Insurance Study. The experience of signing through mobile phone
Few days ago we participated in the first edition of the SADE DIGITAL FORUM, an initiative that aims to become a space for debate, innovation, generation and ideas exchange about the digital era and its implications for companies businesses. This event aims to give voice to independent experts who provide a differential vision as well as enable a space for the direct participants of the participating companies to share their experiences in the digital transformation of their businesses. In this first edition, the Forum focused on analyzing new forms of relationship with customers that are being generated within the Financial Services and Insurance sector, as well as presenting how digital technology is influencing the transformation and creation of new models of business in these industries.
While industry spotlights are undoubtedly pointing towards the technological revolution, emphasizing on all sorts of technical discoveries, Redbility – facing that powerful current – aims to lead, alert and also make publicly known about the other revolution, not so attractive for the industry and of which it costs a little more to speak: People’s Revolutions.
The new demand
On demand side, the user – buyer – decision maker has changed at a much faster rate than what the offer is doing. That user is increasingly fiercer and more visceral in their decisions than ever. Make decisions anywhere and at any time. It seeks excellence and does not allow “noise” in the user experience. But the industry has not yet understood the repercussion of not attending to this reality that we exemplified in this Forum through our study titled: “signing an insurance from mobile phone. The Odyssey of Ulysses. ” Moreover, that noise that we mentioned comes from a two-speed industry travellling in its digital transformation. It is very simple to explain and is a constant in the digital world. This is not about automate, robotize or exploit the data at a nanosequential scale but rather understand very well that there is a segment of the current population that by 2025 will be 75% of the world’s labor force: the demand.
If you were born between 1980 – 2000 you are one of them. All of us who belong to that “guild” have incorporated the mobile phone into our lives, not as a vice or distraction, but as a life tool. At all levels. We flee from the apocalyptic message about addictions and dependencies. Our mobile phone is not our life, it is part of it. It makes it better, enriches it and – with common sense – facilitates it. The mobile does not raise our children or go down to the park to play ball with them. But you can enrich those experiences in two clicks. The mobile does not substitute but rather enhances our life. It helps us to live in this hyper-connected and fast-paced world that we do not chose but that we can change. Millennials lead the revolution of people in digital. We are the new demand and we are tired of the brands treating us as if we were idiots.
The Odyssey of Ulysses
From our side, we took advantage of SADE’s DIGITAL FORUM to present an outline our study concerning the “health” of experience in contracting insurance online through mobile. Study that you can find at the end of this post. The situation, excluding some exceptions (demonstrating two-speeds theory), is really bad.
We characterize Ulises as a young owner of an unruly puppy, named Papi. Besides, Ulises buys a motorcycle to go to his new job. Ulises wants to assure Papi and also find the best insurance for his new bike. The Odyssey of Ulysses in the hiring, or simply, obtaining clear information by the mobile is worthy of Greek stories. Three figures. Of the 20 insurance brands we studied, only 8 contemplate a pet insurance and of those 8, only 2 offer real online contracting by mobile with a user experience “very improvable and very much improved.” Regarding motorcycle insurance, only 30% of the users of the study were able to make the purchase of motorcycle insurance online through mobile phones with great difficulties.
In the tests with users that you can find in the presentation of the study, they verbalize their experiences crystal clear
In two words: Frustration. Abandonment.
In our presentation (in spanish) in the forum we include video clips of these tests. In this version you can find only the captures and the transcription of the user’s testimonies due to the limitations of pdf format.
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