Two-Thirds Still Plan to Purchase Insurance Through An Agent
Despite the growth of other channels, two-thirds of Americans still plan to purchase insurance through agents. Even younger consumers predominantly favor working with insurance agents, with a 59 percent share preferring to do so. The survey also revealed that two of 10 (21%) of respondents are considering switching insurance companies the next time they purchase or renew their policy.
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UPDATED: Jan 13, 2021
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Despite the fact that other channels are growing, two-thirds of Americans still plan to buy or renew their insurance through an agent during the next 12 months, according to a new survey from Accenture.
Even younger consumers predominantly favor working with insurance agents, with a 59 percent share preferring to do so.
However, nearly a third (31%) of these youngsters, aged between 25-34, said they plan to purchase insurance online over the next year.
So what’s most important to consumers?
Well, speed of problem resolution and an insurer’s ability to offer insurance products and services that meet their needs were deemed most important, with 68 percent and 67 percent citing these on the top of their list, respectively.
Competitive prices and price transparency weren’t too far off either, with 65 percent and 63 percent citing these as very important.
Price is certainly important, as evidenced by the fact that 55 percent of respondents (and 75% of young consumers) expressed interest in using an insurance aggregator, which displays quotes from multiple insurers, as seen here on our website.
Transparency is also key – customers want to know how an insurer arrived at a certain insurance premium, instead of keeping the process so cryptic.
The survey also revealed that two of 10 (21%) of respondents are considering switching insurance companies the next time they purchase or renew their policy.
Captive agents can only provide one quote, which certainly doesn’t equate to “shopping around.”