National Friendly recently commissioned Opinium to ask 2,000 UK adults, aged 18+, how important various factors would be to them when making a decision to protect their lifestyle with a replacement income in case of accident and inability to work for a time.
It's an area of particular interest to us considering almost one fifth of our Accident Only Income Protection (AOIP) sales so far are to under 30s.
We wanted to investigate the whys and wherefores - in a wider market sense - to help us and other providers achieve further growth in this area.
Our research found that for 18 to 30-year-olds, what others have to say about the provider is more important than what the provider has to say about itself; from friends and family (67%) to the media (66%) and also independent reviews on sites such as Trust Pilot (66%); all ahead of ‘what the company's advertising and marketing has to say' (62%).
Following very closely behind what others have to say are environmental, social and governance (ESG) factors:
- Whether the company has a strong reputation in environment standards (68%)
- Whether they seem to invest resources in doing good in local communities (65%)
- How the company treats its employees (64%)
Again, all of these factors come ahead of ‘what the company's advertising and marketing has to say' (62%).