Enrico Pruis

Enrico Pruis is Business Development Director at Virtual Affairs "My biggest motivator is allowing the company I work for to be best in class and, at least in some way, contributing to a better world."

How CRO helps insurers

By Enrico Pruis

In our previous blog we discussed how Conversion Rate Optimization can help banks to be of value in various areas of customer engagement. In this second blog on CRO we want to dive deeper into how CRO can be used to enhance the online channels of insurers. At its core, CRO is for the most part the same for every company and its digital channels. However, because of the nature of the online channels of insurers and bankers, there are some key focus points for your CRO endeavors.

Conversion rate optimization is the process (with emphasis on the word process) of improving your online channels to attain more customers. CRO should be approached systematically for the long term. The key ingredients to this process are research, testing and implementation. It should be noted that CRO is not a one-time occurrence, but rather a long-term commitment.

When we look at the digital channels of insurers, its often clear that there is a low rate of success in turning visitors into actual buyers of policies. Unlike bankers where the digital channels after-sales are visited almost daily, with insurers, customers are rarely ever on your online channels unless they have a claim. So, the few touchpoints that you have with your possible customers are important and should be optimized. This is much easier said than done. So, what should an insurer focus on when doing CRO?


Creating Trust

Let’s start with the most important aspect for insurers to increase the conversion rate, which is creating trust. As mentioned, customers of insurance companies are most likely on insurance websites and apps when they are submitting a claim. Claims usually represent a negative moment in your customers life. At this moment, you can show your added value as an insurer by making the claim process as smooth and fast as possible. However, the claim handling happens after-sales, and we are focusing on improving on the sales funnel pre-sales. A simple, but very effective solution was presented by one of the biggest insurers in the Netherlands to show how pleasant and reliable their claim process is. Throughout their sales funnel on their website, customer quotes and reviews were presented. Especially reviews that are telling a story on how pleasant it is to be a client at this particular insurer. And how fast and professional the insurer was while helping with the claim handling were highlighted throughout the sales funnel. In just a few months, the conversion rates were significantly increased, by creating between you and your prospect.


Improving content strategy

By combining design and specific content, insurers can persuade the consumer to act on their online channels. CRO will help you increase relevance of both call-to-actions and content. It helps determine what services consumers are interested in and what content they download. Moreover, by researching the data that insurers can gather from their online channels, the insurer can segment their visitors into multiple groups. This in turn enables insurers to personalize the website, its content & messages and call-to-actions to the target audience. Personalization also enables marketers to dynamically optimize offers, both on the website itself and through email.


Make it a positive user experience

CRO will make sure it’s easy to navigate throughout the whole website. By using digital tools to gather information about the visitors’ behavior on your website, you can see what they like and dislike, what discourages them from going through the sales funnel and possible reasons why the visitor won’t interact with content. Using this information will help insurers get rid of pain points in their digital channels.

Rules for approaching CRO

There are many ideas and “best practices” when approaching CRO. From my perspective, there are key rules that should be followed while implementing CRO practices.

By wanting higher conversion rates, one may be tempted to jump straight into implementing changes all throughout your online channels or even be tempted to copy what is working for other companies. No matter what industry you are in, CRO is all about backing your up decisions or changes up with data. And the data you gather is specific to that website.

The next step is to test to find the answer to the problems. Similar problems can't always be solved with similar solutions. Brand identity and the nature of the client base can influence client behavior and preferences. Therefore test every decision. Fortunately, there are tools and methods to test as accurately. 

It's important to have discipline throughout this long-term process. CRO is not a one-time trick. The best results can be achieved when it is an ongoing process within your organization. Not only is it a process of trial and error, your clients and the world they live in, your competitive landscape and technical possibilities evolve, and so should your digital channels, to remain optimized for conversion.

Virtual Affairs can offer specialist guidance in CRO. If you want to learn more, please contact us by clicking the button below.

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