Use of “Robo” Tools Increasing With Life Insurance

With the internet now a leading source of Life Insurance advice, consumers are opting to sort out their own cover with the help of “Robo” tools.

Our research shows that 61.8% of respondents would use an online assessment calculator rather than using a financial adviser if they had the choice.

Other results include:

48.2% of Australians are not willing to pay anything for financial advice with respect to Life Insurance.

72.6% believe there is enough information online to help them understand the different types of Life Insurance and Income Protection cover they need.

71.7% believe there was enough information online to understand how much cover they needed.

75.4% of people are confident in purchasing Life Insurance or Income Protection online without financial advice.

It’s evident from these results that people are happy to use online tools and use the internet. It is now up to insurers to make it easy for consumers to research and compare Life Insurance policies via the internet.

People increasingly want to use the internet to help them determine what type of cover and how much cover they need, but unfortunately, they sometimes can’t easily access that information.  This is a key reason why so many Australians are still under-insured.

In addition, Life Insurance as a whole is often perceived as being confusing and complicated. As insurers, we need to help people understand what type and level of Life Insurance cover is suitable for them, in simple language, to help them make an informed decision confidently.  This will then allow them the peace of mind they deserve.

NobleOak’s  Life Insurance Calculator was designed to help people determine what level of cover they need – without having to pay for financial advice.

The Life Insurance Calculator takes about 5-10 minutes to complete and is free to use. It covers Life, TPD, Trauma and Income Protection and produces a personalised report people can then use to get a quote.

NobleOak’s calculator has been independently verified by Rice Warner Actuaries, a leading independent provider of research and actuarial advice to the Australian Financial Services Industry.

 

Source:

Research conducted by Pureprofile in December 2018 with 1,043 Australian respondents.

 

Margaret Rochford

22 February 2019 - 5 minute read