Nearly two-thirds (64 percent) of U.S. and Canadian consumers are planning to renew or purchase insurance products through an agent in the next 12 months, according to a survey of 2,500 consumers in both countries by Accenture.
While younger consumers also predominantly favor agent networks—59 percent of 25-to-34-year-olds prefer buying insurance through this channel—almost one-third (31 percent) of them said they plan to purchase online in the next 12 months.
“In an environment with tighter margins and increased regulatory pressure, it is critical for insurers to know what consumers want and how they want to purchase it,” says John DelSanto, global managing director of Accenture’s insurance practice. “We believe that multiple distribution channels will continue to co-exist and insurance carriers should continue to better integrate their channels. Insurers with sophisticated analytic capabilities will be able to better understand their customers’ evolving needs, which products and services best address those needs and which channels are most effective for their situation.”
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