Consumers plan to get financial advice through an online forum rather than a financial adviser or broker this year, YouGov research commissioned by general insurance provider Paymentshield has revealed.
What is more for those purchasing home insurance a third (32%) plan to use a comparison website compared to just 5% who said they would consult a broker or adviser.
In response to its findings Paymentshield is launching a campaign called 'Bring Back the Conversation' to encourage more conversation and highlight the importance of talking to clients about their insurance needs.
James Watson, sales and marketing director at Paymentshield, said: “In a digital-first age, people are naturally more inclined to click through a website rather than talk to someone, which leaves consumers open to misinformation and at risk of purchasing insurance policies that aren’t fit for purpose – this is exactly why the value of conversation cannot be underestimated.
“Paymentshield has recently delivered a number of product enhancements to support advisers in their conversations with clients by empowering them to feel more confident and informed when recommending general insurance.”
The campaign will look to provide advisers with tools and resources to support their conversations.
Paymentshield is planning a series of activities and events in 2017, while the GI provider has recently updated its website complete with adviser guides.
Watson added: “Advisers are in a position to really champion clients’ consumer rights while demonstrating the value of their advice.
“The aim of our campaign is to reinforce this and encourage the industry to work together to re-educate consumers about the dangers of relying on the internet and reinstate the nation’s trust in financial professionals.”
