The insurance industry is missing opportunities to improve results by providing the web experience its customers have come to expect from other markets.
Potential insurance customers turn to the Internet when shopping for policies, with a quarter exclusively using their mobile or tablet devices to compare options. According to the J.D. Power 2016 U.S. Insurance Shopping Study, 74 percent of those surveyed use insurer websites or aggregators to obtain quotes and research information. While a majority of people have shifted from agent-exclusive shopping to online comparison shopping, it doesn’t mean that the process is seamless or pleasant. Consumers are often frustrated by the inconsistent user experience, the difficulty navigating websites, as well as the challenge of connecting to a live person for questions. According to the 2016 Eptica Insurance Multichannel Customer Experience Study, which evaluated 100 of the leading insurance carriers in the U.S., nearly half (46%) of consumers said they would spend just five minutes searching for information on a insurer’s website before giving up and going elsewhere. Consumers have expressed dissatisfaction with the overall experience, especially millennials, who have consistently rated insurance low on the satisfaction scale when compared to other industries.