Investors have been beating up on the price of Snap Inc. stock in recent months — but many life insurance shoppers have told LIMRA that they use Snap’s Snapchat social media service to shop for life insurance.
About 24% of 1,500 recent U.S. life insurance shoppers surveyed said they used Snapchat when they were shopping.
LIMRA reported that survey finding in a recent industry trends analysis.
Snapchat came in fifth on LIMRA’s social media use list.
LIMRA found that 91% of the life insurance shoppers they surveyed looked online for information about life insurance.
Facebook was the most popular social media life insurance resource: 79% of the survey participants said they used Facebook.
Use rates for the three other social media services listed were 57%, for YouTube; 38%, for Instagram; and 29%, for Twitter, according to the LIMRA survey data.
Some in the life insurance industry have suggested that problems with the online life insurance shopping experience might be responsible for some of the weakness in life insurance sales.
The shoppers LIMRA surveyed said they were about as happy with their online life insurance shopping efforts as they were other online shopping efforts.
— Read How Advisors Use Social Media and Why They Should: Putnam, on ThinkAdvisor.