It is still right to say life insurance is sold and not bought, a poll of advisers, life offices and reinsurers has found.
The Protection Review poll asked if the protection purchase process was still a case of ‘selling' despite rapid technology developments and younger savvier consumers.
The vast majority of 76.7% answered yes while 23.3% answered no.
Ian McKenna, managing director at the Finance and Technology Research Centre (F&TRC), said not seeing technology as an opportunity in the industry was the equivalent to the life insurance industry living in a bubble.
He said: "It is not about if technology will transform your business, but how to embrace the change for the benefit of you and your clients. I am convinced that there will be some organisations who will seize this opportunity and have stronger more sustainable businesses because of it."
