How buyers choose insurance

- how it should drive reviews strategy

Worry+Peace is a reviews-led marketplace. We're reimagining how we can better connect insurance buyers and providers. We like to hypothesise.

Choice - and the reasoning, thought and rationale behind it - underpins all our thinking. How do buyers think? When it comes to making their decisions, we think the process is a little more nuanced than many would give it credit for.

We call it the 3-Draft Choice.

☝️ First Draft - Establish Need and Broad Choice

Scout. Need and the first range of choices is established.

Goal is to identify outliers in the good and the bad sense. They’ll recall ads they’ve seen, news stories they’ve read, conversations they’ve had. Then they’ll supplement it with scout mode.

✌️ Second Draft - Reduce to Narrow Choice

Filter. A Narrow Choice is defined. The size of the Second Draft may vary - depending on how deep the buyer feels the need to go in the First Draft.

Forms will be filled, processes commenced and data committed. It’s here where some options might inadvertently irritate. This is the pre-requisite before a choice is actually made.

🖖Final Draft - Make a Choice

Decision. Buyers move from scouting and probing. It's here where a true choice - two, perhaps three bona fide options are positioned. Someone is about to win.

We think it's here where the margins are finer.

🔧 How does this shape review strategy?

By chasing good ratings, providers miss the chance to listen - listening creates trust.

Our reviews process assumes, as standard, that whilst a price may well be a critical deciding factor - a lot has happened before that. These drafts help create a persona we can empower - and gives a provider ideas about how to deploy their awesome and powerful Worry+Peace page.

🙈 Don't use reviews as a selling point

Lots of providers use their existing positive reviews as a selling point, as opposed to a learning point. Buyers are going to make a decision, given everywhere they look - everyone is saying they have great reviews - so how is the provider differentiating?

👐Cast a wider net

Using reviews just after you've sold a product is very narrow. Signpost for the experience feedback in lots of places - signposting and simple requests with candid copy will resonate.

Buyer choice isn't a simple - quote/choose process, feedback is being misused by the insurance sector, en masse. That's a problem we intend to fix - and are - with our methodology.

📣 Empower buyer voices

Universal Reviews, as we call them, offer the buyer 360 degree and 3D feedback power. Because they can review all the providers they considered in one process. They can also pick the part of the journey they were on. It's simple - but granular.

By giving them more for the same feedback request - you can generate insight, create trust and listen better.

Use our "decision" persona to better shape a reviews and feedback strategy based on empathy - not just bottom line. It's trust you want to earn.