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.
- 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.
Proprietary Database Search Results
In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.