Seven in every ten 35-44 year olds are purchasing car insurance online in Ireland

Standard Life undertook some research recently among Irish consumers to understand what financial services products we are purchasing via the Internet. They have kindly provided me with some of the data to share with you here.

The headline stat is that those aged between 35 and 44 are most likely to purchase any financial services product online:

All Adults

35 to 44 Year Olds

Travel insurance

56%

61%

Car insurance

55%

70%

Home insurance

34%

47%

Health insurance

20%

24%

Life cover

10%

16%

Investments

8%

11%

Pensions

3%

6%

The only exception to the headline stat is when it comes to travel insurance where 66% of those between the ages of 55 and 61 purchase this online as compared to 61% of the younger cohort. This point highlights that the propensity to buy online is influenced by the propensity to buy in the first place. Younger people don’t feature in the online marketplace as they are generally not engaged with financial services products.

Interestingly, the only category where women are more likely to purchase online than men is travel insurance;

Men Women
Travel insurance 52% 59%
Car insurance 60% 50%
Home insurance 38% 30%
Health insurance 20% 19%
Investments 12% 5%
Pensions 4% 2%

So are men still making those decisions in families about financial products? Or perhaps women are less confident about using the web; seeking the reassurance from a conversation with a financial advisor… most of whom in the insurance industry happen to be women?

The bottom line on these stats is that financial services customers are migrating to the web both to inform and to complete their purchase transactions. None of the figures look unreasonable to me. In fact, having sold financial services products online for the past decade I would suggest that some of the figures are an understatement. If you are not currently achieving these numbers in your business, then someone else is. Is it time to revisit your e-commerce strategy?

Source: Research Plus Ltd on behalf of Standard Life Ireland. 1,013 adults aged 18 and over, in the Republic of Ireland, were surveyed between 22nd to 29th June 2010. Thanks to Standard Life for sharing this data with me on the basis that I publish it here.