Insurance Clickstream Data – here’s what comes next
As users engage with your online forms and applications they leave behind behavioral breadcrumbs. But why is knowing digital user behavior important? Well, for starters, understanding how users engage with your site and forms can boost conversions and improve customer experiences. Top insurers adopted clickstream datasets years ago and have leveraged them primarily for marketing/product analytics. They can be helpful in determining what ads users are responding well to, how site content is performing, and where folks are ultimately dropping off. Basically, taking a retroactive look at user behavior and using that information to determine A/B experiments. So what’s next for clickstream data, and why should insurers care? Let’s break it down.
What is Clickstream Data?
A clickstream is the path a user takes online. For example, let’s say you hop onto an insurer’s website after Googling, “best car insurance near me.” You scroll down the home page for a few seconds and type their zip code into the “Find a Quote” search box.
You futz around on the application for a bit and then at the end of your online quest, maybe you’ve Xed out of the page, maybe you’ve found yourself with a new insurance policy, either way you left behind a trail of behavioral breadcrumbs. With basic clickstream data solutions, some basic events such as the following would be captured:
- The pages visited
- Amount of time you spent on each page
- What brought you to the page
- And what screen you ultimately dropped off
What are existing clickstream solutions missing?
The objective of using clickstream data is to observe user behavior and drive existing digital strategies. And until now, companies received basic clickstream data from solutions like Google or Adobe analytics. Slightly more advanced solutions like FullStory, Hotjar, and Amplitude were created to give a more in-depth, albeit retroactive glance at user behavior. Again, they’re helpful when analyzing marketing campaigns or trying to understand how users are engaging with a new product feature.
Take these questions, for instance:
Do your potential customers care more about getting a fast quote or having a conversation with a reliable agent?
Are your customers more likely to fill out a free application, or would they rather pay a fee to get results with more options?
Do you close more deals from the webpage with a sleek design and clickthrough links, or from the webpage packed with information?
What pages of your competitor’s sites are stealing away customers? What’s their most engaging content?
This information is incredibly helpful when assessing ads, content, and overall product layouts. The problem is that interpreting user data is time-consuming, confusing, and more often than not leaves you with more questions than answers. Have you ever found yourself staring at a graph, spreadsheet, session replay, or heatmap and wondered what to do with the information you’re looking at? You’re not alone.
As companies move from descriptive analytics to prescriptive analytics, finding tools and solutions that answer the question, “what do I do now?” is paramount.
Zero to One: Clickstream Edition
What if, instead of looking at individual user sessions or aggregated user data you’ve compiled from the past 30 days to try to glean insight into user behavior and get inside their head – what if you had a solution that did that for you – real-time – while that user was still engaged with your application? What if you had a solution that analyzed a new type of data, the digital body language exhibited by your applicants, and used advanced machine learning to instantly and accurately predict their motives and intent? And what if your digital experience was capable of ingesting these insights and intuitively reacting to each individual user that came through your application? We call these SmartApps and not only are they possible, they exist.
ForMotiv has developed a Behavioral Data Science platform that does all the above and more.
We’re leading the way into a better digital future by providing an entirely new behavioral dataset centered around Intuitive Behavior that gives unprecedented insight into not only how users are behaving on a form, but what their intent is. With features like Hesitation, Cognitive Load, Familiarity, Error Rate, and Sequence, ForMotiv captures unique behavioral data that tells a story about the end-users intent.
Are they thinking about an answer or confused? Are they overly familiar with the application and potentially high-risk? Are they correcting high-impact premium change questions after receiving a quote? ForMotiv not only captures the dataset but provides intuitive behavioral explanations for why a user is behaving a certain way and feeds them to our customers, real-time, to react, nudge, or intervene based on individual user intent.
The solutions we mentioned above are great at what they’re great at – but predicting intent? That’s our game. We’ve developed a Capture mechanism that collects 10x more behavioral features, most of which are unavailable from any other solution on the market. This results in 10,000s of behavioral micro-expressions per application – all right at your fingertips. This data can be consumed on-demand (either offline or real-time) via API and can be combined with internal datasets and models to enhance predictive power across a variety of use cases.
Oh, and that’s just our Data Capture product…wait until you hear about their other products…
Example Use Cases for Insurers
Insurance companies can benefit from Behavioral Data Science across the enterprise – here are a few examples:
Improve Risk & Fraud Models
Is a user showing signs of fraudulent behavior while they fill out an online application? Maybe they’re frequently changing answers to high-impact questions like tobacco or medical history, checking quotes and then editing high-impact premium questions, or exhibiting too much Familiarity with the application. ForMotiv catches this and triages malicious applications.
Identify Bots
Bots behave, well — like robots. They use a specific combination of Keystroke, Sequence, Paste, and other Features to fill out applicantions. ForMotiv catches this and triages it real-time.
Improve Lead Scoring to Boost Conversions
Not all applications are created equal – some are serious buyers, others are not! Wouldn’t you rather focus your marketing and agent resources on high-intent shoppers that convert into high lifetime value loyalists? ForMotiv helps agents and marketers prioritize high-intent users vs. window shoppers with Intent Scoring.
Agent Optimization
ForMotiv Insights allow carriers to drill down on agent and agency metrics in ways that in-person supervisors can’t do. Insurers can benchmark agents by loss ratio, closed business, productivity, and behavioral metrics. This also aids in insurance agent fraud as well.
And a few example of how carriers are leveraging our SmartApps to drive the next-best-action:
- Live chat boxes that would start conversations when users show signs of confusion or frustration
- Prevented auto-fill if a bot is detected
- Flag applicants in real-time if they’re displaying risky behavior and triage for manual review
- Straight-through underwriting for high-quality intent users
- Intuitive nudging to move users through a website
- Engaging pop-ups to keep a user on the page longer
The list goes on. Want to see how? Insurers are relying on first-party intent data companies like ForMotiv to enable intuitive digital experiences that react, nudge, and intervene based on user intent, in real-time. Schedule a call to see what ForMotiv’s technology would look like in your company.
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