Insurance Buying starts On Mobile Devices: Study

Insurance Buying starts On Mobile Devices. 50 Percent Of Insurance Seekers Start On Mobile Devices, Nielsen Study

The latest data released from its “Mobile Path to Purchase” research, Nielsen, xAd and Telmetrics reveals that the mobile device is the starting point in insurance shopping. that's the moment someone builds an intent to research about insurance policies, he/she reaches for the mobile.

The 2013 Mobile Path-to-Purchase study was based on online survey data (2,000 respondents) and behavioral observation from “Nielsen’s Smartphone Analytics Panel of 6,000 Apple and Android users.” The broader study looked at mobile activities and purchase behavior in a range of vertical markets. This can be bought by paying money.

The insurance markets covered in this data included health insurance, auto insurance and homeowners insurance (US only). The study found that 40 percent of conversions (final purchase) happened over the phone, which was offline. The remaining took place at local insurance agent offices, on tablets or PCs.

On an average insurance purchase decisions were made after at least a month of consumer research involving multiple devices. The research devices included mobiles, tablets, laptops and PCs.

Tablets (and smartphones) are found to be the device of choice in the insurance research process — largely in the home as PC substitutes or supplements.

Very few insurance-related conversions happened as e-commerce transactions on smartphones. Yet smartphones were a critical element in the consumer research process.

According to the study 40 percent of insurance research time was spent on mobile devices (smartphones, tablets) and 25 percent of study participants used mobile devices exclusively in their research. Half of insurance buyers began their research on mobile devices as well.

NOTE: Each vertical studied in research shows slightly different usage patterns. The insurance vertical particularly saw more devices for research than others.

What the Study Tells:

Firstly, the research findings show that people are using their mobile devices to research things, more than any time in the past.

Secondly, the advertisers, showing insurance ads on TVs and in public places are motivating people to research their insurance buying on the spot. Indirectly this also means that Insurance providers are providing realising the importance of mobile platforms and reaching out to people with decision data on these mobile platforms.

Tablets may be too big to carry outside, but they are slowly replacing the humble PC and not so humble laptop, when it comes to researching content. This in a way proves the status of tablets as content consumption devices. You can't type easily on a tablet, but you can read stuff.

The conversions are still taking place on conventional devices like PCs or local Insurance agent, as there may still be some security concerns in the minds of the insurance buyers. this also points to rather tedious Insurance buying process, that can be completed at the agent's PC, with his help.

Over all, the best bet for marketers is to better inform the prospective buyers, so that they can reach the buying stage. Thus, marketers neglecting mobile (organic and ads) are potentially missing out on leads and opportunities to reinforce their brands and messaging with mobile and mobile-first users. --------

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