In Q2 and Q4 of 2015, Global Reviews ran their Digital Sales Effectiveness benchmark across three banks, three general insurers and three exclusively life insurers in the UK. The benchmark looked at which brand offered the best online experience for customers when they are researching and purchasing life insurance online. The research involving a real-time audit conducted by over 500 in-market consumers, exposed just how well brands are performing throughout the key stages of the customers’ online sales journey and is designed to highlight the issues that 95% of customers will have with a brands online experience.
Online customer journey
Across all of the industries and their respective products that were benchmarked in both Australia and the UK during 2015 (over 60,000 consumers across 500 brands), banking came out on top as the best performing industry. However, a trend that was found in the research into life insurance was that of the three different industries who offer life insurance within the UK, general insurers tended to offer the best online experience.
Average overall life insurance benchmark scores (UK 2015)
Given that in the UK if a prospective life insurance customer were to encounter a problem whilst researching online, 15% stated that they would leave the website and search for another provider rather than persevering or trying to contact the company, it is vital that no matter what a company’s core industry is, it is able to offer a strong customer experience.
This is possibly even more important in Australia where not only do banks, general insurers and life insurers operate in this domain, but also health insurers and superannuation providers as well – creating an even larger competitive pool for companies.
So is this trend in scores due to general insurers having a broader experience of selling insurance policies where as banks are used to dealing with accounts and life insurers only have the experience within that one product? Is this a trend one that is mirrored in Australia?
In 2016 life insurance will be benchmarked in Australia for the first time so we are about to find out!
Contact us to find out how well your website is catering to the needs of those actively looking for life insurance.