Four out of ten investors prefer seeking advice from financial advisors before buying an insurance policy, finds a recent report released by Capgemini called ‘Wealth Insurance Report 2016’.
The report shows that 42% of Indian investors take advice from financial advisors before buying a policy. In addition, 54% of investors rely on insurance agents to execute transactions.
Another key finding from this report is the growing acceptance of web aggregators among investors. The report shows that 41% of investors do online research before buying a policy and a majority of those who use web aggregators are young investors.
The report says that the Gen Y customers are digitally savvy and more dependent on social media to interact with insurers. “Gen Y customers have more interactions with their insurer across all communication channels, particularly digital ones. They interact with insurers up to 2.5 times more on social media than other customers and over two times more via mobile. But, these young customers do not have much positive experiences with their insurers compared to older age groups. Despite communicating more frequently, globally 20% of customers find it less satisfactory and have higher expectations from their insurers,” states the report.
In a press release, John Mullen, Corporate Vice President and Global Insurance Leader for Capgemini said, “Gen Y is clearly indicating that they do business differently and those insurers who respond to them on their terms will have a clear competitive advantage.”
Apart from this, advice from family/friends (30%), reaching out to insurers through social media (24.5%) and taking reference of comments through social media (21.8%) were some of the popular ways to do research before making buying decisions.
Over 15,800 policyholders participated in this survey from 30 countries.