Here’s an interesting nugget we found, as Insuritas in the USA sent out this insurance product conversion rate info;
“Some 71% of those who received a quote in October took out a policy.”
That is impressive in an age of super short attention spans online, when some web pages have vieweing times of under 10 seconds.
Matt Chesky, President at Insuritas noted; “This is a rare accomplishment when over 70% of members offered auto or home insurance quotes, purchased. It’s a powerful confirmation that a credit union or bank can play the critical role of trusted insurance advisor to their customers for insurance purchases that 100% of their customers have to make every year.
Chesky continued that consumers are looking for trusted platforms to shop and buy insurance. Financial institutions are rapidly emerging as the platform of choice where their customers can shop, compare, buy, and renew the insurance policies they need to protect themselves, their loved ones, and their most important assets.
All sounds good, so how did they achieve it?
Well it seems the success rate is down to a digital assistant called Lily, here’s the word;
With the help of the Insuritas Digital Agent, Lily, and supported by our live licensed agent team, a record breaking 21% of insurance buyers at Tucson Federal Insurance Agency chose to buy multiple policies at the same time. Chesky noted; “This is the highest rate of ‘bundling’ that we’ve seen – another affirmation that a digital agency embedded inside a credit union or bank is trusted for ALL of a consumer’s insurance needs.” Chesky gave credit to the newly launched digital agent Lily, who is often used by the customer to initiate the shopping process.
Insuritas also noted that Lily uses data to check in on consumers, at the ideal moment such as renewal, but also uses loan application data and predictive analytics. It’s an interesting take on data, which highlights how joining up, or layering data from different sources can be a winner for brokers, MGAs and insurers alike.
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