Although telephone calls rank higher on the list of channels that life insurance policyholders would consider buying from, willingness to make insurance purchases via e-mail and Web sites is expected to grow as younger consumers age, according to a survey conducted by management consulting firm NewLink Group (Toronto). Both U.S. and Canadian life insurance policyholders participated in the survey.
"Of customers who indicated that they were likely to purchase insurance in the next two years, almost 10 percent [of 18- to 24-year-olds] would consider an offer via e-mail," relates Byren Innes, senior vice president and director, NewLink Group. "As ages increased, there is a gradual tapering off of interest in the [e-mail channel]."
Eighteen- to 24-year-olds, however, are still more likely to consider purchasing insurance products offered via telephone - 32 percent of respondents in the age group indicated their willingness to purchase via the channel.
But, as these consumers age and Internet comfort increases, so too will interest in insurance e-commerce, Innes predicts. "Twenty-four-year-olds have grown up on the Internet," she says. "They are using the Internet for everything from travel to buying movie tickets online."