A growing number of consumers consider the internet an essential tool for selecting insurance, according to a study by Roy Morgan Research.

Some 49.6% of insured respondents see it as the most useful medium in decision-making, up 1.5% on last year’s result.

Roy Morgan Industry Communications Manager Norman Morris says internet use was initially driven by technology-savvy consumers, but now it is mainstream.

“Clearly the importance of the internet as a channel to research and purchase insurance products has moved beyond the early adoption phase.”  

“The vast majority of the population is now using the internet on a daily basis, spending more and more time online and becoming more comfortable conducting financial transactions via the web.”

Mr Morris says the internet was once home to direct insurers only, but more providers now use it to engage with customers.

“With the growth of online comparisons and the relative ease with which policies can now be researched, understood and taken up, insurers that are slow to invest in a digital presence risk losing touch with an ever-growing proportion of the market,” he said.