The growth in this application of the internet as the most important media for selecting insurance products was driven initially by the more internet-savvy consumers but is now moving firmly into the mainstream. The dynamics of this trend are revealed through the lens of the Roy Morgan Technology Adoption Segments, which differentiate groups within the population by their likelihood to engage with new technology.
Roy Morgan Technology Adoption Segments
Source: Roy Morgan Single Source (Australia), 12 months to June 2013; Base: Australians 14+
Analysis of the population via these segments reveals that over the last year, growth in the perception of the internet as the most useful media for selecting insurance products has been highest in the Mass Market segments ‘Digital Life’ and ‘Older Tech Explorers’.
Internet the Media Most Useful for Selecting Insurance Products - by Roy Morgan Technology Adoption Segments
Source: Roy Morgan Single Source (Australia) 12 months to June 2012 n= 44,375 12 months to June 2013 n= 41,392; Base:Australians 14+ who have any Insurance
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“Clearly the importance of the internet as a channel to research and purchase insurance products has moved beyond the early adoption phase. The vast majority of the population are now using the internet on a daily basis, spending more and more time online and becoming more comfortable conducting financial transactions via the web.
“Initially in the domain of niche providers and direct insurance products, more and more the online environment represents a dominant channel and an important opportunity for all insurance providers to engage with customers of all types across the market.
“With the growth of the online comparisons and the relative ease with which policies can now be researched, understood and taken up; insurance providers who are slow to invest in optimising their digital presence and understanding how and where to create effective customer engagement through the internet and social media, risk losing touch with an ever-growing proportion of the market.”
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Margin of Error
The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
25% or 75%
10% or 90%
5% or 95%
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