At the end of 2015, Global Reviews conducted two different research studies to assess how Australian’s are researching motor insurance online. The first study looked at how consumers were using the internet to browse for and research insurance, whilst the second study was a multi-faceted benchmarking audit that focused in on how specific insurance websites perform when it comes to enabling consumers to find and apply for a policy to best suit their needs.
When initially researching a motor insurance provider the following website types were used:
In addition it was found that the bulk of consumers would typically spend time researching 3-6 providers, but would go so far as getting a quote from just three providers, creating tight competition among the industry – especially when it comes to the policy evaluation and decision making phases of the research and sales journey.
Findings from the benchmark study showed that overall the motor insurance industry scored an average of 58% in the first stage of a customer’s journey whereby they initially engage with the brand and its website. This is three points lower than both the previous study run in April 2015, and the home insurance study from June 2015.
Feeding into the benchmark to achieve this score was a mix of best practice audits, consumer audits and consumer behavioural inputs. Among these data inputs it was found that:
- The motor insurance industry averaged 57% for assisting the needs of customers.
- Whist the industry averages 70% for whether or not customers can locate general information about home insurance, it scores just 18% for how efficiently that information can be found.
- RACV had the most efficient path of finding information at 28%. Budget Direct, GIO and Suncorp were the next best performers, each scoring 21% for efficiency.
- Detail in the information about motor insurance is, for the most part, lacking with the industry averaging 47%. Real Insurance was the top performer with 67%, just slightly ahead of their 64% in the home insurance study. Allianz and GIO were next with 60% followed by Suncorp with 53%.
With the limited opportunity to get on the consideration list, if a brand is unable to hold onto the consumer by creating engagement within moments of landing on their homepage, and ensuring important information is easy to access, then they are at risk of losing the customer before they’ve even begun researching – especially given that 18% of consumers stated that if they encountered any problems on a website while researching a new policy then they would leave the website and look for another provider.