A good chunk of modern shopping is done online, and insurance is no exception. This was true before COVID-19, but the pandemic has accelerated the growth of online shopping.
According to Forbes, 36% of consumers shop online weekly, up from 28% before the pandemic, and 62% of U.S. shoppers say they shop online more than they did before the pandemic.
Although some people are still willing to meet face to face, many would rather play it safe and handle things remotely whenever possible. At the same time, stay-at-home orders – which seem to change every day – may require remote work whenever it’s an option.
This extends to insurance, too. Although insurance can be considered an essential service, insurance agents cannot ignore the shifting expectations of consumers.
People buy online.
There’s a reason Amazon is so successful. People love shopping online. And why wouldn’t they? It’s the fastest way to compare prices, and it can be done from the comfort of one’s own sofa. Add the current pandemic concerns into the mix, and it’s a no brainer.
And these days, you can buy pretty much anything online – including insurance. The 2020 Insurance Barometer Study, conducted by Life Happens and LIMRA, found that the percentage of people who prefer to purchase insurance online has increased from 17% in 2011 to 29% in 2020.
The odds are good that this number will continue to climb as people become more comfortable with online shopping and as a new generation of tech natives grows up.
People research online.
Even when people don’t buy online, there’s a good chance they’ll conduct research online. Modern consumers will often go online to learn about a product and compare prices before making a purchase. This is true regardless of what they’re looking for, from shoes to insurance.
According to the 2020 Insurance Barometer Study, the use of Facebook and YouTube for financial topics doubled between 2019 and 2020. Younger generations are especially likely to turn to these sites for advice. If you don’t have a presence there, these people will find someone who does.
People expect fast answers online.
Modern consumers are used to instant information. As a result, many of them won’t settle for anything else.
According to Internet Live Stats, Google processes more than 40,000 search queries every single second. That’s 3.5 billion searches a day. That’s 1.2 trillion search a year.
That’s a lot of searches.
When people have a question, they immediately turn to the internet for quick answers. When they want an insurance quote, they expect to get one online.
You can take advantage of these trends.
The pandemic has accelerated the growth of online shopping, but it’s not the only reason people shop online. Convenience and speed are also major motivations. The pandemic will end, but the online shopping habits that people are developing might not.
When consumers go to your website to research their insurance options, they expect to find information, including how much a policy might cost them. Providing this information is simple with the DI quote engine, a free tool that you can embed in your website and email signature.