Friday, September 13th, 2013 - Roy Morgan Research
The importance of the internet as a channel for insurance providers continued to grow in the last few years. Results from Roy Morgan Consumer Single Source for the year to June 2013 show that 49.6 % of the population with insurance, (up 1.5% from the previous year) now identify the internet as the media most useful for selecting insurance products. 

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

technology-adoption

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

insurance-tech-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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For comments or more information please contact:

Norman Morris, Industry Communications Director

Office: +61 (3) 9224 5172

Mobile: +61 402 014 474

[email protected]

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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.

Sample Size

Percentage Estimate

40%-60%

25% or 75%

10% or 90%

5% or 95%

5,000

±1.4

±1.2

±0.8

±0.6

20,000

±0.7

±0.6

±0.4

±0.3

50,000

±0.4

±0.4

±0.3

±0.2

Contact Profile

Roy Morgan Research


Roy Morgan Research is Australia's best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
Samantha Wilson
P: (03) 9224 5268
W: www.roymorgan.com

Keywords

insurance, technology adoption segments, roy morgan research

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