Individual life cover sold direct-to-consumers (D2C) has overtaken sales of the product via intermediaries at Direct Life & Pensions (DLP) for the first time.
In the last 18 months, more customers bought term assurance online via the firm's non-advised Direct Life site than through an intermediary after advice, says head of new business Phil Jeynes. The shift is "completely led by price" he says, but warns online brands are maturing. "Though they are likely to be of lower overall value, a higher number of individual sales points to online brands getting stronger. Life companies are realising they can make a crossover from the general insurance side as people are already comfortable trading this way for home, pet and car cover. However, ...
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