GenY searches for annuity information more than GenX and Baby Boomers
San Francisco, CA -- (SBWIRE) -- 10/20/2012 -- Individuals who have researched individual insurance and annuity have jumped up 60% in just over a half-decade, according to new research by LIMRA.
Consumers who research the individual insurance and annuity product options online have risen 61% from 38% since 2006.
Another 69% of consumers sought researched information from agents, brokers, and other advisers.
Many utilized the internet to research simply because of the number of research companies that offered services online in easy-to-search locations. Being able to easily research information and general product advice or compare prices made the difference, LIMRA found. The study showed this was true regardless of age group and income level.
In 2006, 18% of research considered internet sources the most valuable compared to 25% this year. Workplace sources were considered most important by 16% of those surveyed.
"Companies need to understand that one size does not fit all when it comes to educating consumers about products and services," Art said. "Using a multi-channel approach will reach a broader audience in the ways they want to collect information and will most likely lead to more sales."
Of the demographics, men and younger, richer, better-educated individuals utilized online resources more often than other demographics. A mark of 65% used internet research compared to women. Those without children sought information to the tune of 67% compared to 58% who had children.
A whopping 73% of Gen Y sought information online, while 61% of GenXers, and 58% of Baby Boomers followed suit.
Consumers tend to look up the information when they are spurred to by friends, family, insurance professionals, and employers, LIMRA said.
LIMRA is a worldwide research, consulting, and professional development organization that is found in 73 countries to provide insurance and financial services.
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