Price, Product & Service Drive Life Insurer Choice

Media Release: Thursday, 26 February 2020

Price, Product & Service Drive Life Insurer Choice

79% of consumers rate price as the most important factor for them when purchasing life insurance with 40% saying lower premiums would drive them to switch provider according to the latest findings from NobleOak’s annual Life Insurance industry survey.

Product features remain a key, including claims reputation, and service also stands out as a driver of consumer shopping habits.

“Delivering value is crucial for the sustainability of the Life Insurance sector and that means not only delivering affordable premiums, but high-quality products that are backed up by first class service, giving consumers confidence in what they’re purchasing,” said NobleOak CEO, Anthony R Brown.

59% of respondents cited product features as the second most important driver for them when purchasing life insurance with 58% flagging claims reputation of the provider. Importantly service levels were key both for purchasing life insurance (31%) and considering switching (9%).

The full 2020 report is available at https://new-staging.nobleoak.com.au/news-and-media/whitepapers/

About NobleOak Life Limited

NobleOak Life Limited (NobleOak), is one of Australia’s most established life insurers and has been in the Australian market for over 140 years. NobleOak is an independent insurer providing Life, TPD, Trauma, Income Protection and Business Expenses insurance.

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