UK health and life insurer, The Exeter, has today released new data highlighting the value that financial advisers offer when consumers are researching or looking to buy insurance products.
When asked how they would research an insurance product, 42% of respondents said they would speak to a financial adviser on the phone or face-to-face, placing advisers firmly in the top three research methods. Comparison sites remained the most popular for 59% of respondents, followed 45% who said they would also research individual insurance companies online.
Younger consumers exploring alternative routes for information
While online research and financial advice play an important role in educating consumers about insurance, younger people are exploring alternative sources of information. Among 25-34-year-olds, 14% say they would consider the views of influencers or media experts when researching the options available, and 10% would use AI tools, the highest across all age groups. However, the 25-34-year-old age group are also the most likely demographic to seek the opinion of an adviser when researching options, with 54% saying they would seek advice.
When it comes to purchase, advice still matters
Many consumers feel confident navigating the insurance market, with 74% describing themselves as “very” or “somewhat” confident in understanding insurance products and how to purchase them. However, despite growing confidence, most consumers still value professional input when it comes to making a final decision. According to the data, 64% of consumers prefer to purchase an insurance product following advice from a mortgage, wealth, or financial adviser, with just 36% preferring to go without advice. Where consumers do opt to use a financial adviser, they report positive experiences. Among those who had used a mortgage, wealth, or financial adviser, 82% rated their experience as either ‘excellent’ or ‘good’.
Older consumers favour digital independence
Despite popular assumptions, older consumers are likelier than younger people to prefer a fully digital journey. Half of 55–70-year-olds said they would rather purchase a policy online with no contact from a company or adviser – the highest of any age group.
Jamie Page, Head of Protection Distribution at The Exeter, comments: “Different generations are now engaging with insurance in very different ways. Whether someone turns to a comparison site, an influencer, or an AI tool, it shows that people care about making the right decision when it comes to purchasing insurance products – they’re just doing it on their own terms. While online resources or AI-powered tools can help people get started, these findings highlight the important role that advisers play throughout the purchase journey. It’s also clear that when someone speaks to an adviser, their experience is hugely positive. As an industry, we need to be present for people wherever they wish to engage with our products. That means offering a mix of human and digital support to suit all preferences. Ultimately, we want more consumers to feel empowered and informed about insurance – and advisers are playing a pivotal role in making that happen.”
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