UK Life Insurance Customers Prefer To Buy Online
4th August, 2014
According to the latest survey of UK life insurance and pensions customers, people are choosing to purchase their insurance through digital channels – but still prefer face-to-face contact when seeking financial advice. 38% of the 2,870 consumers surveyed by Accenture bought their policy online within the last 12 months. By comparison 33% bought in person and 29% took out the insurance over the phone.
The poll also revealed that over the last year 19% of people compared life insurance quotes online using price comparison websites before taking out a policy and 41% of all customer interactions with life insurance providers were digital including researching, servicing and buying life cover products. IFA's were the most popular channel by which to buy pensions and insurance products and these accounted for more than 35% of all product sales for the year.
With regards to long-term financial planning, in-person remained the preferred method of contact with almost one third of customers doing their business this way and almost half stating they would like to do it this way in the future. The survey also suggests that there is a significant gap between those that actually seek advice and those who think they should. 48% of people stated they feel they would benefit from seeking guidance and speaking to a financial expert however 51% of people who don't have life insurance or pension policies remain adamant that they don't need any help planning or managing their finances.