P&C customers don't like buying insurance online, according to a recent survey of 5,000 Americans by Ernst & Young.
Nearly one-quarter of North and South American consumers choose online channels to research purchases but only 7 percent would buy insurance online, according to the survey. These numbers can be compared to 32 percent in Europe and 39 percent in Asia-Pacific who research online, and 14 percent in Europe and Asia-Pacific who would buy insurance online. E&Y concluded that American customers expect insurers to offer an array of communication methods.
The survey also found that 58 percent of Americans said price was the key driver in purchasing behavior. When buying, consumers said they considered brand trustworthiness (42 percent), customer service (34 percent), reputation (29 percent), and financial stability (25 percent).
Of the one-quarter of Americans that considered financial stability, consumers age 18 to 34 were 10 percent more likely to consider financial strength than consumers age 35 to 54.
But changing customer service platforms might be irrelevant for some years to come, according to the survey. Nearly 65 percent of consumers said they weren't likely to change insurers within the next 5 years.
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