Aggregators’ laser focus on digital experience has given them an edge when it comes to online conversion. They leverage data to understand how their users behave and buy online, which enables them to A/B test improvements quickly and efficiently to drive sales.
Identifying purchasing trends allows them to spot up-sell and cross-sell opportunities, react to changing customer expectations, and tailor products to meet user needs. Insurers would do well to imitate. 50% of Online Insurance in Europe is sold via aggregators.
Ecosystems Will Account For 30% Of Global Revenues By 2025
7 of the 10 largest companies by market capitalization are ecosystems – Alibaba, Alphabet, Amazon, Apple, Facebook, Microsoft, and Tencent.
Ecosystems’ one main focus is to have customer-centric digital activity. Their expansion puts insurance brands at risk. Products like Amazon Protect, focused on device insurance, are the first examples of a potentially untapped market for these tech giants.
9 In 10 Insurers Fear Losing Part Of Their Business to Fintechs
Pressure on margins, loss of market share and information security are among the top concerns for insurers, but according to PwC, a large proportion also see opportunity. Many think new technologies can offer reduced costs through automation, improved customer retention and a differentiated service.
71% Of Consumers Surveyed Used Some Form Of Digital Research Before Buying Insurance
To compete, insurers must adopt the same customer-first mentality as digital leaders like Amazon. Namely: A relentless focus on finding and eliminating friction, particularly for key journeys like account registration, troubleshooting and account management.
Many companies fail to improve customer journeys because discovering what customers value isn’t easy. Translating that understanding into operational performance improvements is even harder, requiring deep customer insight, robust analytics, and a detailed model of key customer journeys, with ownership across functions and end-to-end management.
Digital channels like web and app offer important opportunities to analyze customer interactions and uncover friction. This data is essential to creating services that don’t just work, but delight customers.
Traffic per Device: Traffic shifted from desktop to mobile in 2019 – a 48% increase from 2018.
Number of Pages Seen: Visitors seem to consume more content per page, with an increase in the session time (+35% on desktop) but a decrease in the number of pages viewed on average (-6% on desktop).
Percentage of Content That Is Never Seen: Despite visitors consuming more content per page, the percentage of content that is never seen increased.
Average Page Views For A Lead Generation Visit: Visitors consume lots of content before converting whether this is informational content or the form pages themselves.
Insight into customer behavior trends is crucial to building an online experience to rival the Amazons of the world. Yet insurance brands still frequently struggle to understand the “why” behind customer behavior, and many still use tools like Google Analytics to get answers. While these tools effectively answer the “what” – ie. which pages are being viewed and for how long, this information doesn’t help when attempting to understand visitor behavior at scale.
Many rely on session replay tools to try and uncover user experience issues, but few have the time to gain effective insight. Others rely on analysts to answer their on-site questions. This too requires significant time and manual effort, and puts a strain on analyst resources.
The “Tag, Wait and Learn” methodology is outdated. It relies on having to guess where issues might be ahead of time, leaving businesses “not knowing what they don’t know.”
UX Analytics helps organizations make faster, smarter decisions by giving each team the means to answer their own optimization questions. With these tools, they can access aggregated data on visitor behavior; robust enough to underpin data-driven decisions, and presented in a way that even non-analysts can understand. Contentsquare’s platform is purpose-built to be easy to use, accessible to a large number of users, and not to sit siloed within Analytics teams.
According to our Digital Experience Report on insurance Bank of America has 30 people trained on the tool to measure the impact of every experience, and piece of content.
Find out how Contentsquare’s solutions can help insurance brands by accessing “The Digital Experience Report – Insurance” below
We’re Getting Ready for Adobe Summit 2019, Where Experience Meets Expertise
We’re heading back to Adobe Summit for a second consecutive year, and we’ve got something extra special up our sleeves for this year’s digital experience conference.
We’ve designed an interactive booth experience that will have attendees sleuthing for clues on our wall of UX insights and cracking the code to our secret Show Me The Money Room.
We’ll also be taking the stage with some of the foremost brands in fashion and luxury, who will be sharing their tips on enhancing the digital experience to keep customers digitally happy.
A three-day extravaganza centered on experience building and the convergence of data with design, Adobe Summit is an unmissable event in the digital marketing calendar.
Set to take place on March 26-28th, in Vegas, the three-day conference will also feature our very own Chief Strategy and Partnership Officer Jean-Marc Bellaiche, who will be in conversation with some of our partner brands, including fashion giant Ralph Lauren.
Contentsquare to Double Down on Digital Experience and High Conversions
Our March 26 session on “Breaking Down Data Silos For Better Digital ROI” will look at the benefits of fostering a data culture, and empowering digital teams with unique visitor engagement metrics.
The session will touch upon smart analytics and customer-centric attribution: how they can be used to elevate the digital customer experience and propel higher conversions.
Jean-Marc will be joined on stage by heavy hitters of the fashion, luxury and retail industries, who also happen to be our partners: Ralph Lauren, Sam Edelman and MatchesFashion.
We’ll also discuss how these top brands utilized our predictive insights and unique metrics to boost their own customer engagement across touchpoints. Session attendees will be able to learn how digital teams were able to expedite reactivity, become more agile and build an impactful optimization strategy.
Essentially, we’ll be covering how these top brands shifted their culture from that of instinct to one of insight, which has, in turn, increased their digital ROI.
Surviving the Digital Jungle — Highlights from the 2018 Adobe Summit
Given that this year will see our second session and booth at the Adobe Summit, we have a lot to measure up to. During the 2018 Summit, we partnered with luxury jewelry brand Tiffany & Co. and financial services giant Goldman Sachs.
But we haven’t merely headed to these types of conferences to take part in a talk. Being that we are experience-oriented where digital is concerned, we also bring our experience-centric vantage to events.
For last year’s booth, we built an entire digital jungle and invited attendees to find their way out of an ominous digital landscape using only flashlights. In our session, we discussed how to survive the dominance of eCommerce giants like Amazon and thrive in the era of digital transformation.
Come See Us at the 2019 Adobe Summit
This year, instead of challenging attendees to escape the digital jungle, we’ll be encouraging them to crack the code to unlock the door to our secret Show Me The Money room.
We don’t play games when it comes to digital experience, but we do when it comes to conference booths. And even though we like to say that data beats opinion, this year we’ll have booth visitors guessing for prizes.
If you’re curious, stop by booth #223 from March 26th-28th, and our team will be happy to answer any and all of your digital experience questions. See you there!