New NobleOak Whitepaper
The NobleOak 2017 whitepaper “Life Insurance in Australia – Consumer Behaviour Transformation” includes the results from a comprehensive research study conducted by independent research firm Pureprofile. This study asked over 1,000 Australian adults aged between 30 and 60 years old about their research and buying behaviour with respect to financial serviced products, including Life and Income Protection insurance.
Click here for a free copy of the NobleOak whitepaper.
This whitepaper incudes a number of interesting findings.
Internet is a key source of financial advice
61% of people are now seeking to obtain advice about their overall financial needs using the Internet.
Life insurance advice is now predominantly sourced from the Internet
Of those who seek to obtain Life insurance advice, 32% prefer using the Internet, while 25% use a financial adviser and 20% rely on family members.
Online comparison tools have become a key driver of needs
66% of respondents use websites as a way of comparing Life Insurance and Income Protection policies, compared with an adviser at 23%.
Buying behaviour across financial services products varies considerably
The impact technology has had on how we use financial services products has varied significantly between products. 79% of respondents believe technology has changed their interaction with banks over the past 3 years, while Life Insurance and Income Protection remain laggards at 37% and 34% respectively. It is inevitable the use of technology for purchasing Life insurance will increase just like other financial services products
There is a stark difference between purchasing behaviour and future intention
While only 7% of respondents have purchased Life insurance products online, 39% would purchase Life insurance online or through a mobile device if they needed it.
Consumer confidence is increasing
72% of respondents would be confident in purchasing a Life insurance or Income Protection product online, without financial advice, if the right resources were available.