SOURCE: Answer Financial, Inc.

October 27, 2005 15:40 ET

Answer Financial Reports Jump in Consumers' Use of the Internet to Shop for Insurance Services

LOS ANGELES, CA -- (MARKET WIRE) -- October 27, 2005 -- Eighty-three percent of respondents to a recent survey of online insurance shoppers reported they are more likely to buy insurance and other financial services through the Internet than they were just one year ago. Consumers also have embraced online banking with more than 70 percent of surveyed shoppers managing their bank accounts and paying bills online.

Other findings from the survey conducted by Answer Financial, Inc.:

--  Seventy-one percent of participants had been with their previous
    insurance carrier for less than three years, while 14 percent had been with
    the same carrier for more than six years.
--  Eighty percent listed price as the top reason for their online
    insurance purchase, followed by 16 percent who preferred the convenience of
    the transaction.
--  Ninety-five percent of participants - who were split evenly among men
    and women - believe they saved time buying their auto insurance policy
    through the Internet.
"Today, people are more savvy about all kinds of services, and empowered by the Internet, they can easily comparison-shop," said Alan Snyder, CEO and founder of Answer Financial. "In the past, it's been difficult to compare multi-line discounts for different insurance carriers, but even that is now possible."

Answer Financial surveyed more than 400 shoppers who visited its site,, to look for better auto and home insurance coverage.

About Answer Financial

Answer Financial Inc. ( features auto, home, life, health, dental and long-term care insurance as well as annuity products, prepaid legal services, home warranty, vision and prescription discount plans, commercial insurance, online banking, travel protection, pet insurance and more.

The company offers products of more than 230 top-rated national providers through intranets, the Internet and by toll-free phone access to experienced, licensed agents. Answer Financial Inc. distributes its products as a voluntary benefit to hundreds of large employers and affinity groups, as well as acts as a private labeled customer product for leading financial institutions.

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