Report

Life Insurance Buying Experience: A Consumer Survey

Speed, convenience, and product/price comparison are the top three reasons reported for buying directly online.  
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February 24, 2022 – The life insurance industry has seen significant digitalization in the last few years. The automation of processes improves speed, efficiency, and operational capabilities while helping to extract valuable insights from data. However, very few companies have moved beyond e-app, e-signature, and e-delivery capabilities to analyze customers’ and agents’ journey maps and create holistic experiences.

This Impact Report examines consumers’ recent experience in buying life insurance, their preferences for interaction and communication, and areas where they expect to see improvements. It also analyzes consumers’ interest in engaging with their insurers and preference for content on their mobile apps. Aite-Novarica Group conducted a consumer survey in August 2021 of 506 U.S. consumers aged 18 or older that bought an individual life insurance policy between January 2020 and August 2021.

This 40-page Impact Report contains 30 figures and five tables. Clients of Aite-Novarica Group’s Life, Annuities, & Benefits service can download this report and the corresponding charts.

This report mentions AAA Life, AIG, Allstate, American National, Americo, Colonial Life, CUNA Mutual, Gerber Life, John Hancock, Legal and General, Lincoln National, MassMutual, Mutual of Omaha, National Life Group, Nationwide, New York Life, Northwestern Mutual, Pacific Life, Primerica, Principal, Protective, Prudential, State Farm, Transamerica, and USAA.

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