Online Insurance Buying Survey October 2015Online insurance activity grows as does omnichannel focus

Introduction

Welcome to the 2015 online insurance buying survey

We hope you find this short guide useful in helping you with your online marketing decision making. In September 2015 we revisited a previous survey (February 2013) to find out about consumer insurance buying habits. When asked: “What products do you buy online?”, we found the following:• 67% of people bought their motor insurance online (a 7% increase from when the

initial study was carried out)• home insurance was purchased online by 36% (this also increased by 7%)• travel insurance almost doubled to 34% (when previously questioned,18% had

bought the product on a mobile device)• the amount of people buying pet insurance online almost tripled to 23%

(compared to just 8% previously)• health insurance purchases remained the same at 5%• life insurance doubled from 4% of sales made online (Feb 2013) to 8% (September

2015)

Read on for more insights into UK consumers online insurance buying habits.

The Questions

We repeated our 2013 online insurance buying survey

1. Have you ever bought insurance online or on your mobile phone?

2. If yes, what insurance have you bought online / mobile phone?

3. If you do buy or have bought online or using your mobile phone, how do you normally find the product or company you buy from?

4. If you do not buy insurance online or using your mobile phone, what stops you?

Question 1 Have you ever bought insurance online or on your mobile phone?

Answer Percentage*Yes, I have bought insurance online but not using my mobile phone

58%Yes, I have bought insurance using my mobile phone but never online

5%Yes, I have bought insurance both online and using my mobile phone

10%No, I have never bought insurance online or via my mobile phone

27%

Key Takeaway

There is a growing trend in buying insurance online. If you are not targeting or reaching out to potential customers you are missing a huge amount of business. It might be time to invest in upgrading your website or adding online facilities.

Question 2If yes, what insurance have you bought online / mobile phone?

Reason Percentage*

Motor insurance 67%

Home Insurance 36%

Pet Insurance 23%

Travel Insurance 34%

Life, Health or Other Insurance 18%

Key Takeaway

While car insurance still leads the way in online insurance buying there is still a wide range of insurance products being bought online. Do you have all of these products available to purchase online?

*Respondents were able to choose more than one answer

Question 3If you do buy or have bought online or using your mobile phone, how do you normally find the product or company you buy from?

Reason Percentage*

Search engine (eg Google, Yahoo!) 45%

Visit a site direct 26%

Via an email 11%

Using a price comparison site 56%

Recommendation 11%

Social Media / TV Advertising 11%

Key Takeaway

Customers are using more than one online method to buy their insurance. Are you working with more than one way to reach your target audience online? It might be an idea to look at other options to improve the ability of your marketing to convert.

*Respondents were able to choose more than one answer

Question 4If you do not buy insurance online or using your mobile phone, what stops you?

Reason Percentage*

Hard to navigate the website you visited 14%

The online process is too long 14%

Your insurance provider does not sell online 18%You are worried about security surrounding online payment 39%

Other 21%

*Respondents were able to choose more than one answer

Key Takeaway

By far the biggest issue is security around paying for insurance online. Make sure you have all the trust signals in place, SSL certificates, independent reviews, secure online payment gateway. This will help increase your online sales conversions.

Summary

As you can see, online insurance take up is growing, and so is the number of different ways customers are researching and engaging with product providers.

Insurance buying habits are no longer a simple linear process, even online customers are using multiple sources or multiple devices to find out about products.

Companies could be missing out if they are not present where potential customers are looking.

Having online facilities will go a long way to help companies engage. But also making sure they understand where their target audiences are, and what ways they buy, will prove to be the defining reason for success.

Putting all your online marketing eggs in one basket is not going to help sustain or grow a business.

About Speedie ConsultantsEstablished in 2003, Speedie Consultants Limited offers an all around online marketing experience with a proven track record. With over 50 years’ worth of combined marketing experience, we offer the full digital marketing package, from SEO copywriting services to link building; affiliate programmes to video marketing; business consultancy to PR; and, social media marketing.

Clients can take the whole package, or just choose the services they need in order to enhance their online presence. All our clients are important to us, from one-man operations to SME’s to household names (we have worked with TescoCompare, Confused and Protect your bubble).

We have a real passion for internet marketing, and a solid, long standing, reputation within the internet marketing industry. Our services include:

• building and maximising affiliate marketing programmes • web content provision • providing internet consultancy services • providing PR production and / or distribution services • offering video creation and marketing • offering organically grown link building campaigns • creating and managing blogs on behalf of clients • writing and syndicating articles for SEO benefits • exploiting social media marketing.

We are proud to offer what we believe is a reliable, personal and very cost-effective service – you can benefit from ‘City’ knowledge at rural prices!

Contact Us

To see how we can help you grow your online insurance marketing activity please contact:

Jason HulottBusiness Development DirectorTel 01843 831088Mob 07940 521056Email jason@speediepr.co.uk