Consumers want choice and convenience when making insurance payments, according to new research. 

Many consumers spend a lot of time researching insurance options for their home, their automobile, their pets and themselves. They also want options when they pay for it.  

To learn more about the evolving payment preferences in insurance, American Express and Forbes Insights asked U.S. consumers to evaluate their experiences making insurance payments over the past six months.

Here are five key findings:

1. Consumers Want To Choose How They Pay

86% of consumers said it’s important for insurers to offer the payment method they prefer, and 24% would switch insurers if they could not pay with their preferred method.

2. Credit Cards Are The Most Favored Payment Method

39% of consumers say they become frustrated when insurers don’t provide an option to pay by credit card, which is the most preferred method to pay for insurance. Only 3% prefer to pay with options like a digital wallet or peer-to-peer service.

3. Consumers Seek The Convenience of Autopay

62% of consumers would set up recurring insurance payments if given the option, eliminating the need to re-enter details with each insurance payment. A third (33%) are frustrated with the multiple steps involved to make an online insurance payment.  

4. Asking For Banking Details Can Turn Off Policyholders

37% of consumers become frustrated when required to disclose banking details because credit cards, digital wallets or peer-to-peer payments are not accepted by insurers. 

5. Consumers Want Payment Innovation To Focus on Speed

41% of consumers across all studied industries want payment processing within 30 seconds, the most desired innovation by consumers for making future payments. 

What The Data Tells Us

Policyholders want insurers to accommodate their payment preferences and make the process as smooth as possible. Many would opt for the convenience of autopay with a credit card, the most preferred payment option.