B2C Insurance Purchase Distribution Insights

• Around 46% of consumers surveyed opted to purchase life insurance from online channels.
• For non-life insurance plans, 26% of consumers got their plans from online sites, through web or mobile devices.
• Around 68% of consumers expressed interest in downloading and using an app from insurance firms.
• Around 50% of insurance policies in the UK were purchased online.
• Thirty-six percent of those surveyed also mentioned that they would require on-call support if ever they decide to buy online.
• Approximately 34% of those surveyed are willing to buy plans from their banks, 15% from high-street brokers, ~14% from major retail brands and internet search engine companies, 11% from internet retailers or healthcare providers, 9% from bank telemarketing agents or technology providers, 8% from customer websites and forums, 7% from mobile phone operators, and 5% from social networks.
• Around 22% prefer to buy personally from insurance agents.
• For the 18 to 24 year-old demographic, 34% mentioned that they would turn to the internet to purchase their insurance plans.
• In terms of the breakdown of purchase from overall purchasing channels, 56% will most likely turn directly to life insurance firms to buy their plans.
• Around 36% will most likely buy from price comparison sites.
• Approximately 30% of consumers plan to buy their insurance plans from their banks.
•  Twenty-five percent are considering purchasing from their advisors.

Customer Sentiments

• One possible contributing factor on why some consumers do not have a policy yet could be the lengthy process involved when purchasing a plan.
• Based also on the survey, consumers were found to prefer a shorter application process even if the premiums are slightly higher than those plans with a longer application process.
•  Customers prefer insurers to give them simpler and more accessible processes.
• They also demand that all the prices and information on insurance plans should already be available on the platform that they use.
• Based on a survey, 71% of consumers conducted online research prior to purchasing a plan.

• The research was conducted on price comparison sites or on social media channels.

Proprietary Database Search Results