There are a handful of methods of collecting behavioral data. We’re going to discuss if the ones you’re using are outdated.

Key Takeaways from this Article

• Are insurers collecting behavioral data?
• What are the old methods of collecting data?
• How is it holding carriers back?
• Why having the best data matters
• How to get your insurance company ahead of the race

Are Insurers Even Collecting Behavioral Data?

COVID-19 accelerated the digital transformation to online applications, and carriers are (rather frantically) looking for new digital data sources. While telematics and spatial imagery are helpful for home and auto insurance providers, one type of analytics is helpful for every type of insurance: behavioral data.

But are insurers collecting behavioral data? A few years ago, this answer would be hit and miss. Today, most insurers are using some form of advanced analytics and data sources, but few are collecting behavioral data. And if they are, they aren’t doing much with it. 

The challenge is that the existing types of behavior data collection are outdated. They’re built for retroactive glances at customer web-behavior. This can be helpful for campaigns like A/B testing and fine-tuning content, but that’s only a piece of the puzzle. Retroactive datasets aren’t focused on real-time behavioral analysis, so by nature, they’re not for real-time ingestion — a.k.a, what all insurers really need. 

What Are The Old Methods of Collecting Behavioral Data?

Let’s go back to middle school science class for a minute, shall we? You probably learned that there are three main categories of data collection, quantitative, qualitative, and variable. The same general categories apply to online behavior data collection. Ideally, your strategy is built on a holistic approach to include all three. 

Unfortunately, most solutions marketers use are only quantitative and geared toward product analytics. Here are a few of the common examples of what people consider “behavior” data collection software.

Google Analytics is a web-based platform that tracks data like your site traffic, bounce rates, traffic sources, and lets you measure ROI on advertising campaigns. Since Google is the number one search engine, it easily integrates into all domains and most marketers use it.

Session Replay is a common method used to see play-by-play videos that show you exactly what a user did on your website or web application. It gives you a peek behind the curtain so you can see exactly how your users are engaging with your content. 

Heat Mapping is a method available on apps like Hotjar. Similar to session replays, it can give you insight as to where your user went on your platforms and what they did. The heat maps use data matrices to color-code areas of your content that are popular vs. stagnant (think hot vs. cold colors.) 

FullStory/Amplitude/HotJar are fantastic for helping analyze marketing campaigns, understand how users are reacting to different ads, and optimize funnel analytics. They’re also helpful for overall website/product analytics and look at basic behavioral event data to help inform A/B testing decisions. 

How this is Holding Agencies Back

Don’t get us wrong – these solutions are awesome at what they do. Heck, we even use some of them. But as we mentioned earlier, they only focus on surface-level behavioral event metrics and give customers a retroactive look into user behavior. 

Getting stuck with surface-level metrics prevents you from processing real-time analysis and running machine learning on it to glean insights instantly. This means your agency is missing out on improving lead scoring and prioritization models while your customer is active. And even more, creating adaptive, intuitive digital experiences — not just relying on adjustments after you’ve lost a lead. 

Having the Best Data Matters. First-Party Behavioral Data Solves This. 

If you’ve been in marketing for a minute, you’ve felt the burn of recent iOS and Android updates to privacy rules. The days of collecting user data conspicuously are gone, and that’s not a bad thing. But it does mean crippling marketers’ abilities to collect third-party data in order to build out targeted campaigns.

Having access to the best data matters. Now, there’s a scramble for first-party data because marketers know that this is the only reliable option available to fill the data gap. Improving your customer experiences with methods of collecting behavioral data in real-time, first-party intent increases conversion rates. It also benefits every department: risk and fraud, underwriting, data science, claims processing, and employee optimization. (Check out those case studies here if you’re interested.)

First-part methods of collecting behavioral data are just the first rung of improved customer experiences and increased conversion rates. If you think you’re already capturing a lot of behavioral data, it’s worth considering that you could be capturing more — like, ten times more (and that’s when you’re just getting started.)

The Importance of Behavioral Data in Insurance

In-person, you intuitively read and react to body language, tone of voice, eye contact, etc. Did you know 93% of communication is nonverbal? Online, you’re stuck with customer-submitted applications and stitching 3rd party data sources together to try to complete the user puzzle.  

ForMotiv brings back that same level of human insight, online. By analyzing a user’s digital body language, or how they physically interact with your digital forms/applications, we’re able to run real-time machine learning models to accurately and instantly predict their intent. 

Collecting data on every customer moment-by-moment means you can help control the narrative. Here are some examples of what it can do. 

• Showing signs of confusion? A chatbot pops up offering assistance.
• Bots trying to capture pre-fill information? Intuitively hide it. 
• Showing low-intent behavior? Notify a sales agent to intervene.
• Displaying risky behavior? Push the application through a more thorough underwriting process.
• Leaving the page with an incomplete application? Instantly send a personalized email to prevent an abandoned cart.

Getting Your Company Ahead in the Race

Insurers relying on outdated online behavior data collection software are wasting time, money, and energy from analyzing retroactive data, chasing the wrong leads, and remarketing to the wrong customer. With first-party behavioral data, you can improve digital experiences by providing next-generation adaptive customer journeys tailored to them. 

How? It starts by collecting each user’s digital body language while they fill out online forms and applications, analyzing it in real-time using advanced machine learning, and predicting their intent to allow for dynamic intervention during crucial “micro-moments” to proactively prevent abandonment and nudge conversion.

The result? 

• Average 16% increased conversions rates (and rising)
• Tens of millions of ROI attributed to ForMotiv-collected data
• Access to 10X more behavioral data points
• Prediction models that continue improving with machine learning

We’ll save you some time: ForMotiv is the only first-party intent data platform on the market. 

First-party intent data innovations are next-generation adaptive experiences that modern consumers experience. Are you giving it to them? Book a call to see how we can improve your methods of collecting behavioral data.

Let’s get your company ahead of the pack.