Posted by: Abdul Kader | January 21, 2013
In the past, most insurance buyers worked exclusively with agents to determine and address their insurance needs. The agent was the primary source of information, education, advice and other services. Some buyers, especially for P&C and life insurance purchases, still value the professional advice they receive from the agent and the face-to-face interaction for the same. But a growing number of people- especially Gen Y-tend to look out for more choices when it comes to the fulfillment of their insurance needs, turning to the internet, call centers, social media and/or as they deem fit. The growing use of the internet has contributed to this phenomenon, and a recent study showed that 43 percent of consumers plan to purchase insurance through online channels—through an insurer’s website or an online aggregator.