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Find out why Irish Health Insurers lose on average 62% of prospect customers

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Global Reviews discovered that various Health Insurance providers in Ireland are seriously struggling to win clients, with some losing 71% or even up to 83% of prospect customers (Irish Life, Aviva). But the differences we found between brands in our recent in-market study of Health Insurance providers in Ireland are huge: Ireland’s most popular health insurer only loses 29% of potential customers (Vhi). Though significantly lower, this loss should not be ignored, considering these 29% lost clients all had Vhi as their initial preference, but chose another insurer after comparing plans of competitors.

As it gets easier and faster for consumers to compare and shop around for their health care needs, health insurers need to step up their game and make sure their prospect clients aren’t lured away by a competitor.

Comparing the different providers with our unique research programme Fruition, we found out what businesses do well according to 200 potential customers and where the opportunities lie. We discovered what can be done to win these initially interested customers over.

lost opportunitiesFruition helps to make all the data we collected more understandable, calculates lost opportunities and shows what impacts conversion. Through thorough research, we were able to reveal what the main reasons are for consumers in deciding which Health Insurance to go with.

On average, the main drivers consumers based their final preferences on, are:

40% Reputable brand
35% Plans are easy to understand
32% Website is easy to understand and use

We noticed another trend that impacts customer conversion as well: the increasing popularity of particular third party websites, which allows consumers to compare plans of all the different brands. 38% of the participants surveyed between January and March this year, found information through these sites, which is 8% more than in June 2015.

With Aviva Health Insurance and Glo Health being sold to Irish Life, another recent development showed up in our data, as many customers who would have preferred Aviva or Glo, became prospect clients for other health insurance companies.

We will share our unique market-specific insights on best practice in conversion optimisation for Health Insurance during our webinar on Wednesday 29 March at 10 am GMT.

Sign up to our webinar and find out:

– What are the lost opportunities for Health Insurance providers
– What drives customers to choose a Health Insurance brand
– Which provider was a customers’ favourite after Aviva’s and Glo’s exit from the market place

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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