There’s often one big hurdle between a potential policyholder being interested in your insurance service and making the decision to sign up. Here’s a hint, it isn’t solely the financial investment.
Completing the online application is a hindrance for many, which can significantly reduce your application performance. The average abandonment rate as of 2017 was 76.9% and while the expectation is not to have 100% completion, you want to take steps to keep it as low as possible.
Here are 3 reasons your online application performance might be struggling.
It’s Too Long
Everyone doesn’t have the urgency or dedication to apply for insurance services as you might have. So, if a visitor comes to your site interested in signing up and is bombarded with too many questions, he might decide it’s not worth it or that he’ll finish later.
While you might want to ask questions to get enough information up front or to determine whether they qualify, understand that an initial lengthy application can deter your potential policyholder. Instead, try limiting the number of questions you ask during the initial application, and allow a Data Pre-Fill to fill in any additional information essential to the application.
The Information Asked is Confusing or Unavailable
When you write application questons and instruction, remember, you’re not talking to experts in the field. Those who are applying for your insurance service are likely not well-versed in all things insurance, so it’s best to use easily understandable language.
Ask simple questions for readily available information the applicant can provide easily, i.e. name and address, and leave the technical questions to a Data Pre-Fill that will be able to provide, for example, a home’s square-footage or an individual’s limits to liability, when the applicant does not. A confused mind doesn’t buy or complete applications. So, keep the process as simple as possible by simplifying the language you use.
It Requires Too Much Personal Information
While someone might be interested in your service, it doesn’t mean they want to give you their full life story. Some people are turned off from all of the personal information they have to provide to sign up for an insurance policy. Try to eliminate the questions that aren’t necessary to complete the process. If you happen to need additional information, later on, you can communicate that on a case by case basis.
It’s Not Mobile Friendly
Phones aren’t just for texting, browsing the internet, and making phone calls. Up to 70% of web traffic comes from a mobile device. Important business is being taken care of daily via phone, including completing applications. If your application is not mobile friendly, you can miss out on many opportunities to connect with people who use their phones to take care of business.
LicenseSnap uses a photo of a driver’s license to populate identifying information into your application, reducing the amount a consumer types, leaving information to be confirmed and swiped away. Less type, more swipe.
How to Improve Online Application Performance
You want to improve your online application performance to increase the number of applicants who enroll as policyholders in your insurance services. Now that you know 4 ways that your application performance might be suffering, it’s time for you to make some changes.
We formed Fenris Digital with the policyholder in mind. We understand the importance of having an application process that applicants finish. With our artificial intelligence software, you can reduce the number of application questions from as many as 50 to as few as 5, and our LicenseSnap program allows customers get a quote in as quick as 30 seconds. When you’re ready to eliminate the long applications, confusing insurance jargon, and invasive questions, schedule a demo so you can learn how our program can help your business.