Increasing conversion rates
Working closely with esure, we launched an online quote service for esure's popular Multicar product. esure’s new multicar quote facility generated some 90,000 sales in the first five months.
We delivered it in just six weeks.
esure was missing out on a valuable revenue stream. Unable to offer multicar insurance quotes online, it was losing business to competitors in a strategically significant market.
Multicar policyholders are particularly desirable to insurers. Buying several products in one increases their value, and creates a stronger customer relationship. It also spreads the risk from the individual buying the policy.
esure needed an online multicar sales channel to plug the gap – and fast.
But moving quickly would be a challenge. Partly due to the company’s legacy IT infrastructure; but also given the demands of the financial sector’s data security rules.
That’s why esure called in The Unit. We know how IT works in financial services organisations, and we know how to engage their customers on digital platforms. So we were confident we could deliver what esure needed in a matter of weeks.
Using the design sprint methodology, we soon identified the ideal quote-and-buy journey for esure’s customers.
We then worked with the esure team to define a set of usability-led requirements and success criteria for the project.
After presenting wireframes and designs, we quickly developed a proof of concept, drawing on our deep expertise in UX and UI design. User testing then led to iterations and updates in response to customer feedback and analytics.
At the end of the process, we’d created a minimal viable product in a mere six weeks.
Deployment began with a beta solution, made available to a select subset of users.
We analysed how they were using the new feature, and continued to hone the journey so as to optimise the customer experience and maximise conversion rates.
We also had to build an API layer which could communicate with esure’s core underwriting engine. This pulls out the data needed to generate the quote, based on the information customers provide.
With a smooth online quote facility in place, esure can now compete in the important multicar space.
The insurer received 13,000 requests for online quotes in the first month – and achieved an impressive 50% conversion rate. Five months on, it had sold 90,000 policies. Multicar business is 30% above forecasts, with conversion rates growing each month.
The new sales channel has also taken pressure off esure’s call centres, reducing waiting times for customers.
And thanks to our API layer, the quote journey can be quickly and easily enhanced, without significant updates to other IT systems.