Motor insurance quote forms are too long according to 31% of consumers

motor insurance

The most common issue faced by consumers when applying online for motor insurance revolves around the length of the quote form and how long it took to complete it with 31% reporting it as being a problem.

Two key questions asked by insurance providers are:

  1. How should I set the quote tool?
  2. What is the impact that the layout has on the actual and perceived length of the form?

Essentially, should it be one question per page with a longer click journey or should the form be presented on one long page in an accordion format?

In reviewing the presentation of the quote form including how many questions are asked and how many pages of questions there are – we gained some insight as to what is making consumers more satisfied and likely to complete the form and go on to purchase a policy.

Churchill and Direct Line both use the same quote tool which contains all questions within the one page.  Additionally, there are fewer questions within the quote form than any other site assessed with just 32 questions on a single page required to get a quote compared to LV= and Admiral who have 40 and 48 questions respectively presented across three pages.

Based on the quote experience, consumers were asked their likelihood to buy from a particular brand. Direct Line and Churchill had the highest proportion of consumers stating that they felt the website met their needs and they would choose the brand as their provider at 14% and 10% respectively.

Fewer questions in quote form equal more likely to buy

Despite having the shortest quote forms, consumers on Churchill’s and Direct Line’s websites still held concerns over the length of time the quote took.

View our webinar – Optimising the quote process & improving customer expectations

Covering all aspects of the quote form including the impact different question formats (radio button, drop down, text entry) have on the physical and cognitive effort to complete the form.

For more insights download our FREE industry report.

Motor Insurance quote process

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Aggregators: Helping or Hindering your Credit Card brand?

Desktop users looking for a new credit card increasingly make use of aggregator websites, we noticed while following each step of their discover phase during our study on 201 in-market UK consumers in the second quarter of 2017.

Being able to compare products and offers of several brands on a third-party website, is visibly impacting the decisions of your potential customers when choosing a credit card.

However, mobile users are visiting aggregators a lot less and aggregators don’t hold as much power on their final preferences.

Our research shows that some brands benefit from aggregators and some are actually hindered by them. Have a look at our findings and see why these comparison websites should not be ignored.

On desktop, aggregator visits help Sainsbury’s and Barclays significantly – perhaps as much in awareness as anything else – but hinder American Express in shortlisting. As the graphic shows, around 38% of those who visited aggregators shortlisted Sainbury’s, compared to 19% of those who did not visit them.

Credit Card Aggregators1As for the final preference, aggregators continue to help Sainsbury’s but hinder Halifax and American Express.

Credit Card Aggregators2Even though aggregator visits help Sainsbury’s on mobile too, their lost opportunity is much higher than on desktop, because aggregators have less influence and – perhaps more importantly – Sainsbury’s mobile site doesn’t perform as well as their desktop site.

Marks & Spencer didn’t benefit from aggregators in the shortlisting phase on either mobile or desktop.

Credit Card Aggregators3In the end, aggregators are most beneficial to Sainsbury’s and Santander, while American Express and Tesco lose the most mobile users who visited an aggregator.

Credit Card Aggregators4What can we learn from this?
Having a website – both on desktop and mobile – that carries on the same messaging from the aggregators is vital. When users click, they expect to see the same offer on your site as on the aggregators. Aggregators are less popular on mobile at present, but as ease of use increases, expect their popularity (and power) to grow.

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Senior Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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How good are Irish Energy Providers at Online Conversion?

Energy Ireland

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Senior Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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3 Top Tips for Winning More Credit Cards Customers & 4 Brands Who Are Doing It Best

How Do Consumers Find The Online Experience Of Looking For A Credit Card?

Global Reviews researched 400 in-market credit card consumers across desktop and mobile channels. Our research identified the issues that 95% of consumers are experiencing online.  The evidence from our research programme, Fruition, is showing that when users encounter problems while trying to find fees, up to 13% of users will abandon the website to check out a competitor instead.

Is your credit cards acquisition journey helping users find the right credit card that suits their needs and are the options presented on your website easy to understand?

In short, these are the three best practice tips to optimise your conversions online:

  1. Enable easy direct comparison between cards
      • Use for instance; tick box side by side comparison or concertinas
      • Rationalise and match the features promoted on account list page to increase ease of scanning and comparison
      • Use icons and larger text to make features easier to scan
      • Put the same features next to each other and indicate where options are not available
  1. Elevate reasons to continue browsing: using hero images and menu options
  2. Clearly define the benefits of your product

 

Top 4 Credit Card Brands Optimising Conversions:

MBNA and Lloyds offer lists, and the consistency of layout makes comparison easier.

MBNALloyds

American Express promote reasons to apply up the top of product pages. On compare pages, card images float down the screen as users scroll.

AmexCBA’s comparison table offers functionality to make it more user friendly on a mobile device.

CBA1

Pop up messaging appears when the consumer does not scroll right, notifying them that more content is available. This could be used in a number of scenarios to aid mobile usage.

CBA2
Allows consumers to choose to view more features but less products in portrait view OR less features and more products in landscape view.

CBA3

Simplified sticky headers and the ability to remove a product from comparison makes it easier to compare than at most other banks.

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Senior Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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Are you one of the Credit Card Brands losing over 66% of potential clients? (webinar 13 June)

credit card infographJoin our webinar on Tuesday 13 June 2017, 10am – 10.30am BST to find out:

  • If you’re one of the brands losing over 66% of potential clients
  • What you can do to win clients
  • How to implement a coordinated aggregator strategy
  • How you can convince users that you have good online member services
  • How you can quickly improve showing users what your Unique Selling Points are and beat the competition (currently, no brands score above 50%)

Credit Card headerGlobal Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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Saving energy clients: 7 Tips for conversion optimisation

Saving energy has been promoted by government campaigns, environmental organisations and energy providers alike. Saving energy and saving expenses make sense to consumers. With more and more energy companies to choose from, consumers are now shopping around for what deals and offers fit their needs best – which is currently the main reason for Irish and British consumers for selecting a provider, our study shows. However, energy sites in Ireland and Britain are losing 69% customers on average by failing to offer a product that suits users’ needs and communicate quickly and easily that they are trustworthy.

In a study of 190 in-market consumers that are looking for a new energy provider, we discovered that there’s a lot of room for improvement for energy websites to win customers. In Ireland, the most popular companies (Electric Ireland and Energia) still lose 51% of consumers, who had them shortlisted as their initial preference (before comparing websites and offers), but chose another brand as their final preference. In Britain, E.ON Energy is most popular, with a loss of 56%. PrePay Power is losing the most prospect clients in Ireland: 74%, while in Britain, SSE has the most lost opportunities at 86%.

The question is: why do prospects who initially preferred one brand, end up choosing another?

Energy lost opp

To understand consumer’s choices, we used our conversion optimisation study Fruition. Firstly, we learned about the journey that those who are looking for a new energy provider undertake:

  • 95% start their journey with a search engine
  • 44% move direct from search engine to a brand website. 71% use aggregators (comparison websites)
  • 75% have an initial preference before researching
  • 44% picked “best offer/price for my needs” as influence on final decision.

We can see a shift from initial preference to final preference when it comes to the importance of price, however loyalty (or laziness?) remains important, indicating that retention opportunities need to be capitalised. Trust, reputation and familiarity still play an important role in final decision making (as per initial preference). Brands need to communicate that they can be trusted, demonstrate that they are reputable and facilitate returning customers.

The top 10 motivators for final preference of a particular energy brand:

  • They have the best deals/offers for my needs (37%)
  • I am a current customer (37%)
  • I trust this company (29%)
  • I have used them before (27%)
  • They are a reputable brand (26%)
  • Their plans were easy to understand (23%)
  • They offer the greatest discount off the unit rate (22%)
  • They had the best household energy plan for my needs (21%)
  • The website is easy to understand and use (16%)
  • The website made it easy to find information about rates and charges (16%)

Top tips to drive conversions on energy websites
We have gathered 7 best practice examples for you from various studies we’ve conducted internationally, that all showcase the most important website features to drive conversions according to our latest study of Irish and British Energy consumers.

1. Cater to existing customers from the start
Speak to needs & cater to different audiences. Electric Ireland has top scores for “Looks like a site that caters for me”
ElectricIreland
2. Offer clear pathways to various tasks and information
Electric Ireland has top scores for “Offering a clear starting point for information I would expect to find about energy plans available” & “Website displays all the information I expect to see.”

3. Offer a direct link to view energy rates & compare plans
Needs based content helps prospects identify where to find information they are looking for (Compare rates, energy saving, help & support etc.)

4. Focus on customer support
Show customers that you have a helpful support system. List the most popular FAQs & links to more, so that visitors can ‘self-serve’ – right from the home page in one click, like Energia does.

Energia1

5. Use easy to scan icons
icons
6. Help users understand the differences
“May suit you” helps to give users a guide to what might appeal to them. ANZ, an Australian bank, gives prospects practical bullet points, offering a quick overview of the product, making it quick and easy to see the differences between the products they offer.

May Suit

7. Show off your awards
Awards are a great trust builder. Eon, Britain’s top performer in our study, won Large Supplier of the Year 2017 in the uSwitch Energy Awards and mentions on their homepage that they were voted best of the large suppliers for customer satisfaction for the fifth year running.

Eon1

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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Why Energy providers in the UK and Ireland are losing an average of 69% of in-market consumers (webinar)

Global Reviews has discovered that energy providers in the UK and Ireland are losing an average of 69% of in-market consumers who are looking for a new supplier. 41% of users says this is because another brand offers better value.

Our recent Fruition study also shows that UK and Irish energy providers consistently fail to help users understand the differences between their products, and why a specific tariff suits their needs. This is a critical omission, given the influence of value and price on final decisions.

Furthermore, 56% of Irish consumers go into the research process with a preferred brand, often because they’re a current customer, but almost two thirds of them (64%) change their mind during the research process.

So how can energy brands showcase their value more clearly for users and meet the requirements that drive prospects to choose their product? We found out.

Energy sanky chartThrough extensive research, we were able to reveal what the main reasons are for consumers for choosing an Energy supplier:

  • They have the best deals/offers
  • I am a current customer
  • I trust this company
  • I have used them before
  • They are a reputable brand

Our upcoming Fruition Energy webinar will focus on how to promote the above to your prospects and existing customers, to further optimise your conversions. We will do so by focusing on the best energy sites internationally as well as showcasing best practice examples from within the industry.

Join our webinar on April 20th at 10am BST and find out how Fruition finds answers to:

  • WHY are our target online customers, who are in-market to buy our products, who are doing in-depth online research across multiple providers, who have potentially got a quote that matches their needs and then shortlist us as their chosen provider, then choosing one of our competitors and not us?
  • WHAT actions can we take (based on learnings from companies around the world) that will enable us to win more of the customers that we are currently losing?
  • HOW can we independently validate the decisions we are making as regards our online sales and marketing strategy?

Energy headerGlobal Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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Share of Wallet: Best Practice in Cross-selling

Global Reviews has now launched Share of Wallet, a unique data and insights solution that helps your digital and marketing teams to understand the opportunities for a better cross-sell experience for desktop web, mobile web and native app. We’d like to share some information on our methodology with you and show you a few best practice examples.

We conducted research in the banking industry in which we evaluated the current experience and offering of key brands cross-selling within their digital assets and identified best practice in this area across all their products.

With Share of Wallet, we found a solution to:

  • Align/contrast share of wallet performance against the promotion of cross sell opportunities
    • Measure the consumer share of wallet allocation of key brands within banking and insurance industries
    • Audit the implementation of feature and function best practice on digital assets across the same brands
    • Correlate share of wallet performance against the promotion of best practice digital cross-sell strategies
  • Identify best practice in this area across all industries
  • Provide recommendations to improve cross-sell features and functions

Our research shows that there is no correlation between volume of sales a customer has with your company and the volume they have with a competitor. Someone with a current account at one bank, could easily have a home insurance with another bank.

We also can’t focus on absolute satisfaction as a means of understanding share of wallet, for what drives share of wallet, is not what drives the Net Promoter Score (an index that measures the willingness of customers to recommend a company’s products or services to others, used as a proxy for overall customer satisfaction and loyalty to the brand).

Our study on Australian banks shows that the satisfaction rank has no impact on the number of brands customers use.

SoWSatisfaction

So, despite high satisfaction with one product, we found that these are the main reasons for customers to choose a brand for another product they’re interested in:

1. They have the best deals/ offers for my needs (48%)
2. They look like they have good customer service and support features (45%)
3. Their products/ offers were easy to understand (43%)

After our extensive research, our recommendations are:

  • Facilitate quote and applications: This must be a function that is prioritised and provides a good user experience within secure areas, as this is where the existing relationship can play a big part in decision making and ease of completion
  • Help me complete the form: If a current customer is getting a quote or applying, within the customer services area or app, their information should be provided and merely confirmed by the customer (name, address, date of birth, email address, income, employer, assets, debts etc.)
  • Help me understand: Use customer data to provide product recommendations, such as the optimal credit card or loan for them
  • Communication: If you are handing the customer off from one channel to another, ensure that the customer is informed but also that their details are passed on
  • Manage applications and quote: Allow visitors to view and manage applications from within the app, updating them on the progress and status of the application form, and promoting if incomplete
  • Contextual offering and solution approaches: Consider information architecture and content approach, promoting other products softly, in areas where ideal prospective customers may be
  • This content should be shown in a solution/ content manner, rather than an advertisement, in order to be viewed as helpful, UNLESS a strong offer or proposition is available
  • Checking out and quoting functionality: Promote the ability to add, combine, upsell options when quoting or checking out – it is important that cross-buy doesn’t have a negative impact on those who wish to only buy one product
  • Recalling customer data: If an existing customer is following the journey on the public site, they should be given the option to complete in the secure area or recall their details via a policy number etc. to reduce effort required

So how are providers helping existing members to buy more products? Some best practice examples:

SoWAvivaSoWANZSoWANZ2SoWLloydsSoWLloyds2SoWLloydsAviva

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of Share of Wallet research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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How well do health insurers encourage online application?

apply online

Recent research conducted by Global Reviews shows that the Australian health insurance industry is failing to provide consumers with a reason to apply for a policy with them online.

The majority of people who are researching health insurance online, also wish to purchase the policy online, however, there are 3 key elements missing from most websites that encourage consumers to purchase online whilst providing them with security and privacy. These elements are:

  1. Poor new/existing customer handling
  2. No promotion of the benefits of purchasing online
  3. Security and privacy features and functions being neglected

There are numerous opportunities within the application form stage that many health insurance providers are missing out on. By enhancing the process, brands can come to deliver an optimal online experience that not only helps the consumer feel secure, but also gives them a reason to recommend the brand and site to others.

During the most recent research, AHM was the only brand actively promoting the online channel for application by providing an incentive. At the time of writing this piece, AHM was offering savings up to $200 for taking out a policy online. This simple offer gives consumers a strong incentive to purchase a policy online prior to the offer expiring.

ahm Health Insurance Cheap private health insurance

Whilst incentives are one good way to encourage online application, they are not necessary. Other methods can be used to encourage consumers to begin the application form online such as highlighting key benefits and conveniences including:

  • Ability to apply any day, any time
  • Complete the form in your own time
  • Faster applying than other ways – no wait time

Another key element in this phase is in managing expectations by addressing the following common questions:

  • How long will it take to complete the form?
  • What information will I need to provide?
  • Will the company respond to my application and how?
  • Are there any terms or conditions I should be aware of?
  • Will my information be kept secure?

Surprisingly, most health insurance websites are failing to answer these questions prior to consumers beginning the application. It’s not until they’ve already begun the process that some of these questions start to get answered.

Although there are still a few questions that go unanswered, GMHBA is currently one of the few who answers any of these questions at the quote stage. Prior to clicking through from the quote to the application form, consumers are told how long the process will take and what details they’ll be required to supply. If the consumer doesn’t have 5 minutes or their Medicare and bank cards on hand, they’re given the option to email the quote to themselves so that they can complete the application form at a later stage. This lessens the risk of losing the consumer to someone else if they’re not able to apply right away.

GMHBA Private Health Insurance

Meanwhile, within the application form itself, it is more common to see brands addressing these questions. BUPA is a good example of a brand that helps set some expectations within the form as well as providing support options and demonstrating a sense of security.

  • At the top of the form is the Norton security symbol to give consumers a sense that their information will be kept secure and it is safe to complete the form.
  • Alongside the symbol is an outline of the stages of the form. Whilst an estimated time for completion is not provided, consumers can still easily see how far along the process they are.
  • Below the cost is a box which outlines what information is required to complete the form.
  • Finally, contact details are provided in case the consumer requires further assistance. This includes call centre operation times to advise consumers when they can call.

PHI BupaBy answering some of the key questions listed above both prior and during the online application process, it will help to give consumers a reason to not only trust the brand, but also confidently complete the application online. Both of these reasons can go a long way when it comes to building a relationship with the consumer. Once a consumer is happy and confident with a brand, they will be less likely to go elsewhere and more likely to recommend that brand to others.


To find out more about this research or to ensure your brand is included in our next round of research, contact us today:
Tony Carveth
Senior Commercial Director
tony.carveth@globalreviews.com
+61 3 9982 3400

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28% of consumers are unable to find the product range on mortgage websites

In June 2016 Global Reviews observed and measured 400 consumers as they sought after a new mortgage provider online and found that 28% of consumers are unable to find the product range on mortgage websites.

The ability to quickly and easily locate and compare product options is an obvious top need for consumers when researching products online. This is no exception for those looking for a new mortgage provider so it’s a concern when so many consumers are struggling to complete what should be a simple task.

Consumers on the ING Direct website had the highest effectiveness rate with 81% for navigating from the homepage to an area dedicated to showing the product range. They were closely followed by CBA with 80% and Heritage Bank with 78%.

Success rate for locating product range

Given their high success rate, it is not surprising that consumers on the ING Direct website had a much higher level of satisfaction in completing the task with a score of 86%, against the industry average of 75%.

Whilst having a direct and clear navigational path from the homepage to the product page is vital, it is equally important to deliver on content once consumers arrive on the page. This includes adequately detailed information, product comparisons and tools to assist the consumer in finding the best product to suit their needs.

Comparing product options

On average, consumers rated the comparison capabilities of mortgage providers at 75%. The ease of comparison was rated at 71% whilst the interactive elements within the comparison tools only averaged a best practice score of 40%.

NAB was the worst performer with a score of just 44% for how easy it is to compare options. Meanwhile, St George and CBA lead the industry with scores of 81% and 80% respectively ahead of an industry average of 71%.

Ease of comparison

Some of the key features the top performers include on their comparison page that help to boost their scores are:

  • Detailed information including whether or not an offset account is available for the product.
  • Information as to whether redraw facilities are available.
  • Displays definitions of industry specific jargon or displays a link to a glossary
  • Ability to compare all accounts in a single location
  • Displays interest rate information for each account
  • Ability to print the comparison table

Minimal tools for matching products to needs

To find the product that best suits their needs, consumers could read about each product individually or look at a comparison table, however, these methods do tend to rely on a certain level of understanding of how the product works. Something that especially those new to the market would have difficulties in doing successfully.

The solution? A needs matching tool.

Five of the eight brands assessed in this study do not offer such a tool and therefore rely on a certain level of knowledge and understanding from the consumer. A risky move given 17% of consumers said they would leave the site and go elsewhere if they faced difficulties on a site.

The three companies within the industry that do use a tool to assist consumers in deciding which mortgage account is right for them are CUA, ING Direct and NAB. By including a tool to assist in needs matching, these brands scored well ahead of the industry average of 36%. CUA scored 67%, ING Direct scored 62% and NAB scored 50%.

Needs matching content scores

A needs matching tool doesn’t have to be extravagant. The use of guiding questions is a simple way of leading consumers towards a product most relevant to their needs. Obviously the more interactive elements and detail the tool includes, the more confident consumers will be in knowing that they have selected the right product to meet their needs. Given how few brands are offering such a tool, even the basics will deliver a better online experience than having no tool at all.

Taking out a mortgage can be a daunting enough task without the added stress of trying to navigate and understand details on a brand’s website. By providing the right information in an easily digestible format, brands can help consumers feel more confident in their decision and therefore instill a stronger sense of trust in the brand.

Mortgages report 2016

 

For more tips on how to improve the online customer experience, download our FREE report.

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