Life insurance online – Does the internet spur competition?

With new sites being added every day, the internet is continuously expanding. Has the ease to become part of this phenomenon increased competition in financial markets?

Google it

If you asked someone on the street ten years ago if they thought the phrase “Google it” would be a sentence we use on a day to day basis they would have probably have laughed in your face. However, Google has in fact become one of the largest global empires in the world. With their offices spanning over three million square feet of San Francisco in the Silicon Valley, comprising of volleyball courts, complementary restaurants for employees and even swimming pools. In reality though, Google has been a global gateway to increasing competition within consumer fuelled markets and one market that effects have been most obvious is life insurance.

Search for your life

Insurance is one of those laborious and pain staking tasks that everyone has to go through but no one really wants to. Therefore, the internet can be seen as a blessing in disguise. All you have to do is sit down at your computer, choose your search engine and type in life insurance and a whole wealth of options appears before you. It is due to this accessibility that the competition is hotting up. Life insurance firms need to stand out to you as the consumer in order to get noticed and with the internet acting as a catalyst for competition they have to act fast!

Driving down the prices

Due to there being no “internet police” or one giant holding company of the internet, it is, in the simplest of terms a bit of a fee for all! However, once you set up a website it is your job then to attract consumers to your site. Life insurance is the type of thing you look for with a glass of wine in one hand, when you happen to have a spare half an hour after a hectic days work; therefore you want it to be as hassle free as possible. This has led to an increase in the competition between the life insurance firms as they need to offer the best products in order to catch you! Therefore resulting in lower prices all round.