Insurance Premium Affordability & Payment Mode Survey
Map how individual policyholders evaluate premium affordability, compare payment frequency options, and choose coverage tiers, so you can sharpen acquisition targeting, fix pricing tier positioning, and improve renewal conversion.
CONTEXT & RELEVANCE
Why run this survey now
Most insurers don't lose policyholders purely on premium price. They lose them due to rigid annual payment structures, misaligned instalment options, affordability perception gaps, poor renewal timing, and segment-level income volatility, none of which fully show up in claims data or policy lapse reports.
If you are...
- Life or health insurer
- Retail product pricing head
- Distribution or bancassurance lead
- Insurer vs insurtech competitor
- Renewal and retention strategist
You're likely facing...
- Lapse spikes at renewal stage
- Monthly vs annual mode confusion
- Premium = unaffordable perception gap
- Segment fit: urban vs tier-2
- Instalment uptake vs margin tension
This will help answer...
- Affordability drivers by segment
- Payment mode preference triggers
- Lapse stage and switching point
- Price sensitivity vs coverage trade-off
- Renewal friction and exit signals
RESEARCH THEMES
What This Survey Investigates
Eight interconnected research themes that map the complete policyholder journey from premium awareness to renewal commitment.
Affordability Perception
- Premium burden across income bands
- Perceived value vs. actual outlay
Payment Mode Preference
- Annual vs. instalment frequency split
- Digital wallet, UPI, auto-debit adoption
Premium Sensitivity
- Price elasticity at renewal stage
- Threshold triggers for policy lapse
Instalment & Credit
- EMI-linked premium financing uptake
- Credit card, BNPL, insurer instalment plans
Lapse & Dropout
- Policy discontinuation reasons by segment
- Grace period awareness and utilisation
Channel & Servicing
- Agent, app, and aggregator touchpoints
- Renewal reminder effectiveness by channel
Product & Coverage Trade-offs
- Coverage reduction to offset premium cost
- Add-on rider retention under budget pressure
Insurer Switching
- Portability triggers and barriers
- Competitor premium benchmarking behaviour
SAMPLING STRATEGY
Tell us about your ideal sample
Help us understand your target respondent profile. Select what applies, we'll design the optimal sample plan based on your inputs.
METHODOLOGY
Survey approach
For the Insurance Premium Affordability and Payment Mode Survey, we recommend a quant-first design with flexible data-collection modes to balance reach, depth, and verification.
EXECUTION PROCESS
How we execute
A proven 9-step process from scoping to delivery, designed to ensure quality, speed, and actionable insights.
Define the decision frame
Confirm objectives, target cohorts, geographies, and reporting cuts
Define the decision frame
Design the instrument
Build workstream modules mapped to outputs (drivers, friction, pricing, retention, trust)
Design the instrument
Lock the questionnaire
Review wording, sequencing, LOI, and competitive context; approve final version
Lock the questionnaire
Pilot and calibrate
Test comprehension and ease quality; refine quotas and remove friction where needed
Pilot and calibrate
Run fieldwork
Execute collection with active quota management and feasibility controls
Run fieldwork
Assure quality
Dedupe, attention checks, speed/consistency rules, removals with audit trail
Assure quality
Prepare the dataset
Clean data and deliver codebook/variable definitions
Prepare the dataset
Analyse and synthesise
Driver ranking, leakage diagnostics, pricing bands, segment insights
Analyse and synthesise
Deliver and align
Executive deck (optional dashboard) and leadership readout with recommendations
Deliver and align
COMMERCIAL TERMS
Request a Commercial Proposal
Pricing depends on cohort, geography, sample size, approach, LOI, and deliverables. Configure below for an indicative estimate.
Select Sample Size
Geography
Select Mode of Survey
Length of the Interview
$0.00
+ applicable taxes
Cost Breakdown
Note: Estimate is indicative only. Final pricing is subject to scope finalization after discovery call.
REFERENCE CASELETS
Reference
Real-world examples of survey work in the insurance affordability and payment behaviour space.
Health cover renewal intent & lapse triggers by income segment (India)
OBJECTIVE
WHAT WE DID
DELIVERED
Health cover renewal intent & lapse triggers by income segment (India)
Motor insurance payment mode preference & messaging fit (Urban India)
Health cover renewal intent & lapse triggers by income segment (India)
OBJECTIVE
A regional insurer needed to isolate why mid-income policyholders lapsed at renewal, specifically whether the driver was premium burden , perceived value erosion , or friction in the renewal payment process itself.
WHAT WE DID
Ran a structured quant survey across 600 individual health policyholders in 8 cities, capturing premium-to-income ratio tolerance , renewal touchpoint sequence , payment mode preference , and stated reasons for lapse or downgrade at the last renewal cycle.
DELIVERED
A lapse-risk segment framework by income band, a ranked friction list across 6 renewal touchpoints, and a premium tolerance corridor identifying the threshold at which mid-income policyholders shift from renewal to lapse or plan downgrade.
FREQUENTLY ASKED QUESTIONS
Common Questions
Answers to frequently asked questions about this survey mandate.
What decisions will this survey enable?
Who is the buyer vs who are the respondents?
Can we see differences between monthly-pay, annual-pay and lapsed policyholders?
How will you measure payment mode preference beyond simple ratings?
Will the survey map the full premium payment journey and drop-offs?
Can this survey inform product and pricing strategy?
How will findings improve our renewal and retention conversion rates?
Still have questions?
Schedule a discovery call to discuss your specific needs and get a custom quote.