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Almost half of millennials would buy advice from Google

11 Jan 17

More than a third of investors around the world are prepared to use robo-advisers, with an increasing number millennials, those aged 18-35, admitting they would buy insurance from an online provider such as Google or Amazon, a new report by consultancy firm Accenture has revealed.

More than a third of investors around the world are prepared to use robo-advisers, with an increasing number millennials, those aged 18-35, admitting they would buy insurance from an online provider such as Google or Amazon, a new report by consultancy firm Accenture has revealed.

The global survey of more than 32,000 consumers across 18 countries including the UK, Europe, US, Hong Kong and Australia found the 78% of respondents would entirely computer-generated support to make decisions on investments.

In Europe, the appetite for automated investment was the highest in Italy (84%), Spain (79%), France and the Nordics (74%) and the UK. Around 95% of Indonesians said they would turn to robo-advice when investing, compared to just 52% of Canadians. 

Around 74% of those polled said they would use an automated service for buying insurance, with Indonesia (91%) showing the greatest interest in this compared to 61% in Germany.

Around 46% admitted they would also pay for investment advice services from online service providers such as Google and Amazon, with over a half of Australians (53%) saying they would consider this option compared to just 16% Canadians.

Meanwhile, over a third (36%) of millennials said they would consider buying insurance from the tech giants, with consumers in Brazil (56%) and the UK (46%) most likely to do this compared to just 13% in Canada.

Personalised services

The Accenture survey said 73% investors are happy to share personal information about themselves, such as mortgage, credit card and student loan data, in return for personalised investment services, especially in Brazil where 84% said they were willing to do this.

Around 64% also said they were will to share all the date in return for made-to-measure insurance services.

 

 

Tags: Google | Robo-advice

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.