Consumers are increasingly looking online for information on life cover, rather than turning to advisers, according to NobleOak Life Insurance CEO Anthony Brown.

The insurer engaged market researcher Pureprofile to examine the impact of technology on the financial services industry.

Mr Brown says the study shows some financial services providers must rethink how they engage with their target consumers.

“Life insurance appears to have been almost immune from the impacts of consumer-facing technology up until now,” he said.

“We found only 16.5% purchased life insurance online.”

But Mr Brown says the research contradicts the long-held belief that financial advisers are the main point of contact for life insurance.

“[It] clearly shows most people research their insurance needs and products either online or by speaking to their families or friends,” he said.

“The results show 41% of respondents list the internet as their primary source of information, 38% followed the advice of family and friends, and only 32% of respondents sought professional advice for any of their financial needs.”

Mr Brown says the findings show most people are unwilling to pay anything for advice about life insurance. But although advisers will see this as bad news, the study suggests awareness of the need for life insurance is increasing.

“If we are going to address the significant problem of underinsurance in the community, we need to start giving people better online information, so they can make more informed decisions.”