Are you feeling wistful about what online insurance experiences used to be? Can’t remember how to get back to the Wayback Machine? You can indulge that nostalgia by simply shopping online for life insurance.
Beginning in Q3, we looked at 13 websites—ten carriers, two online agencies, and one aggregator—in the US and Canada to get a sense of how easy it was for someone who was interested in buying a basic term life policy to use digital channels learn about coverage options, get an estimate, find and connect with an agent or advisor, and apply (up to the binding process).[i]
What prompted us to explore the digital buying experience for American and Canadian life insurance shoppers? Our data showed that when considering life insurance, shoppers:
- Turn to personal connections. The financial dynamics of the family and social networks play an important role in the insurance research process, especially for younger buyers. Nearly 4 in 10 Americans said that they had used friends and family to research life insurance, while 13% of Canadians said that they had spoken with family or friends about the coverage. These personal connections are manifest through comments like, “I bought my life insurance from Company X (or Agent Y). You should check them out”, whereupon the dutiful relation goes to the life insurer’ or agent’s website.