The US Life Insurance Buyer's Journey
Most Buyers Research On The Web Or In Person; Few Apply Online
January 12, 2010
Why Read This Report
Half of US adults own life insurance, and roughly 25 million apply for a new policy each year. The Web has recently overtaken agents as the most commonly used channel among US life insurance researchers. Among those who research their policy, two-fifths look for information online, while another two-fifths visit an agent, but just 3% do both. Online comparison sites are playing an important role: 15% of recent life insurance buyers used one. When it comes to quoting and applying, however, in-person visits with agents remain Americans' preferred channel. Age, online experience, and the perceived security of the Web all affect consumers' channel preferences. eBusiness and channel strategy executives should guide shoppers through the buying process by helping prospects find their nearest agent or by offering an online chat or click-to-call with a company representative on the firm's private site.
Already a Client?
Log in to read this document.
Become a Forrester Client
Customers are the new market-makers, reshaping industries and changing how businesses compete and win. Success depends on how well and how fast you respond. Forrester Research gives you insights and frameworks aligned to your role to shorten the time between a great idea and a great outcome, helping your teams win in the age of the customer. Contact us to learn more.
This report is available for individual purchase ($499 USD).Purchase
Also in Collection: Insurance Buyers' Journey
Table of Contents
- US Life Insurance Shoppers Research Online, Buy Offline
- Agents Remain Critical, But The Web Is Changing The Life Insurance Distribution
- Most Applications Remain Offline, But Life Insurers Must Be Multichannel
- Supplemental Material
- Related Research Documents
eBusiness Leaders: It's Time To Take Financial Service Comparison Web Sites Seriously
June 29, 2010 | Brad Strothkamp
Trends 2010: North American Insurance eBusiness And Channel Strategy
March 10, 2010 | Chad Mitchell
European Cross-Channel Retail Sales Forecast, 2015 To 2020
July 28, 2015 | Michelle Beeson