The Internet and phone quote lines are increasingly serving as a conduit for life insurance into the middle class market, taking up the slack left by field agents, and traditional direct mail is thriving for the industry as well, according to a new study.
The report, “Direct/Tech-Middle Marketing Distribution, Will it Close the Gap?” reveals that while access to agents by middle-class consumers has declined, the Internet and other response vehicles are allowing consumers to get quotes and make choices about purchasing policies.
Carriers surveyed by Conning & Company, the Hartford, CT-based firm that conducted the study, revealed that they expect 10% of middle market consumers to actually buy insurance from the internet in 2003, with another 10% getting quotes online and then following up with an offline purchase.
“Middle class consumers who are tech-savvy and are financial do-it-yourselfers are driving a lot of the new life insurance sales,” said Mark Trencher, a vice president at Conning, in a statement.
“In a few years, most of the middle class will buy this way, and the trend will move into the upper end of the market as well.”
