UK eInsurance Executive Summary 10 Chapter 1 ... - Business Insights

TECHNOLOGY
UK eInsurance
By Hydreace Ali
Table of Contents

Hydreace Ali
Hydreace Ali studied economics at Cambridge University and has carried out extensive
work with Datamonitor’s ground-breaking Impact Surveys carried out at the beginning
of 2000.
Impact 2000 is a global research program exposing consumer attitudes towards the
Internet and eCommerce. Datamonitor commissioned NOP to conduct telephone
interviews with 17,500 consumers in 6 major markets in the first quarter of 2000. The
quotas on interviewees used were imposed to ensure that the sample population in each
market is representative of the total population in terms of such demographic indicators
as age, gender, region and income.
Copyright © 2000 Business Insights Ltd
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The views expressed in this Management Report are those of the publisher, not of
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Report nor for any actions taken in reliance thereon.
While information, advice or comment is believed to be correct at the time of
publication, no responsibility can be accepted by Business Insights Ltd for its
completeness or accuracy.
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Table of Contents
UK eInsurance
Executive Summary 10
Chapter 1 Online insurance activity 14
Online insurance 14
Internet security, overcoming the myths 15
Wap and interactive TV 15
Targeting the consumer. The marketing strength of iTV 16
Searching for insurance online is still in its infancy 17
The online buying process 20
20
Which insurance products are suitable for the Internet? 21
Online insurance activities 23
General insurance - motor insurance dominates 24
The majority of 25-34 year olds looking for insurance products online were
looking for a first time purchase 25
Research method used 26
Portals - the way forward? 27
Convenience is the most important factor for searching online 28
Lower charges online would most encourage respondents to apply online for
general insurance products 29
Online motor insurance 30
Online household insurance 33
Online travel insurance 35
Non internet - general insurance 37
Over three-quarters of respondents usually use the telephone to contact their
general insurance provider 38
Life insurance/pensions online 39
Non Internet life insurance/Pensions 41
The rise of the independent financial adviser (IFA) 41
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Chapter 2 TABLES 44
Online insurance activity 44
General insurance products searched for online 46
Research methodology 50
Reason for apply online for a general insurance products 52
What would encourage you to apply online for a general insurance in the
future? 53
Motor insurance online 57
Household insurance online 60
Travel insurance online 63
Non internet - General insurance 66
How do you usually contact your general insurance providers? 69
Non internet – motor insurance 72
Non Internet - household insurance 77
Non Internet - travel insurance 78
Internet - life insurance and pensions 79
Non internet - life insurance/pension 81
Internet search 85
Average number of websites accessed 90
Internet purchasing 96
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List of Figures
Figure 1.1: Percentage of respondents who have searched for insurance products online - by age
group 18
Figure 1.2: Percentage of respondents who have searched for insurance products online - by age
group 18
Figure 1.3: Percentage of respondents who have searched for insurance products online - by social
class 19
Figure 1.4: Percentage of respondents who have searched for insurance products online - by age
finished education 19
Figure 1.5: Which online insurance activities do you perform? 23
Figure 1.6: Which of the following general insurance policies have you searched for information
online? 24
Figure 1.7: Were you looking for a first time purchase or were you switching from a previous
provider - by age group 25
Figure 1.8: Which online method have you used to find out information about general insurance
products - by age group 26
Figure 1.9: Why did you apply online for your insurance product? 28
Figure 1.10: What would encourage you to apply online for a general insurance product in the
future? 29
Figure 1.11: Which method of research did you use to find information on motor insurance online?
31
Figure 1.12: What would encourage you to apply for motor insurance in the future? 32
Figure 1.13: Which method of research did you use to find information on household insurance
online? 33
Figure 1.14: What would encourage you to apply for household insurance in the future? 34
Figure 1.15: Which method of research did you use to find information on travel insurance online?
35
Figure 1.16: What would encourage you to apply for travel insurance in the future? 36
Figure 1.17: When changing service provider, where did you get your new general insurance
policy from? 37
Figure 1.18: How do you usually contact you general insurance provider? 38
Figure 1.19: Which method of research did you use to find information on life insurance/pension
policies online? 39
Figure 1.20: Amongst those searching for information on life insurance/pension products online,
what would encourage you to apply for these product online in the future? 40
Figure 1.21: From whom did you last purchase a Life insurance/pension policy? 42
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List of Tables
Table 2.1: Of those looking/purchasing insurance online, which activities did you perform - by
age group 44
Table 2.2: Of those looking/purchasing insurance online, which activities did you perform - by
gender 44
Table 2.3: Of those looking/purchasing insurance online, which activities did you perform - by
social class 45
Table 2.4: Of those looking/purchasing insurance online, which activities did you perform - by
age finished education 45
Table 2.5: Which of the following insurance policies have you searched for information online -
by age group 46
Table 2.6: Which of the following insurance policies have you searched for information online -
by gender 46
Table 2.7: Which of the following insurance policies have you searched for information online -
by social class 47
Table 2.8: Which of the following insurance policies have you searched for information online -
by age finished education 47
Table 2.9: Were you looking for a first time purchase or were you switching from a previous
provider - by age group 48
Table 2.10: Were you looking for a first time purchase or were you switching from a previous
provider - by gender 48
Table 2.11: Were you looking for a first time purchase or were you switching from a previous
provider - by social class 48
Table 2.12: Were you looking for a first time purchase or were you switching from a previous
provider - by age finished education 49
Table 2.13: Which of the following research method did you use to find out information about
general insurance products - by age group 50
Table 2.14: Which of the following research method did you use to find out information about
general insurance products - by gender 50
Table 2.15: Which of the following research method did you use to find out information about
general insurance products - by social class 51
Table 2.16: Which of the following research method did you use to find out information about
general insurance products - by age finished education 51
Table 2.17: Why did you apply online for your insurance product? 52
Table 2.18: Why did you not apply online for your insurance products? 52
Table 2.19: What would encourage you to apply online for general insurance products in the
future - by age group 53
Table 2.20: What would encourage you to apply online for general insurance products in the
future - by gender
54
Table 2.21: What would encourage you to apply online for general insurance products in the
future - by social class 55
Table 2.22: What would encourage you to apply online for general insurance products in the
future - by age finished education 56
Table 2.23: Of those looking for information on motor insurance online, which other insurance
products have you looked for information? 57
Table 2.24: When looking for motor insurance online, were you looking for a first time purchase
or were you switching from a previous provider? 57
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Table 2.25: Which method of research did you use to find information on motor insurance online?
58
Table 2.26: What were your reasons for applying online for motor insurance? 58
Table 2.27: Of those searching for motor insurance policies online, why did you not apply online
for that product? 59
Table 2.28: What would encourage you to apply online for motor insurance in the future? 59
Table 2.29: Of those searching for household insurance online, which other insurance products
have you searched for information on online? 60
Table 2.30: When looking for household insurance online, were you looking for a first time
purchase or were you switching from a previous provider? 60
Table 2.31: Which method of research did you use to find information on household insurance
online? 61
Table 2.32: Of those searching for information on household insurance online, why did you apply
online for household insurance? 61
Table 2.33: Of those searching for information on household insurance online, why did you not
apply online for that product? 62
Table 2.34: What would encourage you to apply online for household insurance? 62
Table 2.35: Of those searching for travel insurance online, which other insurance products have
you searched for information on online? 63
Table 2.36: When looking for travel insurance online, were you looking for a first time purchase
or were you switching from a previous provider? 63
Table 2.37: Which method of research did you use to find information on travel insurance online?
64
Table 2.38: Of those searching for information on travel insurance online, why did you apply
online for that product? 64
Table 2.39: Of those searching for information on travel insurance online, why did you not apply
online for that product? 65
Table 2.40: What would encourage you to apply online for travel insurance? 65
Table 2.41: When changing service provider, where did you get your new general insurance
policy from? By age group 66
Table 2.42: When changing service provider, where did you get your new general insurance
policy from? By region 66
Table 2.43: When changing service provider, where did you get your new general insurance
policy from? By gender 67
Table 2.44: When changing service provider, where did you get your new general insurance
policy from? By social class 67
Table 2.45: When changing service provider, where did you get your new general insurance
policy from? By age finished education 68
Table 2.46: How do you usually contact your general insurance provider - by age group? 69
Table 2.47: How do you usually contact your general insurance provider - by region? 69
Table 2.48: How do you usually contact your general insurance provider - by gender? 70
Table 2.49: How do you usually contact your general insurance provider - by social class? 70
Table 2.50: How do you usually contact your general insurance provider - by age finished
education? 71
Table 2.51: When changing service provider, where did you get you new motor insurance policy
from? By age group 72
Table 2.52: When changing service provider, where did you get you new motor insurance policy
from? By region 72
Table 2.53: When changing service provider, where did you get you new motor insurance policy
from? By gender 73
Table 2.54: When changing service provider, where did you get you new motor insurance policy
from? By social class 73
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Table 2.55: When changing service provider, where did you get you new motor insurance policy
from? By age finished education 74
Table 2.56: How do you usually contact your motor insurance provider - by age group 74
Table 2.57: How do you usually contact your motor insurance provider - by region 75
Table 2.58: How do you usually contact your motor insurance provider - by gender 75
Table 2.59: How do you usually contact your motor insurance provider - by social class 76
Table 2.60: How do you usually contact your motor insurance provider - by age finished education
76
Table 2.61: When changing service provider, where did you get you new household insurance
policy from? 77
Table 2.62: How do you usually contact your household insurance provider? 77
Table 2.63: When changing service provider, where did you get you new travel insurance policy
from? 78
Table 2.64: How do you usually contact your travel insurance provider? 78
Table 2.65: For which of the following life insurance or pension products have you looked for
information online? 79
Table 2.66: When looking for life insurance/pension products online, were you looking for a first
time purchase or were you switching from a previous provider? 79
Table 2.67: Which method of research did you use to find information on life insurance/pensions
policies online? 80
Table 2.68: What would encourage you to apply online for life insurance/pensions in the future?
80
Table 2.69: From whom did you last purchase a life insurance/pension product? By age group 81
Table 2.70: From whom did you last purchase a life insurance/pension product? By region 81
Table 2.71: From whom did you last purchase a life insurance/pension product? By gender 82
Table 2.72: From whom did you last purchase a life insurance/pension product? By social class82
Table 2.73: From whom did you last purchase a life insurance/pension product? By age finished
education 83
Table 2.74: Services and products for which information was looked for online - by age group 85
Table 2.75: Services and products for which information was looked for online - by region 86
Table 2.76: Services and products for which information was looked for online - by gender 87
Table 2.77 Services and products for which information was looked for online - by social class88
Table 2.78: Services and products for which information was looked for online - by age finished
education 89
Table 2.79: Average number of websites accessed looking for information on product/service - by
age group 90
Table 2.80: Average number of websites accessed looking for information on product/service - by
region 91
Table 2.81: Average number of websites accessed looking for information on product/service - by
gender 92
Table 2.82: Average number of websites accessed looking for information on product/service - by
social group 93
Table 2.83: Average number of websites accessed looking for information on product/service - by
age finished education 94
Table 2.84: Breakdown of number of websites accessed looking for information on product/service
95
Table 2.85: % of Internet user who have purchased service or product online - by age group 96
Table 2.86: % of Internet user who have purchased service or product online - by region 97
Table 2.87: % of Internet user who have purchased service or product online - by gender 98
Table 2.88: % of Internet user who have purchased service or product online - by social class 99
Table 2.89: % of Internet user who have purchased service or product online - by age finished
education 100
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Table 2.90: % ordering product/service online, who had searched for information online about
that product/service - by age group 101
Table 2.91: % ordering product/service online, who had searched for information online - by
region 102
Table 2.92: % ordering product/service online, who had searched for information online - by
gender 103
Table 2.93: % ordering product/service online, who had searched for information online - by
social group 104
Table 2.94: % ordering product/service online, who had searched for information online - by age
finished education 105
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