Streamlining Your Quote & Buy Funnel - A Must-Read Guide for Digital Product Owners

Creating seamless digital experiences for quote and buy funnels can be challenging in any insurance or financial service company given the amount of information you need to collect from customers. Understanding the experiences and struggles of individual users progressing through your quote and buy funnels is key to learning what can be improved. In this article, we’ve got some advice for how to get these clear insights with data analytics.

Common Challenges

Tagging for website analytics is time-consuming and frankly, a bit of a headache. Add to that the constant pull from various internal stakeholders, each with their own set of priorities, and there’s a recipe for a time-poor environment where crucial tasks struggle to find their place on to-do lists. But there’s light at the end of the tunnel so let’s dive into it!

At first glance optimising quote and buy forms is daunting. Which form fields are users dropping off?

Once the problem field/s are identified, why do they drop off? Is there something specific about the experience that is driving them away? Finding ways to share clear insights with decision-makers and product teams who then take the insight and translate it into solutions comes next. So where to start? 

A good place to begin is to look at the tools already in your tech stack. Each has a place but it’s worthwhile evaluating how best to leverage each of them together for maximum impact. 

Web Analytics

Strengths: Traditional web analytics are excellent for understanding at a high level what’s going on with your quote and buy forms. 

Limits: Implementation can be a hassle often requiring developer effort to set up correctly. We’ve seen some companies delay in rolling out new releases until that setup is complete. 

Session Replay

Strengths: If you’ve got a dedicated session replay tool you can watch the experiences of individual users like a recording of your favourite TV show. This is not only a powerful way to walk in the shoes of individual users struggling with your forms but also to share these friction points with executive decision-makers. 

Limits: Session replays are powerful but not really all that scalable. Nobody has time to watch all of them. Finding relevant replays related to specific journeys (for example a specific car insurance quote experience) is another common challenge we’ve seen in the insurance and financial services space. These tools also sample the replays leaving behind just 10% of the experiences to watch later. This is problematic if you want to learn about all the issues without the data black holes and quantify the completion rate and revenue impact.

Integrating these two types of tools is also something we’ve seen because it can lead to differences between two identical data points (eg. the number of sessions). Your analytics tool gives you one number, and your session replay has another number. Which one do you choose to report? If you’ve ever been asked to explain why a discrepancy in the data exists you’ll understand how painful this can be!

How to fill the solution gap

The problem to solve is finding a single source of truth that can give you the best of both worlds. This is where Experience Analytics tools can help fill in the gaps. What you can gain with this type of product is a way to report at that high level for KPIs (while saving on implementation time and costs) but also gaining a deeper understanding and visibility of digital experience. 

One way this can be achieved is starting at the high-level aggregate level to see the big picture, then drilling down deep into the experiences of individual users (at scale), quantifying the KPI impact and then sharing it with others in your business so they too understand the struggles and frustrations of users. 

We’ve seen this transform the way Insurance and Financial Service companies do things such as optimising their Quote and Buy experience while working within the industry limitations mentioned previously. 

Desired Outcomes

What you need is a way to deliver that seamless digital experience, to align the various teams and departments within your organisation towards a common goal. You can’t do much about the way the business is structured and who is in charge of what but you can make life easier by rallying others around their shared common goal of improving the experience of your quote and buy forms. 

The power of showing a stakeholder the real-time struggle of a user on your site cannot be overstated—it turns abstract pain points into tangible losses that can be measured in dollars and cents. We were talking with a customer recently and the feedback we’ve had on this approach is being able to watch and share the session replays of high-value customers who were trying to pay the organisation a large sum of money but couldn’t due to a form experience issue was immensely persuasive internally. 

Success Story: Southern Cross Insurance

Take the case of Southern Cross Insurance, for instance. They knew where users were dropping off but were in the dark about why. Insightech illuminated the path, revealing that users seeking more information on health plans were more likely to convert—twice as likely. By understanding this, Southern Cross could focus on enhancing the information-seeking journey, leading to a staggering 23x ROI opportunity. If you’re interested in learning more about this case study you read more here.

Leverage Tools to Get Visibility Over Why Users Struggle Through Quote and Buy Experiences

Insightech doesn't just offer a lens to view the digital experience; it provides the tools to share these insights effortlessly with stakeholders, developers, and design teams. If you agree it’s important to drill down into the experiences of individual users struggling through your quote and buy forms to learn why they are dropping off and then be able to quantify the KPI impact of these struggles and easily share them then look no further than Insightech.

The role of a digital product owner is complex and filled with challenges that can seem insurmountable. But with Insightech, you can cut through the noise, align your team and focus on what truly matters—delivering a seamless digital experience that not only meets but exceeds user expectations. It's time to turn those foggy journeys into clear pathways through to form completion and revenue.

Request a demo with Insightech today and we’ll share some advice on how you could optimise your quote and buy forms to get more form completions. We’ll also cover in more detail how Insightech works and answer your questions. Remember, it's not just about fixing what's broken; it's about discovering the full potential of your digital product and bringing as many people in your business along for the ride!