Comparison websites changing insurance purchasing behaviour?

Will this be the way of the future?

May 22, 2015
Comparison websites changing insurance purchasing behaviour?
It’s easy to find the insurance you need when comparisons done in seconds.


Will Comparison Websites Really Change The Way Consumers Buy Insurance?

As our world becomes more technologically wired, a rise in the number of insurance websites is surely welcome news for all. Comparison websites not only tell you about the many insurance policies available, they even allow you to compare policies right from the comfort of your home. With benefits like these, such websites will definitely be useful in helping you buy insurance.

A 2014 Google study revealed that Singapore is the world’s top smartphone market, with a smartphone penetration of 85%. Another study by the Department of Statistics showed that 81% of Singaporeans own personal computers.

The Internet has clearly become part of our daily lives, and it’s no surprise why – just think of the convenience it brings! Today, its use has spread to the area of insurance buying too, as seen by how comparison websites like GoBear allow users to access insurance information from almost anywhere.

Now we also know that buying insurance can be complicated, and that your choice of policies may have huge implications on your future options. But once again, comparison websites are here to save the day by condensing big chunks of information into bite-sized portions, making your life a whole lot easier.

According to statistics from GoBear, the average amount of time spent per user is just 9.36 minutes, showing that it takes a really short time to shortlist the insurance plans before taking their enquiry further from an insurer. By being able to compare the details of insurance plans that best fit their needs, as many as 15% of users have benefited by being able to choose these policies with confidence.

Unlike some insurance agents, comparison websites are also objective – GoBear, in particular, doesn’t gain by favouring certain insurance companies, so you can rest assured that they work with your interests in mind. Everything can be sorted by filters that you feel are the most important, making it easy to sort through all the results. It’s easy to find the insurance you need, when you can get the comparisons done in seconds.


This article was originally published on mumbrella


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