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How has online shopping affected insurance?

Today, digital technology offers clear advantages in the online shopping experience, but for the insurance market, it seems difficult to replace the value of broker support when offering a complex product so tailored to customer needs. So, how will insurance companies ensure clients get the right policies if they buy online?

It is not new that customers from different generations are making insurance purchase decisions using online tools to search for information, regardless of the final purchase method.

Gen Zers, on the other hand, prefer to do most shopping online when they can out of convenience. Factors such as brand familiarity, refundability and product knowledge seem to influence online purchase of this generation.

Gen Z insurance clients are often first-time insurance buyers, so will experience calls geared towards professional advice to supplement digital marketing or product education tools.

Source: https://www.canadianunderwriter.ca/brokers/opinion-how-has-online-shopping-affected-insurance-1004178177/