Ideas & musings about consumer behaviour

General Insurers – Simple Steps to Optimising Online Customer Conversion

General

Here at Global Reviews, we are fully focused on helping brands worldwide across multiple industries to increase their online acquisition ratios and conversion rates. One such industry is insurance and interestingly, our most recent data revealed that both home and motor insurance providers struggle at helping customers across each stage of the online customer sales journey.

The Sales Effectiveness Customer Journey 

The sales effectiveness customer journey follows the user through the four stages of consideration followed by the two stages of action.

Customer Sales Journey

  1. Initial Engagement – a user is introduced to the website
  2. Introducing Options – locating various insurance options
  3. Evaluating Options – considering different policies
  4. Facilitating Decisions – making a final decision on which insurance policy to choose
  5. Channel Selection – choosing how and where to purchase the insurance policy
  6. Application Form – purchasing the insurance online

It becomes apparent when we look at the scores across the stages for insurance providers in Ireland, UK and Australia, that there is a very common theme. The focus for insurance brands tends to gravitate towards the book ends of the customer sales journey,’Initial Engagement’ and the ‘Application Form’. As a result, insurance providers are failing to focus on their customers needs and wants when it comes to finding the correct insurance policy, ‘Evaluating Options’. It is at this stage we can see the scores drop across the various regions.

Motor Insurance Customer Journey

Drilling down further, and looking at the low ‘matching products to needs’ scores across a number of brands in Ireland, UK and Australia, it is evident that insurance customers struggle to find relevant product details to ensure product details matched their specific needs.

Matching products to needs

What steps can insurers take to increase online customer acquisition ratios? 

Simple improvements can make a big difference.

  • Highlight the value of the quote
  • Ensure that comparison tools and tables have a call to action.
  • Help customers differentiate between insurance covers. Ensure that customers have the right cover to suit their specific needs.
  • Highlight key product features but link to full detail pre-quote.
  • Ensure navigation is easy to follow. Clearly communicate the starting point for customers.
  • Calculators help users to make informed choices
  • Clearly communicate trust

To find out more, join our upcoming General Insurance webinar 

Global Reviews is a recognised world leader at providing leading companies with unique intelligence that helps increase their online customer acquisition ratios.

To find out more about our research programmes and how we can help you convert more of your ideal customers online, 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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