Insurance quote journeys: Insights from the market

In the highly competitive home insurance market, the quote journey can significantly impact customer retention and satisfaction.  

Recent analysis by Consumer Intelligence reveals notable disparities in the length and complexity of quote processes among various insurers. Here, we delve into some of the findings and a few considerations for optimising the home insurance quote journey. 

Variability in quote length 

Findings highlight a stark contrast in the number of questions asked during the quote process, ranging from as few as eight, to as many as 57 questions. Could a brand that has a relatively shorter quote journey raise questions about whether they are sacrificing quotability for brevity? This could indicate a potential trade-off between ease of use and the comprehensiveness of information gathered, which can affect the accuracy of the quotes provided. 

Impact of page Numbers 

Most insurers keep their quote journey under four pages. Brands X and Y highlighted in this chart, however, have multiple pages, each contributing to the overall length of the process. Lengthy quote journeys without clear progress indicators can lead to customer frustration and abandonment. Simplifying these processes and clearly indicating progress can enhance user experience and completion rates. 

Speed vs. detail 

One other brand stands out with a remarkably swift quote process, taking less than a minute. When we examined the quote journey from Brand A, potential customers need to input minimal details — address, name, date of birth, email, cover needed, and claims history — to receive an initial quote. However, this quote is subject to revision as additional questions are posed. This method balances speed and the need for detailed risk assessment, but transparency about the provisional nature of initial quotes is crucial to manage customer expectations. 

Making assumptions 

Some of the price comparison websites we reviewed reduce the number of questions by making assumptions about properties, such as the number of bedrooms or market value. Pre-populated questions, which customers can modify, streamline the process while retaining the flexibility to adjust for accuracy. This approach exemplifies how leveraging existing data and assumptions can reduce user input without compromising the detail needed for accurate quotes. 

Excess options and account requirements  

Two of the main four PCWs offer a broader range of voluntary excess options compared to other platforms. With options ranging from £0 to £1000, they provide more flexibility, allowing customers to tailor their policies to their financial situations. However, the inconsistency in available options across platforms complicates direct comparisons for policyholders. 

We found that the requirement for customers to create accounts also varies. While two PCWs mandate account creation before showing results, one offers it as an optional feature, and the fourth does not require it at all. Optional or no account requirements can reduce barriers to obtaining quotes, potentially increasing completion rates and customer satisfaction. 

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