Consumers' desire to incorporate digital channels as part of their buying process is causing a shift in the role of agents and brokers, still the primary channel for insurance distribution.
Online shoppers expect to learn about carriers, compare products, obtain price quotes and purchase a policy quickly and easily. Some rely on social media to get information and advice about brands and coverage. According to Accenture data, 21 percent of consumers use, or are considering using, social media to perform research on insurance products; 36 percent of consumers under age 34 would consider using social media to perform such research.
Some shoppers prefer to chat online, text or email rather than to call or meet in person. Yet many shoppers who conduct research online will ultimately buy insurance from a human—either a local agent or a contact-center associate. Similar to consumer behavior already widely observed in the retail industry, rather than replacing one channel with another, many insurance consumers are diversifying and using more channels than ever to meet their needs.
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