Yext Survey Reveals New Insights on the Insurance Customer Online Journey and the Growing Role of Voice Search
Yext, Inc. (NYSE: YEXT), the leader in Digital Knowledge Management (DKM), today released new survey data on how consumers find, compare, and engage with insurance providers online. The results show that online search and reviews from sites like Google or Yelp, play a significant role in advising consumer search behavior and decision-making. The data also shows that voice search is increasingly influential in the way consumers research and interact with insurers.
The Yext-commissioned survey polled 1,000 adults in the U.S. who have independently conducted research into insurance companies or insurance agents within the last year. The questions also explored how these individuals are using voice assistants like Siri, Alexa or Google Assistant to source information or ask insurance-related questions that return qualitative search results to differentiate various insurance agents and providers, further informing the purchasing process.
The research revealed the following key findings:
- More consumers look to information in search than to an insurer’s website when researching their options:
- Half the survey respondents reported using search tools like Google and Bing as their first resource for insurance information. The number was slightly higher at 55 percent for millennials.
- Direct traffic to an insurer’s website ranked second with 34 percent of users reporting researching there.
- Respondents sought deep knowledge about prospective agents:
- When it came time to select an agent, the type of insurance sold was predominantly the most important factor in the final purchasing decision (45 percent).
- However, key variables like location (33 percent), reviews (32 percent) or certifications/specialities (10.5 percent) also were important considerations.
- Insurance seekers want to use voice search:
- 46 percent of those polled use voice search devices at least once a day.
- If given the option, nearly one in three would prefer to use a voice search device to book an appointment with an insurance agent. This figure was slightly higher among millennials at 39 percent.
- Consumers want to use voice search to hear agent reviews:
- When it comes time to select a new provider or agent, 75 percent of respondents said that reviews were somewhat or very important to their decision.
- Respondents indicated they would use voice search to request reviews on top insurance agents (35 percent), locate the nearest insurance agent (30 percent), evaluate the quote process (23 percent) or determine the most appropriate type of insurance (21 percent).
“The entire value chain has changed for insurance. Carriers are testing direct models for simplified insurance products, agents are demanding digital tools to compete online, and customers are deciding what they want to buy and who they want to buy it from before they even make that first call to an agent,” said Shane Closser, Head of Industry for Financial Services at Yext. “Insurance agents that take control of the information about them online and keep it up to date across the digital universe can therefore seize a competitive advantage in reaching consumers in real time at the right moment.”
Today, one in five searches are voice searches, and that number is forecasted to grow by nearly 120 percent in the next year. With adoption climbing rapidly, voice search will continue to transform the way consumers search for and choose insurers.