New research shows the adviser penetration of online application facilities (eApps) for life insurance to be levelling out.
A survey conducted by Beaton Research and Consulting on behalf of Zurich’s life and investments business in Australia (Zurich) shows that around one third of all advisers are still submitting less than 10% of life insurance applications online.
Mr Philip Kewin, Zurich’s General Manager Sales and Marketing, Retail Risk, said the findings reflect preferences that are driven by adviser demographics, rather than any lack of understanding about the merits of online applications.
“We conducted similar research late last year and found close to 20% of advisers did not use eApplication services at all,” said Mr Kewin.
“But at the other end of the scale four in ten advisers are submitting 90% or more of their applications online.
“I think this shows that the efficiency savings that come from using eApplications are fairly well documented and understood.
“But clearly some advisers still have a preference for traditional pen and paper, and are unlikely to change their approach” said Mr Kewin.
Mr Kewin said the results also reinforce the view that insurers still need to cater for a wide range of adviser operating models.
The research also found usage differed by geographic location, with advisers from South Australia and the Northern Territory being the heaviest users, and Victorian and Tasmanian advisers being the lightest.