New data out today reveals that 1.4million UK consumers spend two working days over their lifetime on hold to their life insurance providers – with over a third (36%) saying they have had to give up getting through on the phone before and instead resorted to email or social media messaging instead.
DeadHappy, the UK’s fastest-growing life insurance provider, which offers a quick and simple three-minute process, consisting of just four questions to set up pay-as-you-go life insurance, is lifting the lid on the pain points that frustrate millions of consumers when dealing with the outdated sector. On average, 21 minutes is the longest that consumers will wait on hold before giving up. However, 15 minutes is the point in which nearly a third (31%) start to feel frustrated with waiting, with the top irritations including the hold music, a recorded voice trying to sell other company products and offers, and being randomly disconnected.
It seems the long and laborious experience of dealing with most life insurance companies starts at the very beginning, with a staggering three-quarters of consumers (75%) saying that when they first signed up to their life insurance provider there were endless questions that took a long time to complete.
Phil Zeidler, co-founder of DeadHappy, says: “The life insurance industry is one that is steeped in quite old-fashioned practices which invariably mean for the modern-day consumer, far longer and lengthier processes than they are used to. We’re a ‘need it now’ society – people used to be satisfied with faxing, banking cheques and waiting days for them to clear and posting letters – whereas now we have emails, direct bank transfers and so many forms of instant messaging, it’s frustrating for consumers to still come across such out-of-date ways of doing things.
“Why is the process of dealing with life insurance providers so often long-winded and time consuming? It doesn’t need to be. And it puts people off taking insurance out in the first place. There’s a £2.4 trillion protection gap in the UK made of 8.5 million individuals who don’t have protection.
“The life insurance sector needs to be overhauled – and fast. It’s completely possible to provide comprehensive life insurance policies, without asking 50 questions that take hours to complete. This is our mission; to make taking life insurance out quick, painless and easy.”
DeadHappy’s no-nonsense approach to life insurance saw them report revenue growth of over 120% earlier this year, with the business seeing an 87% year-on-year rise in consumers searching for ‘Deathwishes’ – the brand’s USP. A Deathwish is what a consumer would want to happen with their life insurance pay out when they die – for example, sending their ashes to the edge of space, paying off their mortgage, gifting their mates with a trip to Vegas, or giving someone a tattoo.
With a rating of 4.9 out of 5 stars on TrustPilot, DeadHappy provides life insurance, near-death insurance and deathwishes for anyone aged 18-60 years old. Unique in approach, DeadHappy also provide consumers suffering with mental health issues life insurance, something that traditionally is not accepted by many providers, as well as pay-as-you go life insurance for as little as £1 per month, a simple four-question application to get signed up and flexible cover options.