Term Life Insurance - Consumer Journey
To obtain insights into the consumer journey of people who seek to acquire term life insurance, particularly focusing on the role of an insurance agent, and how the consumers decide on where/how to buy.
Information on the consumer journey of people seeking to purchase term life insurance is scarce as most reports tend to generalise and offer information on "life insurance" and "insurance" as a whole. Below are some of our findings.
- According to a recent study by Accenture, as much as 52% of those seeking insurance products begin their search on the internet.
- The report went on to state that 42% of tech-savvy individuals surveyed are very willing to use computer-generated advice for buying insurance because they believe it's faster and more convenient.
- Tech inclined buyers are less interested in talking to an agent. According to the study, 24% of those surveyed admitted to seeking out an agent to explain complex topics and only 30% believe they are a useful product advice source.
- When it comes to actually making a purchase, 58% of responders are open to buying insurance via an online channel while 51% have purchased insurance through an online channel.
- In a much broader study of life insurance buyers by Remark, 79% of responders who actually got an insurance product claimed they got advice from from an insurance agent, a financial adviser, bank staff or a phone call from a call centre, while as much as 42% said they would have prefered to use onlince information sources against the 21% that actually got their insurance relying solely on the internet.
Summation Of The Availability Of Information Relevant To The Goals
- In our intial hour of research, we were able to identify some useful insights on the pre-purchase and purchase stages of life insurance products, the declining role of insurance agents among the tech savvy audience, and it's continued domincance in the industry as a whole.
Proposed next steps:
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There's more publicly available information on the topic. We propose research to identify further insights regarding how, when and where consumers choose to buy life insurance.
We can also help identify some of the factors driving the purchase of term life insurance in the US (or life insurance in general if info on term life insurance is scarce).