The number of consumers who are researching individual insurance and annuity products over the Web has increase by 61 percent since 2006, but nearly the same amount consumers are still turning to agents, brokers and advisors for information, according to new research by LIMRA.
According to LIMRA’s report, this is an increase from the 38 percent of consumers in 2006, who turned to the Web to educate themselves about individual insurance and annuity products.
But, still nearly 7 in 10 consumers (69 percent) still turn to agents, brokers and advisors for information because they are “often viewed as the most valuable and influential information sources,” says Mart Art, a LIMRA research director.
The report found the three reasons consumers are turning to the Internet to find information, which apply to all age-groups and income levels:
- Research companies and product offerings
- Seek general product information
- Compare prices
The report also found that:
- Men and younger, higher-income, higher-educated consumers look on the Internet more often than other demographic groups.
- Sixty-five percent of men use the Internet for research, compared with just 58 percent of women.
- Seventy-three percent of Gen Y consumers seeking information online more than Gen X and Baby Boomer consumers.
- Gen Y consumers are also more likely to rate online sources as their most valuable information avenue for online recommendations of companies and to use agent locators.