Ideas & musings about consumer behaviour

Differing wants and needs when researching life insurance

life insurance

Results from our first Life Insurance Digital Sales Effectiveness benchmark in Australia have revealed that the industry still has a lot of room for improvement when it comes to the online experience for consumers in market for purchasing a new life insurance policy. The industry averaged a score of 54% when looking at the features, functions and usability of provider websites from a customer’s initial engagement with the site through to applying online.

Online customer journey

Customer sales journey

Overall benchmark scores

brands

Average industry benchmark scores

Industry score

Even though health, home, motor and life insurance averages similar scores, there are differences in the wants and needs of prospective customers depending on what type of insurance they are searching for.

When compared to customers that are researching health, home and motor insurance, prospective customers are inclined to place a higher importance on things like online chat functions, and expert and customer reviews when searching for life insurance.

Website elements rated on a scale of importance from 1-10

Elements

Along with an importance rating of 7.3/10, 26% of customers stated that if they encountered any problems whilst researching life insurance online then they would look for an online web chat feature. Despite a strong calling for this feature, none of the life insurance brands included in our recent study offer a generalised online chat function. AAMI does offer a chat function during the application form, however this does not feed through to the remainder of the site.

What would you do if you encountered a problem online?

Problems encountered

The next most commonly sought after area if problems are encountered is FAQ/help. Each of the brands measured offer FAQ/help is some capacity, however the implementation of it could benefit from some improvements simply by taking a look at one of the UK’s top performing life insurance providers, Beagle Street.

Beagle Street in the UK uses a range of dedicated pages which gives them more opportunities to provide helpful content for customers on life insurance. They present their range of help options in a colour blocked matrix with call-to-action buttons on their help center page, which acts as a hub for all help content and options.

Beagle Street help page

As well as looking internationally for best practice examples, Australian life insurance providers can look to other local industries or even at other product offerings within their own brand.

Global Reviews is unique in that thanks to our breadth of research across Australia, New Zealand, Ireland and the UK, our expert advisors know what best practice looks like because they are evaluating hundreds of websites from around the world every year.

If you want to find out how your website rates and get tailored best practice examples to help your brand grow, contact us today.

Darren Watson
Senior Commercial Director
Ph: +61 3 9982 3412
Email: darren.watson@globalreviews.com

*[SOURCE] GLOBAL REVIEWS AU Life Insurance – BRAND Digital sales effectiveness q2 2016 N=234

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