors in terms of responsiveness and convenience.” Among the key findings of the report are: Individually focused lines of business have the highest self-service rates. Transaction efficiency and individual policyholder experience are key for lines with low premium values.Specialty, large commercial, and workers’ comp have higher post-issue self-service rates. It’s still common to send applications via email, but portals are increasingly used for service.

Digital premium payments have the potential to be a differentiator. Most insurers have digitized payments to some extent, but many only do so in some cases.Click here for the table of contents or to access the report.Report Summary Agent and customer self-service and digital premium payments are growing, but are not yet ubiquitous in insurance, especially in complex lines.

A majority of personal lines and small commercial insurers report that most of their agent new business transactions happen via self-service.Adoption rates in other lines are much lower.Meanwhile, digital payments are on the rise across the industry.

This report tracks self-service and digital premium payment adoption rates for agents and policyholders across seven different property/casualty and life/annuity lines of business.Click here for the table of contents or to access the report.About Novarica Novarica helps more than 100 insurers make better decisions about technology projects and strategy.

Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council.Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee.Consulting services range from assessments and strategic roadmaps to vendor evaluations.

For more information, visit www.novarica.com.Tags: brief, integrated payment solution, Novarica, payment, Self-Service