Competition in the insurance industry is ever-increasing and with that, customer expectations of online experiences change fast. That is why every journey in the Insurance industry is benchmarked at least every 6 months. For each study between 200 and 400 respondents are asked to look for a car insurance. This is how the Preference in the Car Insurance market has changed over the past 5 years.
What is Preference?
Consumers find and evaluate multiple websites during their customer journeys, we ask them which website would have their final Preference. We do this with the question: “Which website would be your number 1 if you were to buy or apply for product X?” After all: if a website succeeds in attracting and keeping a visitor on their website for a longer period of time, then the intention is to have this visitor decide to purchase a product or service. Preference is expressed using an absolute percentage.
Learn from the best to win digitally
In recent years we have seen that it is extremely important to get that Preference and take the first position. Online competition has one simple rule: the winner takes all. The best website in a sector is chosen more often than the number two, according to more than 10 years of research. Therefore, it really pays to look at the best in your industry and beyond: by asking potential customers how they perceive their shopping experience with competitor X, Y or Z, you can start adjusting your own digital domains to become slightly better every day.
If you ask real consumers about real experiences they have at real competitors’ website, best practices emerge that you can implement in order to become better, with the ultimate goal to become the best in your market. In other words, learn from your competition to stay ahead of that same competitor.