Canadian Underwriter

Study taps what consumers want in online insurance

April 2, 2003   by Canadian Underwriter

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Instant price quotes are the number one priority of consumers in online insurance buying, says a new study by Toronto-based UBER analyzer. In a survey of consumer attitudes about online insurance buying, 28% said they would be willing to purchase home or auto insurance on the web, but that consumers are looking for very specific features from these sites.
Online, real-time quotes were a top priority, along with plain language, easy to understand forms and accessible help information. Consumers were also very interested in being able to find out a company’s financial stability, “an indication that factors such as consolidation and corporate financial misreporting scandals have led to heightened risk awareness on the part of consumers,” states a press release.
“We’re not talking about books and CDs hereinsurance is a pretty complex sell in online terms,” says UBER analyze president Chris MacKechnie. “And it’s an important, big-ticket purchase for consumers. To make that sale, you need an effective and informed web strategy that speaks to consumers and brokers in their language, and on their terms.”
The study goes on to rank the top-50 sites based on how well they meet these needs.
“Online home and auto insurance sales will amount to $10 billion a year when the insurance industry catches up with consumer’s online needs and habits,” MacKechnie predicts. “Insurance companies have a great opportunity to capitalize on this market by understanding what consumers really need from insurance sites.”

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