Press release devices used to buy insurance online in europe
Insights into the devices used by consumers buying insurance online plus a variety of other insights. Countries covered in both reports are France, Germany, Italy, Poland, Spain and the UK.
Published on: Mar 4, 2016
Transcripts - Press release devices used to buy insurance online in europe
PRESS RELEASE Aggregation Metrics in Europe / Life Protection Metrics in EuropeSpain leads the way in the use of mobile channels to buy insurance - mobile phones and tablets are becoming significant tools for the acquisition of insurance, especially among the youngLondon, 16 January 2013 - Consumers in Spain buying insurance products online are the mostlikely to have used a mobile phone or tablet for this purpose, while those in Germany are theleast likely, according to new research published by Finaccord. Additionally, the research, whichis based on an online survey of over 6,000 respondents across six European countries, alsoshows that younger consumers are significantly more likely to use small mobile devices ratherthan laptops or desktop computers to shop for insurance products.Specifically, Finaccords research reveals that across six major European countries (France,Germany, Italy, Poland, Spain and the UK), consumers in Spain are the most likely to havebought a motor, household or protection-related life insurance policy using their mobile phone ortablet computer. For these types of insurance 34.2% of survey respondents in Spain purchasingonline used mobile phones or tablets. "This is more than twice the combined average of all sixEuropean countries studied, which was 16.1%. By contrast, in Germany only 6.9% of insuranceproducts acquired online were bought by consumers using mobile phones or tablet computers,"said Edward Wilford, a Consultant at Finaccord.Moreover, a further finding of the research was that consumers between the ages of 18 and 34were significantly more likely to use small mobile devices for buying insurance online than wererespondents aged 35 to 54 or those aged 55 and above. For all six countries combined andacross the same three major categories of insurance (household, motor and protection-relatedlife insurance), younger consumers used mobile phones or tablet computers for 29.7% of onlineinsurance purchases. This figure was significantly higher than the 19.3% reported by consumersaged between 35 and 54, and more than two and a half times as high as the 11.5% reported byconsumers aged 55 and above.Spains high recorded use of mobile channels sometimes transcends age, however; for instance,for household insurance, survey respondents buying this type of cover online aged 35 to 54used small mobile devices 34.8% of the time, and those over 55 years of age used them 32.3%of the time. By contrast, the youngest age group in Germany used mobile phones or tablets foronly 14.0% of online household insurance purchases, the most of any age group in Germany,but still less than half the rate of use for any age group in Spain.These results are important for insurance companies seeking to sell online because if significantand growing numbers of consumers are already using mobile phones or tablet computers toacquire insurance, purchasing interfaces geared specifically for these devices, such assmartphone apps and mobile websites, will take on increasing importance. "Some projectionssuggest that as many as half of all searches for insurance will be carried out through a tablet ormobile phone by 2015. As mobile apps are often tied to a particular insurer or aggregator, adominant app could have a significant effect on the developers online sales," concluded EdwardWilford. --- END ---
Media contact: Roberto Napolitano, +44 (0)20 3008 4406, email@example.comNotes to editors:Finaccord is a market research, publishing and consulting company specialising in financial services.It provides its clients with insight into and information about major issues in financial services in theUK, Europe and globally, with a particular focus on marketing and distribution topics such as affinitymarketing, bancassurance and strategic alliances.Two new consumer research reports published by Finaccord in January 2013 and November 2012 –respectively titled Aggregation Metrics: Consumer Approaches to Online Insurance ComparisonSites in Europe and Life Protection Metrics: Consumer Approaches to Protection-Related LifeInsurance in Europe - offer new insights into the devices used by consumers buying insurance onlineplus a variety of other insights. Countries covered in both reports are France, Germany, Italy,Poland, Spain and the UK.Combined graphic from the two surveys showing the share of purchases of insurance productsthrough online channels broken down by type of device in France, Germany, Italy, Poland, Spain andthe UK, and as a six-country average. Purchases of insurance products through online channels, broken down by type of device Laptop / Desktop computer Tablet computer Mobile phone T 100% 80% 60% 40% 20% 0% France Germany Italy Spain Poland UK Average Source: Finaccord Aggregation Metrics and Life Protection Metrics surveys