How is insurance purchase behavior changing in a digitally powered world? Google partnered with Shopper Sciences to reveal the role of the Zero Moment of Truth for the insurance industry and found:
The path to purchase in the insurance category is quite extensive. The vast majority of shoppers take a month or more to go from decision to action.
While shoppers are using a wide array of sources, ZMOT is the most dominant. Online search, comparison shopping and information gathering from brand controlled websites showed higher usage compared to FMOT sources such as phone and in-person discussions with representatives.
Shoppers clearly identify experiences with insurance representatives as the most influential source – whether on the phone or in –person. Comparison shopping rates online was also very influential in this category.
Stimulus sources seem to be the most effective at communicating reputation of the brand and features/benefit of the policy while ZMOT sources are more effective at communicating rate information and salesperson contact information.