24th June ‘08 - Study Reveals Life Insurance Embarrassment
Posted on Friday, June 27th, 2008 at 12:42pmAn AXA study into the willingness of customers to reveal embarrassing personal details when taking out life insurance, as well as other kinds of policies, has returned some interesting findings.
According to the study, customers are more willing to disclose difficult personal details when speaking with an advisor over the telephone. Surprisingly, at 1.23%, the rate for non-disclosure was even lower than it was for both paper and electronic applications, at 5.78% and 3.48% respectively.
The study is thought to be particularly relevant to the life insurance side of protection, with prospective policyholders obliged to disclose important details about their health and lifestyles.
Mike Taylor, AXA’s chief underwriter for protection, commented that speaking over the telephone was “far less intrusive than being asked sensitive health and lifestyle information face-to-face.”
All figures from within the life insurance industry are expected to follow news of the study with interest.
