General Insurance - Understanding Consumer Decision Making
Previous research had identified that a significant number of people taking out general insurance were not aware of the finer details of their policy – resulting in significant issues for customers, providers and the industry, particularly at claims time. This was despite a significant amount of time, effort and investment that had previously been undertaken to refine PDS and the development of a one pager Key Fact Statement. As such, our client was seeking to better understand the insurance decision making process to help inform a customer oriented approach to effective product disclosure.
Working closely with our partners at The Lab, we developed a multi-phase research approach to deeply understand the consumer decision making process. To obtain as real and as authentic a perspective as possible we undertook a number of ‘real world’ and virtual online immersions with consumers who were in various stages of the process of deciding on their insurance. This included in-home discussions and video diaries at critical moments of the decision making process, and a one-month online immersion. This was followed by a large scale quantitative survey to validate the customer journey, and to quantify drivers and barriers of product engagement.
The outcome of the research was a clear, customer centric perspective of the insurance decision making journey, including information sources used and drivers and barriers to deeper engagement. The research also provided insights on the role of the PDS and KFS. The findings from this research have helped facilitate industry wide engagement and actions to enhance the effective disclosure of insurance products to customers.