Advice–take it or leave it–but it seems the majority of consumers plan on taking it. According to the 2007 World Insurance Report from Capgemini and the European Financial Management & Market- ing Association, when it comes to buying products, such as life insurance or retirement plans, individuals don’t want to make the decision on their own. “These products are a little more challenging to understand,” notes Bill Sullivan, research associate with the Financial Services Lab of Capgemini’s Global Wealth Management Center of Excellence. In fact, the report found that consumers say they need advice the most when it comes to pensions and life insurance.
The report, based on surveys and interviews with more than 10,000 insurance customers, 350 distributors, and over 50 insurance executives, was conducted in seven countries–France, Germany, Italy, the Netherlands, Spain, the U.K., and the U.S.–and explores the “prolonged and fundamental shift in market dynamics–a transformation that is creating opportunity for many insurance companies, but threatens to catch many others by surprise.”