“Everything is fine when you buy—it’s not until you have a claim that you reconsider your relationship with who provides you insurance,” agreed Theo Beack, chief technology officer at Vertafore. “It’s a natural cycle where people initially say, ‘I go for price and I go for convenience.’ But when you become more informed as a buyer, you’re going to go to someone who can advise you in an intelligent way.”
It’s apparently true even for millennials—just because they feel empowered to do their own research doesn’t mean they’re too arrogant to recognize when it’s time to ask for help. Vertafore found that almost half of young adults ages 18-25 indicated a preference to purchase all forms of insurance through a human.
“By the nature of the technology that’s available now, consumers are more informed,” Schaknowski said. “You’re coming in and saying, ‘I read this online—is this the right policy?’ With that, then, the value an independent agent creates is instead of taking you from soup to nuts, they’re taking you from 60% to 100%.”
And don’t discount the other half of millennials who may currently dismiss the value of a human interaction as part of their insurance experience. “As you get older, your life gets more complicated,” said Tim Owen, vice president of product management at Vertafore. “Insurance is about risk communication. The more different types of risk you have, the more you need insurance.” |
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