Online Reviews: What They Reveal about Insurance Customer Expectations and Why Insurers Need to Listen
By Millie Lapidario-Oracle on Nov 11, 2015
Think about the last gadget you bought or a restaurant you recently tried for the first time. Chances are, you probably read online reviews and considered a few different options before making your decision.
We all tend to do greater due diligence in order to make smart purchasing decisions—not only because we can, but because we feel like we should. In the post-recession economy, we’re especially conscious that every time we spend money, we’re taking a risk on a product or service. We’re more protective of our resources and skeptical of the claims we see in ads.
People shopping for insurance are no different. That’s why online reviews have a powerful impact on how we select insurance providers. Four out of ten insurance customers read online reviews and base their insurance buying decisions on them, according to Accenture.
If you work in insurance—and you most likely do if you’re reading the Oracle Insurance Blog—you probably don’t have time to comb through insurance review sites. So I decided to explore them for you. I poked around multiple websites with insurance industry reviews like Consumer Affairs, J.D. Power and Associates, and Reviews.com, some of which feature reviews written by experts and customers. Not surprisingly, customers often use these sites to vent about their insurers unwilling to repair damages, raising premiums, or taking too long to respond.
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