Distribution Strategies in Insurance Understanding the Customer View We surveyed more than 3,000 working age adults in Australia and New Zealand (ANZ) and the UK. Our research explores four key areas: 40% of consumers in ANZ – agree that researching, buying or renewing a policy online is “very confusing”. Interaction Looking at how consumers research, buy and check details of their insurance policies. Communication Examining the ways they prefer to communicate with their insurers. Competition To discover how insurers measure up against other organisations. Clarity When it comes to getting the information they need. When it comes to researching, buying or checking policies, the Target research confirms that buyers overwhelmingly want to do it online. > In both the UK and ANZ, 85% of consumers prefer to use the web. Despite the rise of digital channels, traditional methods of communication have far from disappeared. > 35-44 year olds mostly used 9% smartphones 14% tablets 19% Insurers’ website. 19% 14% 9% www.targetgroup.com 2% UK 3% ANZ Direct Mail 73% UK 57% ANZ Computers and Laptops 12% UK 11% ANZ Smartphones and tablets 8% UK 8% ANZ Landline > 62% of insurers say their organisations still do not have an integrated physical and mobile strategy in place. 62% Email Phone Insurers site Instant Messaging 36% 19% 13% 19% 5% 3% 33% 47% UK ANZ > In both the UK and ANZ, 18-24 year-olds were more likely to find insurers’ sites confusing (37% and 47%, respectively) than the over 55 or 50s (28% and 41%). UK ANZ 37% 28% 41% 47% 14% 15% 8% 17% 6% 15% Retail Travel Financial UK ANZ > Types of companies found easiest to do business with online or via social media. > Online marketplaces like Amazon are the most popular choice, selected by half of consumers in the UK and 27% in ANZ. Price, brand and convenience. At the outset, it is important not to overstate the importance of the distribution channel used – including the more traditional channels. > Of consumers prioritise the ease of obtaining a quote. > Of consumers prioritise the brand of the insurer. > Of consumers under 25 are much more likely to use smartphones to research or buy insurance. > Of consumers use digital channels to research, buy and check details of their insurance policies. 17% 36% 13% 85% 25% 41% 17% 31% 36% > Of consumers named price amongst the most important of factors. > Of consumers see product features as the next most important factor. > Of consumers specified the brand of the insurer as key. > Convenience is as important as brand to consumers. 36% named the ease of obtaining a quote 31% named the ability to speak to someone easily. UK ANZ For a full copy of the research click here UK ANZ 85% Clarity 4 10

Distribution Strategies in Insurance Infographic - A/NZ Consumer Research

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Page 1: Distribution Strategies in Insurance Infographic - A/NZ Consumer Research

Distribution Strategies in InsuranceUnderstanding the Customer View

We surveyed more than 3,000 working age adults in Australia and New Zealand (ANZ) and the UK. Our research explores four key areas:

40% of consumers in ANZ – agree that researching, buying or renewing a policy online is “very confusing”.

InteractionLooking at how consumers research, buy and check details of their insurance policies.

CommunicationExamining the ways they prefer to communicate with their insurers.

CompetitionTo discover how insurers measure up against other organisations.

ClarityWhen it comes to getting the information they need.

When it comes to researching, buying or checking policies, the Target research confi rms that buyers overwhelmingly want to do it online.

> In both the UK and ANZ, 85% of consumers prefer to use the web.

Despite the rise of digital channels, traditional methods of communication have far from disappeared.

> 35-44 year olds mostly used 9% smartphones 14% tablets 19% Insurers’ website.

19% 14% 9%

www.targetgroup.com

2% UK3% ANZ Direct Mail

73% UK57% ANZ Computers and Laptops

12% UK11% ANZ Smartphones and tablets

8% UK8% ANZ Landline

> 62% of insurers say their organisations still do not have an integrated physical and mobile strategy in place.

62%

Email Phone Insurers site Instant Messaging

36% 19% 13% 19% 5% 3%33% 47%

UKANZ

> In both the UK and ANZ, 18-24 year-olds were more likely to fi nd insurers’ sites confusing (37% and 47%, respectively) than the over 55 or 50s (28% and 41%).

UKANZ

37% 28% 41% 47%

14% 15% 8% 17% 6% 15%

Retail Travel Financial

UKANZ

> Types of companies found easiest to do business with online or via social media.

> Online marketplaces like Amazon are the most popular choice, selected by half of consumers in the UK and 27% in ANZ.

Price, brand and convenience. At the outset, it is important not to overstate the importance of the distribution channel used – including the more traditional channels.

> Of consumers prioritise the ease of obtaining a quote.

> Of consumers prioritise the brand of the insurer.

> Of consumers under 25 are much more likely to use smartphones to research or buy insurance.

> Of consumers use digital channels to research, buy and check details of their insurance policies.

17% 36% 13% 85%

25% 41% 17% 31% 36%

> Of consumers named price amongst the most important of factors.

> Of consumers see product features as the next most important factor.

> Of consumers specifi ed the brand of the insurer as key.

> Convenience is as important as brand to consumers. 36% named the ease of obtaining a quote 31% named the ability to speak to someone easily.

UKANZ

For a full copy of the research click here