Public not properly educated on their insurance needs: survey

David Dyck June 19, 2019

Last month, Apollo asked our broker partners what they thought of when it comes to how educated the general public is on insurance.

The response we received was nearly unanimous: most consumers are unaware of what their insurance needs actually are, and the role of the broker in providing advice and council is just as important in the digital age.

Some of the answers we received were more nuanced. One broker wrote: “I think consumers may do their quoting online, but still want someone (through email or over the phone) to provide personal counsel to them.” Another wrote that, “There still needs to be the personal touch where clients hear from an agent on the phone or video explaining what insurance is.”

It’s clear to the brokers we polled that while clients are doing more of their own research, much of it online, before making a purchasing decision, digital tools like content and chat will go a long way in reaching them when and where they are interested in making a purchasing decision.

This reaffirms Apollo’s commitment to a ‘bricks and clicks’ model, where brokers still provide the necessary advice and council to clients, but are able to fulfill their clients’ needs in a much more efficient digital environment.

Tech use on the rise

Some also had some useful insights on technology. In addition to asking about the public’s education levels, we asked what tech they’ve implemented lately that was useful to them. Seventy-six percent of respondents said they had used some form of new technology lately, and shared some insights.

Here are some of the tech brokers said they implemented lately:

  • Standard templates to correspond with clients/underwriters
  • CRM
  • Live chat
  • Chat bot
  • Lead management tool
  • New website
  • Online applications
  • Digital signature software
  • Creating a separate brand

It’s great to see our broker partners embracing technology, and beginning to adopt some of the digital tools that are at their disposal to properly educate their clients about insurance.

David leverages his experience as a journalist in his role as Head of Content for ApolloXE. He believes in the power of content to help aid brokers in their digital transformation.

Get in touch today: david@apollocover.com. Connect with David on LinkedIn