An executive with media powerhouse Google told a group of life insurance industry members that the online sphere will provide consumers with greater options in terms of pricing and shopping for term life insurance.
Growth of the internet marketplace has come quickly, explained Payton Dobbs, manager of Google's Financial Services Online Sales. Speaking at LIMRA's 2011 Marketing and Research Conference in Boston, Dobbs said 43 percent of potential customers are shopping for life insurance online, with many more open to doing so with mobile devices. That provides opportunities for life insurance companies who do business online, he said.
"In the shortest span of time - less than the age of a teenager - a lot has happened to our digital landscape. Consumers have moved from simply researching, to buying and now virtually living online," said Dobbs.
New web technologies could make it easier for customers to purchase online life insurance all without having signed a single hard document, he reiterated.
Recent reports show sales of life insurance has climbed in recent months, showing the market's growing impact. More consumers appear to be protecting themselves from financial harm with a life insurance policy.