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We live in a tech-savvy world, all right, but some things are just harder to change when it comes to the elderly.
New research from insurance marketing specialists QuickPages has revealed the over-65 age group’s preferred route when sourcing insurance quotes. The findings, while not entirely surprising, could perhaps serve as a reality check in case insurers, or brokers for that matter, thought that much of the demographic has come onboard the digital train.
According to QuickPages’ study, only 22% of those aged above 65 go online to check out insurance quotes. Meanwhile about an eighth don’t turn to insurers or comparison websites; instead, they ask for recommendations from family and friends.
As for 68% of over 65s, they pick up the phone and call providers directly.
While the information might sound not-so-encouraging for insurers who rely on the online channel, the good news is the same age bracket is found to be doing more of the often recommended ‘shopping around’ during policy renewal.
QuickPages said the over 65s now source three quotes on average – described as “significantly higher” compared to a year ago – prior to making a purchasing decision. This suggests that older policyholders are becoming more open to switching, amid reports about providers supposedly falling foul of the general insurance renewal rules of the Financial Conduct Authority (FCA).
“The fact that over two-thirds of elderly switchers use the phone to source quotes is significant since most insurers rely on the internet for new business,” commented Sharon Mawson of QuickPages. “Citizens Advice and FCA are both already concerned by the industry’s potential exploitation of the elderly and consequently more must be done by the industry to assist these customers in getting the best deals.”
