I am not surprised by this research – our recent study revealed that whilst industry perception is that the majority of customers go online to buy a policy, the Internet does not have the stranglehold that many assume. In the past three years 18 million licence holders purchased their insurance over the phone, accounting for almost 40 per cent of sales. And yet only 36 per cent of the top 20 automotive insurers provide customers with a contact sales number on their home page and of these 80 per cent don’t make it obvious. This means that almost two thirds of car insurance providers could be missing out on approximately £13.6 billion of sales each year. Food for thought!
And it’s not just insurance shopping; it’s also policy service. Giving existing policyholders the ability to easily make a payment, print an ID card or request a policy change (that can still be reviewed by underwriting before release) can go a long way in retaining business. The policy retention aspect of an effective website – that’s also phone enabled so that a separate app is unnecessary – is huge.
I would think the consumers might not be thrilled with their optimized rates at renewal.
This is just the effect of inertia. You make the whole dinner ready to perfection and forget to refill the handwash.
I am not surprised by this research – our recent study revealed that whilst industry perception is that the majority of customers go online to buy a policy, the Internet does not have the stranglehold that many assume. In the past three years 18 million licence holders purchased their insurance over the phone, accounting for almost 40 per cent of sales. And yet only 36 per cent of the top 20 automotive insurers provide customers with a contact sales number on their home page and of these 80 per cent don’t make it obvious. This means that almost two thirds of car insurance providers could be missing out on approximately £13.6 billion of sales each year. Food for thought!
And it’s not just insurance shopping; it’s also policy service. Giving existing policyholders the ability to easily make a payment, print an ID card or request a policy change (that can still be reviewed by underwriting before release) can go a long way in retaining business. The policy retention aspect of an effective website – that’s also phone enabled so that a separate app is unnecessary – is huge.