Ideas & musings about consumer behaviour

Irish Motor Insurance providers need to shift up a gear online

Irish Motor Insurance providers need to shift up a gear online

Author: Marie Sheehan

Which gear is each provider in?
We ran three waves of the Global Reviews Irish Motor Insurance Industry Digital Sales Effectiveness* programme over the last year – in February 2014, August 2014 and the most recent study in January 2015.

These studies measure how easy it is for customers to buy a motor insurance policy online from each provider and identifies how they can shift up a gear and increase their sales conversions online.

The studies were conducted on the following Irish motor insurance providers: 123.ie, The AA Ireland, AIG Direct, Allianz, Aviva, AXA, FBD, Liberty, No Nonsense and Zurich.

The digital gears
Each time we run a Digital Sales Effectiveness (DSE) programme we assign a DSE score** to the website of each motor insurance provider. This helps to benchmark each motor insurance provider against each other, against the industry average and against other industries.

….Or if you like – tells us what gear each provider is in…

Just three motor insurance providers in Ireland are accelerating online, all others are falling behind and some are even close to stalling
123.ie, AA and AXA are the only motor insurance providers in Ireland to have improved on their August DSE score.

Fig 1: Ireland Motor Insurance Providers DSE scores January 2015 Source: Global Reviews Ireland Motor Insurance Providers Digital Sales Effectiveness Study January 2015

Fig 1: Ireland Motor Insurance Providers DSE scores January 2015
Source: Global Reviews Ireland Motor Insurance Providers Digital Sales Effectiveness Study January 2015

 

UK motor insurance providers are overtaking Irish providers in the digital lane
In terms of benchmarked performance against other industries, Ireland under performs against the UK motor insurance companies except in initial engagement.

Fig 2: UK & Ireland Motor Insurance Providers DSE scores  Source: Global Reviews UK & Ireland Motor Insurance Providers Digital Sales Effectiveness Studies

Fig 2: UK & Ireland Motor Insurance Providers DSE scores
Source: Global Reviews UK & Ireland Motor Insurance Providers Digital Sales Effectiveness Studies

 

Irish motor insurance providers can also learn how to take off from travel insurance providers
Irish motor insurance providers can also learn from the travel insurance industry particularly in the “evaluating options” stage of the online pathway to purchase.

Fig 3: Ireland Motor and Travel Insurance Providers DSE scores Source: Global Reviews UK & Ireland Motor Insurance Providers Digital Sales Effectiveness Studies

Fig 3: Ireland Motor and Travel Insurance Providers DSE scores
Source: Global Reviews UK & Ireland Motor Insurance Providers Digital Sales Effectiveness Studies

 

If you would like to know more please contact us

International best practice
To find out more about what best practice looks like and those who are achieving it view our webinar recorded on February 25th: Motor Insurance Providers in Ireland – Digital Sales Effectiveness

Motor insurance IRL webinar

Research calendar
The Global Reviews Digital Sales Effectiveness Studies into the UK Insurance industry will be fielded as follows:
• UK Home Insurance February 2015
• UK Motor Insurance March 2015
• UK Travel Insurance April 2015

* The Global Reviews Digital Sales Effectiveness (DSE) programme focuses on the Consider and Act stages of the online purchase journey.

DSE circles

Through a proprietary, task based methodology; we invite ‘In market’ consumers to visit and experience the customer journey on your site.

We also measure the performance of your competitors’ sites in a similar fashion with a separate group of ‘In market’ consumers. This enables us to benchmark the performance of your brand within the marketplace and against the competitive landscape. We can tell you why some customers abandon the purchase journey on your website and complete purchase with a competitor.

We can provide you with a totally unique insight into how ‘In market’ consumers research and make decisions about your brand, your products and your competitors online and will help you to answer the following strategic digital sales questions:
1. Is your online sales journey more effective at converting prospective leads than your competitors?
2. Where do you need to focus resources to maximise online sales and customer experience?
3. Does your website meet best practice customer experience design for that product purchase journey?
4. How much effort is it to buy from you online?

 

** There are four unique data streams that make up the Global Reviews Digital Sales Effectiveness (DSE) benchmark:
1. Customer behaviour
How customers rate the websites when we ask them to conduct various tasks. We examine efficiencies, click through paths and length of time.
2. Customer attitude:
How customers’ expectations before completing the task compare to their levels of satisfaction afterwards. We also examine “Voice of Customer”.
3. Customer audit:
Customers rate different elements of the website during the task. We examine the importance of navigability, look & feel and content to the customers.
4. Best practice audit
This is an audit made of between 400 and 500 different data points based on our fifteen years of experience that we conduct on each website.
These four elements – some of which are qualitative in nature, some of which are quantitative – are brought together, weighted per importance of the customer journey and rolled up into a final score. This is the Global Reviews Digital Sales Effectiveness score.

0 Comments

Leave a Reply

Latest Buzz

Office Numbers

Australasia
+61 3 9982 3400

United Kingdom
+44 (0) 203 725 8260

Ireland
+353 (0) 21 601 9274

Request a call back