Over the past four weeks, I explored the high-level findings of Accenture’s survey of 4,000 US personal lines consumers. Here and in the coming weeks, I’ll delve deeper into the key numbers from the survey results and closely examine consumers’ attitudes and intentions regarding the purchase of insurance, starting with where they prefer to research insurance.
Like most purchases, insurance consumers are turning online to do their research. Our survey of US personal lines insurance consumers easily confirms this statement. In fact, Accenture research found:
- Websites are the preferred source of information for those looking to buy insurance—72 percent of consumers told us they like to get their insurance information online.
- Fifty-six percent of consumers would use an exclusive agent.
- Fifty-four percent plan on using an online aggregator.
It’s important to note that young US consumers, in particular, prefer to seek information about insurance from a variety of sources. For example, 11 sources of information were preferred by a majority of US consumers aged 18-24. The most popular sources for young US consumers included websites of insurance companies, friends and family, insurance agents, search engines and aggregators.
So, consumers prefer to research insurance online—but where do they turn to when they’re ready to purchase? Join me next week when I explore how the Internet’s gain does not necessarily mean an agent’s loss.
To learn more:
- Download: Accenture US Personal Lines Insurance Consumer Survey: What high performance insurers are doing to achieve growth in a dormant market (PDF; opens in new window).