The idea that psychologists could help companies and agents sell more insurance seems strange. After all, everyone knows that good marketing, sales and customer service practices, backed by robust technology are what sell insurance. That is undeniably true. Yet studies, often conducted by psychologists, are what have helped to establish the best practices in marketing, sales and customer service that truly make a difference. These findings even affect IT, informing CIOs and web designers how to use technology in ways that improve customer experience. Research by Global Reviews found that, in online insurance sales, a smooth and enjoyable website experience beat superior brand recognition.
Why would a user-friendly website generate more sales than the opportunity to buy from a better known insurance company? Consumer behavior experts Jerry Olson (University of Wisconsin) and J. Paul Peter (Penn State) sum up the research: “The time necessary to learn about a product or service…as well as the time spent...can be important costs to the consumer.” In an online insurance website, the preference of buying from a company you already know and trust can be offset if it’s not easy to learn about and purchase the coverage you need.