Almost four fifths of UK workers prefer to consult an adviser before buying an insurance product, research from The Exeter has revealed.
The research, 2023 Health and Financial Fears Report, discovered the equivalent of 26mn people prefer to consult an adviser before purchasing products such as life cover, income protection, private health insurance, or a cash plan.
This was in contrast to the 21 per cent of the 2,000 UK employees surveyed who stated they would not wait for financial advice.
The Exeter director of distribution and marketing, Steve Bryan, said: “The role of the financial adviser will continue to be pivotal for our industry, especially in the evolving financial and regulatory environment in which we operate.
“The fact that 80 per cent of consumers would delay or hold off an insurance purchase until they had sought professional advice is a testament to the level of service provided by advisers.
“It also highlights a high level of consumer trust in the advice process, which is incredibly positive.”
The Exeter also said the report’s findings “reflect the patience and carefulness of the UK working population”.
The research found more than a quarter (26 per cent) of respondents said they were willing to wait to purchase a policy if it meant receiving independent financial advice first.
However, almost two-thirds (65 per cent) stated that they would not accept overly lengthy delays in the advice process.
While the desire for UK employees for independent advice was described as “encouraging” by the insurer, it acknowledged that “there is more to be done when it comes to building consumer trust”
Bryan added: “Our research also reveals that there is more our industry can do to build trust consumers around claim payments."
He explained that, while the level support provided by the industry each year should be “applauded”, if it is not communicating these messages to consumers in a way that resonates with them, “then we are not doing ourselves justice”.
It is therefore important that the industry works together to further improve its messaging around claims payments as an industry so that it can increase consumer trust in the products it sells, Bryan added.
tom.dunstan@ft.com
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