Generational changes are slow, but relentless. Our customers have changed – and so must advice.
Each generation is increasingly digitally savvy. Younger consumers are more likely to be connected to global media forums. Their smartphones bring the services of global tech giants right into their hands. When they compare our services with those of Amazon, Apple, Google, Netflix, or Facebook we can often appear out of date and unresponsive.
Online sites offer ‘cool’ brands and fast fulfilment. Aggregators offer to help find the cheapest cover. We know that advice consists of more than searching for a cheaper product – however, most consumers believe that they can find cheaper premiums, if they look for them. For many, this is their main idea about buying cover - go online and look at prices.
Direct-to-consumer online services do their best to offer ‘near-advice’ services, calibrated to look similar to the advice from a good broker, while staying out of the increased regulatory safeguards that advice includes.
With a clear plan, brokers can rise to the challenge that the online environment has created and embrace digital transformation. For more information on how you can set you and your clients up for success, contact an Insurance Advisernet Member Broker today.
Written by Insurance Advisernet New Zealand
General Advice Warning
The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.