Roy Morgan has released research showing that the level of Life insurance purchased online has increased by more than 100% in the last five years.
The report estimates that around 350,000 policies were sold online in 2017, accounting for over 10% of purchases compared to 5% in 2012.
Norman Morris, Roy Morgan’s Industry Communications Director
The acquisition of life insurance by consumers was “facing a major transformation or disruption, moving away from the more traditional insurance broker (or life insurance salesman) towards purchasing online”, according to Norman Morris, Roy Morgan’s Industry Communications Director.
However, the shift to buying insurance online may be even greater than the numbers suggest, with Morris indicating “Among those who have taken out a new policy or changed their policy or insurer the incidence of online is much greater”.
The Roy Morgan findings were based on a survey of over 50,000 consumers.