dragon

Digital Insurance – The Myth of the Online Buyer

The insurance industry is currently dealing with digital disruption, and by disruption I’m talking about the change in the consumer and the consumer habits, what I call The New Face of Insurance.

The myth that the insurance consumer is not ready for the digital world must be dispelled. According to The surprising facts about who shops online and on mobile (Business Insider 2015):

  • One in four shoppers is actually over the age of 55
  • Millennials make up the largest portion of online shoppers in terms of dollars spent and yet they earn the least

According to Gartner, 43% of our industry revenue will come directly from digital markets by 2020. Now think about that in our current captive and broker world.

LIMRA says that:

  • 74% of insurance customers want to do research online, educate themselves before they even think about talking to an agent
  • 25% of those people will even buy online, right there and then
  • Sadly, that’s really not available in our industry

We went from captive agents to independent agents and now we’re moving to more of a I-want-to-be-my-own-agent.

An example of this would be a UK company by the name of Beagle Street. They’re attacking the old ways that we do things, attacking the old financial advisers. And what they’re saying is “come and buy online.” So how do we go with this?

Digital Strategy and Digital Footprint website redesign. It’s way more than that. It’s about continually evolving to make it easier for consumers to do business with you. You need to go where your consumers are – you can no longer expect your consumers to come to you.

It’s looking at multi-channel distribution; embracing your agents, embracing online, and embracing the education that people are looking for. Just think about the customer service improvements t by being able to reach out to them through social media when there is a catastrophe.

We’ve been invited to speak on this topic at insurance conferences a lot recently, and we’ve done a short video as well. If you’d like to learn more, contact us.

Google search

Google to penalize non mobile sites

Google has just announced that starting April 21st, websites that are not mobile friendly will be penalized in mobile search results. Seems like a no-brainer, if you are using your phone to do a search, it is easier to view information and take action if the site you go to is mobile friendly.

With more than 25% of searches now being done on mobile devices (BIA/Kelsey (April 2014)), companies that have not yet created a mobile or responsive site can expect a traffic hit in the next few months.

In addition to better search placement, mobile, responsive and adaptive sites also lead to higher call percentage and from several implementations we’ve seen, a huge improvement in abandonment rates. It seems users on mobile devices that get to a site that is not mobile friendly would just rather go somewhere else.

In the blog post, Google also provides some guidelines and testing tools to check your site compliance.

Tip: not highly publicized, but Chrome browser includes a great mobile testing tool. In the Menu under “More Tools” there is an option for Developer Tools. These allow for selection of device for output and changing the HTTP header data to test using different devices.