INSURANCEINDUSTRY-Velocify.pdfVIP

INSURANCE INDUSTRY ONLINE BUYER EXPERIENCES A STUDY OF SELLER RESPONSE INSURANCE INDUSTRY ONLINE BUYER EXPERIENCES Introduction A few years ago, Velocify commissioned a secret shopper selling, and independent agencies who generally sell study to find out how effectively insurance companies products from many carriers. respond to online inquiries. At the time, we found there was much room for improvement throughout the insurance To begin, online quote request forms for each company industry as a whole. Today, as the insurance landscape were located, including forms for personal auto, continues to shift toward online buyer activity, it is natural homeowners, and renters insurance as well as commercial to wonder if there has been any improvement. To find out, auto and property insurance. Multiple quote requests we recently conducted a second secret shopper study that (leads) were submitted to each company, and whenever focused on responses to online quote requests on 25 of possible, a strong intent to purchase was indicated at time the largest property and casualty insurance companies. of submission. The quote requests were sent during normal The companies in our study included direct-to-consumer business hours, at which point our clock started ticking. carriers, insurance carriers that use captive agents for Methodology GET A QUOTE FIND ONLINE REQUEST START GIVE COMPANIES TRACK QUOTE FORM A QUOTE THE CLOCK 22 DAYS RESPONSE TO RESPOND PERFORMANCE Companies were given 22 days to respond, and Previous Velocify research found correlations between performance on the following key performance indicators these KPIs and