Royal London comments on latest Experian research
Monday, 2nd March 2015
Commenting on Experian’s new research about customer journeys, Jerry Toher, CEO of Royal London Group’s consumer division said:
“Experian’s findings confirm a fundamental challenge for financial services firms today: how to evolve in a modern ‘omni-channel’ world which operates 24/7. They also highlight a persisting issue which insurance providers especially need to conquer: the over-complicated application process (no life insurance provider should ask any customer to answer 90 questions in front of a computer for hours!)
“Every business, b2b or d2c, should regularly step into its customers’ shoes to appreciate the journey from their perspective. When selling direct it’s even more important, given consumers are detached from the complexities of industry parlance and process. Before we launched our direct life insurance products, we researched how customers in the real world actually navigate the life insurance market. We found that 49% of all online searches for life insurance came from mobile devices; and few customers buy life insurance after they’ve started the application process (1-2% conversion from one of the main online channels: comparison sites).
“In light of our findings we made a number of conscious decisions: we made the purchase accessible on mobile phones and tablet devices; we stripped the application process right back - so the whole process takes only a few minutes versus c. 45 minutes with a conventional product; we replaced the usual complex (dozens of questions-long) medical underwriting stage with a few smart questions that are relevant to the applicant; then finally we lead customers to a price that we honour - no false quotes. This no-nonsense approach is central to our ethos at Royal London – we want to help people get protected with the right products that flex to meet their needs, not ours.”
Note to editors:
- Experian research (25 February) reveals key factors driving people to pull out of an application for a financial product or service. More details on Experian website: http://po.st/BAZaOU
For further information please contact:
|Nancy Baynes, Consumer PR Manager:||
020 7 506 6585
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £82.3 billion. Group businesses serve around 5.3 million policy holders and employ 2,829 people. (Figures quoted are as at 31 December 2014). The Group is currently moving all of its UK businesses under a new version of the Royal London brand. The Group's independent wrap platform will remain branded Ascentric.