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New research identifies online opportunities for home, travel and pet insurance businesses
Car insurance is the most popular insurance product bought online reveals new research* from internet marketing specialists Speedie Consultants. The study of people’s insurance buying habits showed that 60% buy their motor insurance online.
The study of people’s insurance buying habits showed that 60% buy their motor insurance online.
When asked: “What products do you buy online” the responses were:
• motor insurance 60%
• home insurance 29%
• travel insurance 18%
• pet insurance 8%
• health insurance 5%
• life insurance 4%
The research by also revealed that:
• men are more likely to buy cover online (55% compared to 45% of their female counterparts);
• 48% of the people find the insurance they need by using a search engine – compared to just 8% of people who see a TV advert and then go online to buy a product.
Jason Hulott, Director from Speedie Consultants says: "With all focus on car insurance sales, it is easy to see why sitting at the top of a search engine for this term can be expensive to achieve but clearly highly rewarding and we see this continuing.
“What was surprising is that when it came to home and travel insurance - again easy products to buy online - the numbers were low. Only 29% of people bought their home insurance online and less than 20% bought their travel insurance online.
“There is clearly huge scope for insurance companies to attack these products – certainly, those that manage to convert online browsers into customers would have hit a goldmine."
*Independent study commissioned by Speedie Consultants (www.speedieconsulting.co.uk)