Ernst & Young released today its Global Consumer Insurance Survey 2012, entitled, "Voice of the Customer: Time for Insurers to Rethink Their Relationships." In it, E&Y addresses what it considers to be the top five myths perpetuated around the life insurance and annuities markets, and more specifically, the problems and opportunities carriers can expect there.
Ernst & Young surveyed more than 24,000 consumers of insurance products in 23 countries across seven global regions, making this body of research one of the largest surveys of consumer attitudes about the insurance industry ever conducted.
Myth #3 is that personal interaction is essential. While this remains largely the case, Hollander said, the research indicates that customers are becoming more self-directed, with some 11% of all consumers feeling they are sufficiently aware of their options and comfortable meeting their own needs as to buy without the help of any kind of sales professional.