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Insurance Websites Best Practices

Best practices while designing and developing an insurance website

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Insurance Websites Best Practices

  1. 1. Best PracticesInsurance Websites
  2. 2. Best PracticesInsurance WebsitesExecutive SummaryCustomers today are willing to buy simple policies online (Automotive, Travel) & use theInternet for almost all their research & buying decisions for other, complex products. It is up toInsurers to recognize these trends immediately & redesign their websites & online processes topresent buyers with scenarios/needs they are most likely to encounter in real life & thenpresent products around these. Insurers also need to have offline channels firmly enmeshedwith their online push.Here are some proven best practices for Insurancewebsites:Online Processes Supporting the research process Online insurance statistics indicate that most prospects research several products before buying insurance products. Insurers need to ensure that their sites are not just information rich but also offer ‘differentiating’ content that makes their products stand out from others. Understanding the buyer’s lifecycle Life insurance products are usually not as aligned towards online sales as auto insurance. Ensuring that your channels are enabled – the Web acts as a lead generation channel for Life Insurance and eCommerce for Auto Insurance will help drive maximum ROI. Making buyers act To enable higher conversions, Insurance sites must facilitate customer action. Every user has a goal-the design of an insurance site has to speak to these goals. Calls to action with every piece of vital information & clear, need based navigation are just some practices that reduce the number of clicks needed to make a customer act & significantly increase conversion rates. The Metlife, US website is a prime example of this practice. Helping your buyers The call center is always a resort. However, if your site provides complete information to help make a choice, you are helping your cause considerably. Live chats with sales agents could be a very good option to avoid people reaching for the phone as practiced successfully by Norwich Union, UK. Coverage information related to policies should also be available. 1
  3. 3. Best PracticesInsurance Websites Making it easy for buyers If I am in the process of buying a policy, then I should have the option to ‘save’ my details once I have finished. Even if I need to stop midway, I should be able to return & complete the process from the point I left. In either instance, I should get an email from the Insurer with all details. This practice drives high usability & again enhances conversion online as Tesco, UK has experienced. Use offline modes to strengthen online For those users who may be researching online but are not yet mature enough to buy on the Web, offline modes can greatly complement your site. For instance, if I am applying online but want to complete the process offline, the site should make it easy for me by giving me an application tracker which I can use to finish the process offline. This practice has been used to good effect by several insurers, notably Lloyd’s TSB Insurance. Closing the loop Some products generate leads online but are sold offline. Ensuring that processes and technologies are connected so that leads are generated, acted on by Sales teams and tracked by your Customer Relationship Management applications will provide maximum ROI. It is critical to achieve end-to-end tracking of leads - from acquisition to conversion.Cross-selling & Rewarding Customer loyalty Acting on customer behavior Some smart back end work can enable Insurers to cash in on online customer behavior. Throwing up related products & calculators on the basis of what a customer is doing on your site can open up new avenues for engagement & cross sell. Further, Insurers can also enable their call center sales agents with online customer intelligence for relevant targeting. Good examples are those of Ineas, which offers its customers a calculator that lets them understand the risks they face, and Direct Line, which lets customers opt in for additional products like legal insurance cover on the final page of quotations. Policy Renewals & Discounts Every policy renewal communication online should have very simple & quick call to action for customers to do the needful. This is a key aspect of online insurance that enjoys maximum usage from customers & has plenty of room for cross/up sell as well. Moreover, offering discounts to customers who have multiple policies goes a long way in improving relationships using the Web. 2
  4. 4. Best PracticesInsurance WebsitesCustomer Service is critical Online Policy Management Making changes to their own policies should be a ‘must have’ for Insurance customers. Insurers must allow for changes in address, contact numbers, additions to policy coverage, etc. online with a view to driving higher usability & Web loyalty. Importantly, this also shrinks offline customer servicing costs. Direct Assurance has been implementing this to good effect. Tracking of Claims While it may still be up for debate, online claims tracking is a practice that can separate a good Insurance site from a leading one. Those insurers who are allowing for claim applications & tracking online have recorded significant rise in site usage (Direct Line) apart from the benefits of lesser dependence on providing more expensive call center services for claims.Dynamic Content drives traffic & engagementLike any site that sells products that meet different goals/needs of end customers, Insurancewebsites built on Web Content Management (WCM) systems have some distinct advantages. Enabling cross/up sell It is all about the right content & message being put to the right buyer. A good WCM presents the right marketing message, an associated calculator or the relevant product dynamically to end users thereby increasing the probability of engagement, cross/up sell. More traffic means more customers With advanced Search Engine optimization controls embedded within good WCMs today, a good Insurance website will almost always benefit from higher traffic which is the first step towards acquiring more customers. Localize, localize, localize Among other things, a good WCM offers automated site localization features that are key to leveraging the Web for increased business. Most leading insurers today are catering to markets all over the world & speaking to customers in the languages they understand is half the battle won. Sharp Search enhances usability A good Insurer will invariably need a powerful search mechanism for potential buyers researching online. Enterprise Search tools built into WCMs sift the wheat from chaff & reduce the time taken to get to desired information by providing a variety of pre-cognitive results. 3
  5. 5. Best PracticesInsurance WebsitesAbout eDynamicEstablished in 1999, eDynamic is a Global Web Solutions Firm. We are a one stop shop forWeb solutions offering a wide range of services including Web and Enterprise ContentManagement, Portals, Web Design/User Experience, Online Marketing, Custom ApplicationDevelopment, Business Intelligence and Managed Services. We blend strategy, technologyand creativity to deliver integrated, fully customized business solutions, and partner with ourclients for cornerstone strategies and critical Web initiatives.eDynamic’s Insurance Expertise includes Web Strategy & Consulting Web Design and User Experience Web & Enterprise Content Management Portals and Collaboration Web and Application Development Business Intelligence Online Marketing CRM eCommerceFor more information on eDynamic’s expertise in Insurance, refer to the link below:www.edynamic.net/home/Industries/Insurance.aspx NEW YORK TORONTO PHOENIX LOS ANGELES LONDON DUBAI NEW DELHI New York, USA, 153 W 27th Street, Suite 503, New York, NY 10001 Phone: +1-646-291-6435 Fax: +1-888-828-0747 Toll Free: 1-877-EDYNAMIC 4