The number of consumers who research individual insurance and annuity products online has increased by more than 60 percent since 2006, according to a new research.
LIMRA, Windsor, Conn., published this finding in a summary of results from a new survey.
The report reveals that 61 percent of consumers who research individual insurance or annuity products look online, a significant increase over the 38 percent of consumers who did so in 2006.
Mary Art, a LIMRA research director, notes that nearly 7 in 10 consumers (69 percent) continue to seek information from agents, brokers and advisors, who are “often viewed as the most valuable and influential information sources.”
The report states that the top three reasons consumers seek information online include:
- Research companies and product offerings
- Seek general product information
- Compare prices
These reasons apply across all age-groups and income levels, the survey adds.
The study finds that more consumers value information gathered online in 2012 than did in 2006, although this value still lags behind insurance professionals. In 2006, only 18 percent of recent researchers considered Internet sources to be their most valuable sources, significantly less than the 25 percent found in 2012.
In contrast, 37 percent of consumers rate insurance professionals as most valuable in 2012, eight percentage points lower than those who did in 2006. Additionally one in six (16 percent) of consumers cite workplace sources as most valuable.