Consumers recognise the importance of advice

Data has found that most consumers prefer to seek professional advice before purchasing an insurance product.

Nearly two-thirds (64%) of respondents said they would feel most comfortable taking out protection after consulting an adviser. When researching products, most people (59%) would use comparison sites, while 45% would visit the individual sites of insurance companies.

The younger generations

Interestingly, 25 to 34-year-olds were most likely to seek advice from an adviser, with 54% saying they would do this when exploring their options. However, 14% of this age group would also consider the opinions of influencers, reflecting the increasing trend of turning to social media platforms for financial advice. This is not advisable as many financial influencers (known as ‘finfluencers’) are unregulated and unreliable.

Boost your confidence, seek advice

Overall, the survey found that 74% of consumers feel confident about their understanding of insurance products and how to purchase them. Jamie Page at The Exeter commented on the data, “While online resources or AI-powered tools can help people get started, these findings highlight the important role that advisers play throughout the purchase journey.”

As with all insurance policies, conditions and exclusions will apply.

Nearly 70% prefer seeking advice when buying insurance - FTAdviser