4 strategies you can implement to reduce your application abandonment rate
When potential policyholders visit your website, there is one ultimate goal. You want them to complete their application and eventually enroll in your insurance plan. The issue comes into place when visitors start the application, yet don’t finish it. There are many reasons why people abandon their application, and your goal is to develop solutions to decrease this occurrence. Here are four strategies you can implement to reduce your application abandonment rate.
Decrease Complexity and Length
The average global abandonment rate as of Q3 of 2018 was 76.9%. If more than half of those who start your application abandon it before completion, you’re missing out on many potential customers. One of the best things you can do to combat this is to decrease the complexity and length of your application.
No matter how great your product or service is, the reality is that the attention span of most consumers today is at an all-time low. Instead of forcing those interested in your service to complete a lengthy initial application, figure out how you can simplify this step.
Reduce the Number of Application Screens
When an applicant sees that they have to complete several screens to finish the application process, it can discourage them.
Instead of including several screens, reduce the number of questions you ask and see how you can condense what you need to know. Just be sure not to cram the same amount of items on fewer screens because seeing too many questions at once can potentially overwhelm the applicant as well.
Limit Unnecessary Questions
Today your potential insured wants instant gratification. While the expectation is not that they receive insurance immediately, their first “win” is completing the application process.
This initial conversation doesn’t have to be a lengthy talk show interview. Instead, allow it to be a quick hello. You can do this by limiting questions that are not necessary for the first communication. Run a Data Pre-Fill to gather additional information essential to the application process, increasing the likelihood that the applicant finishes the process.
Why the Lengthy Application
You might be concerned about the concept of reducing the number of questions during the application process. Many companies opt for a more extended application to weed out potential clients who aren’t serious about moving forward. Alternatively, some want to get as much information as possible up front before moving to the next level.
While this makes sense, you also have to ensure your application is user-friendly.
One More Solution to Reduce Application Abandonment
That’s why we created a solution to help you get the best of both worlds. At Fenris Digital, we help our clients triple their conversion rates with our application fill technology that reduces the average application question set from 50 to 5. We have data from new and emerging sources providing us with records of over 255 million people, 130 million households, and 30 million small businesses. This not only reduces the number of questions in the application process, but it also minimizes the time needed to complete the application and increases data accuracy.
Are you ready to find out how Fenris can help you decrease your application abandonment rate? Schedule a free demo.