Consumers want help to access digital life insurance
25th June, 2014
UK life insurance consumers would purchase their policy online if there was a guarantee they would receive professional advice over the internet, according to a consumer study by PwC. More than 30 per cent of those surveyed would consider moving their business online if they could receive advice from an expert provider.
When customers who already had online life insurance were asked why they chose to have internet policies, the three main reasons cited were ease of access, cost effectiveness, and the ability to compare life insurance quotes online. Traditional insurers are in jeopardy, according to the poll, as consumers say they would consider buying life insurance from alternative providers, including banks, healthcare providers, and internet brands such as Amazon.
Digital Insurance partner at PwC, Graham Jackson, said: ‘Digital life insurance transactions have started. However, advice is what matters and it’s clear that consumers want the comfort and flexibility of being able to communicate with their life insurance providers, as well as viewing and comparing offers on and offline.’
PwC's study also highlighted a number of other factors regarding online life insurance. More than a third of all those surveyed said they would consider downloading and using an App from their insurance provider; a quarter stated that ease of access and convenience were the main appeals of digital insurance; and men made up the majority of those willing to change to online policies. For those less tech-savvy, however, online life insurance remains far less appealing.