With so many online insurance comparison aggregator platforms available these days, one may think that the customer satisfaction rating for the insurance purchase process should be high. However, based on a Morgan Stanley / BCG Global consumer survey, the customer satisfaction rating for the purchase stage results in a negative net promoter score of 25.
Based on another survey done by Facebook and comScore, 39 percent of survey respondents reported are heavy mobile users, with 64 percent that said they have previously used a smart phone to shop for auto insurance. But it appears that most customers aren’t using mobile to buy insurance online. Sixty-one percent of respondents reported that they believed research to be important before selecting their provider, but less than half reported that they actually purchased auto insurance online. Of the respondents who purchased offline, 45 percent said they purchased through an agent and 10 percent through a call center.
The takeaway here is that the relative lack of online sales activity may be an indication that auto insurers need to improve their online purchasing experience, such as providing a faster and more streamlined design and experience for their users. Note that survey respondents pointed to a good website (25 percent) and mobile app (15 percent) as potential reasons for why they chose their auto insurance provider.
Another interesting fact that was discovered, was thirty percent of respondents reported that they selected their provider within a single day, and 60 percent said that their shopping window lasted less than one week. This mean that insurance providers and marketers should be prepared for consumers to make quick decisions once they’ve found an auto insurance provider that meets their requirements.
Essentially, customer satisfaction for online insurance purchases could be improved easily by understanding who the customers are, their expectations and their motivations.
At Insuree, we aim to provide a simplified user journey coupled with a community driven marketplace for insurance products where we shortlist the best products available from different insurers for the different policy types. With that, users do not have to go through the full comparison hassle and still have a single point of contact to track, purchase and manage all their insurance needs.