Within Haven life insurance purchase funnel, we see a high drop off in eSign and payment conversions among Applicants who didn’t received the instant decision (with final price).
To address the highest volume path, the research focused on applicants who received a Deferred (no instance or temporary policy, require the medical exam to get a price) underwriting decision.
Goals
Better understand why Deferreds do not continue to the next step (eSign)
What opportunities that we can address in the near future to temper drop off
Hypotheses on why users drop
Next Steps Aren’t Clear
Applicant believes they were denied coverage because they didn’t qualify for Instant. Applicant didn’t understand a lab is required. Applicants didn’t understand they needed to first esign, then lab scheduling would take place. There is small text a lab is required, and lab scheduling doesn’t happen until an email is triggered off resigning.
Brand
There is a promise break, and Deferred Applicants feel let down. They don’t want to continue with Haven Life anymore because they’re not sure if there will be other brand promise breaks (affordability).
Labs
Whatever the underlying reason, the Applicant didn’t want to get labs
Price
The Applicant expected a final price within the same session. Do Applicants not want to esign (continue) before seeing a final price
Recruiting and screener
Pre-screening based on age target, income, date of application time out, occupation, geographics and gender spread, and face amount value. Send out emails based on the pre-screening with the screener questions using survey tool. Tried different days of week, time of the day, different messaging and headlines.
Discussion guide flow
Getting to know your participant
What makes them decide to explore about life insurance products, what it would mean for them to getting the life insurance, what are their intentions to getting life insurance. Find out where the participants are in the purchase.
Overall Haven Life impression
Understand marketing promises and expected experience participants had when they landed on Haven Life. Understand what they knew about Haven Life before landing on Havenlife.com.
Deferred Decision Impression
Explore if applicants understood the Deferred underwriting path. Listen for how they felt to be getting a Deferred decision, and if they understood what it was.
The reason for Drop off
Find out why they dropped off, ask questions about why they stopped continuing.
Methodology
Qualitative User Interviews
Interviewees were asked about their general life insurance shopping experience, how they found Haven Life and what research they did on the company. After talking about their overall impressions about Haven Life, interviewees were shown an Invision prototype of the application and results page and asked to give their feedback.
Key findings based on hypotheses
Next steps are not confusing
Users know what they need to do next and the lab is required at some point. But users are more confused about overall process. And they questioned more about why. They questioned why they didn’t get instant, why they need to eSign now and why there is no price after the application.
Taking lab is understandable
Users understand that taking a medical exam is part of the standard life insurance process. Price was one of the main reasons why they didn’t continue. They don’t mind taking a medical exam once they see the price based on their application.
Expected a Price
Users expected a price within the same session, but they didn’t expect to be a final price. And they don’t mind taking a medical exam if it can lower their price. Users don’t feel comfortable eSign at the point where they don’t see any price.
Main findings from research
Shopping around, looking for a price (not final) to compare
Users are mostly in a shopping mode when they land on to Haven Life. They are looking for the price, so they can compare with other companies. After submitting the application, users expected to get the price based on the answers they provided.
Instant decision, the reason(s) for deferred
Some users expected to get an instant term based on their health and age. Users confused about the deferred results and wondered why. If we can provide the reason(s) for deferred, it might make users understand more about the result without any price.
Esign
Users were confused about the purpose of eSign at this point. They didn't feel comfortable signing without seeing the price and what they are signing for.
Medical Exam
Users expected medical exam as part of the process to get Life Insurance. They hoped to be hassle-free and easy to do it. But they expected to see the price before taking the medical exam so they can decide which company they would do it for.
Application vs Quote
Users were not sure whether the Haven application is an actual application to apply for life insurance or some questionnaires to get a quote price. Some expected follow-ups from Haven to finish the process of application.
Opportunities
Updated Deferred page with changes
Increased conversion rate from Deferred result page to Esign page.
