"We want more consumers to feel empowered and informed about insurance – and advisers are playing a pivotal role in making that happen."
- Jamie Page, head of protection distribution at The Exeter
Of those surveyed (2,000), 74% described themselves as ‘very’ or ‘somewhat’ confident in understanding insurance products and how to purchase them. However, the majority of respondents still value advice when it comes to making a final decision.
When asked how they research insurance products, 42% said they would speak with a financial adviser over the phone or face-to-face. Comparison sites remain the most popular route to insurance (59%), followed by insurance providers’ websites (45%).
Older consumers are more likely to opt for a digital journey; half of those aged 55-70 said they would rather purchase an insurance product online with no contact from an adviser or provider.
Amongst 25-34-year-olds, 14% said they would consider the views of influencers or media experts when researching insurance products, and 10% confirmed they would use AI tools. However, this age demographic is also most likely to consult a financial adviser, with 54% saying they would seek advice.
64% of consumers prefer to purchase insurance products following advice from a mortgage, wealth, or financial adviser, with just 36% preferring to go without advice. Amongst those who had consulted an adviser, 82% rated their experience as either ‘excellent’ or ‘good’.
“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,” explained Jamie Page, head of protection distribution at The Exeter.
He said: “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,” Jamie added.
