Leading European Insurer Secures Extra $500K in Policy Revenue With One Simple Fix
The company
A FTSE 100 insurance company.
The challenge
Experiencing a steep drop off in auto insurance policy applications prior to completion.
The challenge
A FTSE 100 insurance company was experiencing a steep drop off in new car insurance policy applications on their website. The abandonments were impacting revenue goals, and the digital team had no definitive idea about why it was happening.
Timing out
The team could see that customers were starting the process of getting a quote for car insurance online. However, many sessions were timing out. The team suspected this was likely happening while the customers were busy looking for their vehicle identification number (VIN).
Expired session loop
What the digital team couldn’t see was that, when timed out, customers attempted to retrieve their quote by clicking on the “retrieve quote” button. However, the button wasn’t working and the customer was still seeing a notification that their session had expired. Customers then tried refreshing the page or clicking the back/forward buttons on their browser, but they still wound up back at the expired session notification.
Abandonment
Customers who hadn’t dropped off by this point returned to the website homepage to try starting the quote process again. But yet again, they were redirected to the expired session notification, and customers ultimately abandoned the process. In fact, 97% of customers whose sessions expired never made it to the completion page despite attempting to re-engage with the quoting process.
The solution
The digital team deployed Glassbox which immediately began capturing website data. The autonomous captured session replays which showed both what the customer did and saw as well as all behind-the-scenes technical events. They discovered that one simple technical issue was the culprit. The team was able to identify that a cookie-related issue was responsible for preventing users from re-engaging with their quote after their session timed out.
Glassbox’s unique Cashbox report allowed the product manager to quantify the exact impact this problem had on revenue. With an average premium quote of $1,103 per year, Glassbox forecasted the weekly value of abandoned sessions was $9,931 per week.
Results
If left unchecked, the cookie issue would have resulted in a total estimated annual loss of over $515K in annual revenue. By addressing the problem, the insurance company was able to secure this additional revenue from new policy subscriptions and create a better user experience on their website.
$500K
in annual revenue loss prevented.
