► Life and Health Insurances Online - NZ Reach

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Information about ► Life and Health Insurances Online - NZ Reach
Marketing

Published on May 16, 2014

Author: firstnz

Source: slideshare.net

Description

► Which New Zealand Life and Health Insurance providers are maximising their market share online?

Find out which life and health insurance providers are taking the lead in organic search and how they’re doing it.

FIRST has investigated the organic search engine rankings for NZ consumer searches focused on life and health insurances, utilising FIRST’s Ranking Based Reach (RBR) analysis framework. In addition, a consumer survey was carried out to discover what is most important for Kiwis wishing to apply for an insurance.


► In this report we discovered:

According to Standard & Poor’s the insurance market has room to grow due to population growth and the low rate of New Zealanders having a life insurance.* Therefore insurance providers should not miss out, but optimise their online visibility.

Search results are broadly dispersed among a wide range of competitors, even more in mobile. In this competitive life and health insurance market, retailers are missing out optimising on the most cost effective marketing channel: Search.

Currently Life Direct stands out in the search landscape followed by AA and Pinnacle Life capturing big proportion of the voice thanks to prominent organic presence.

In our survey we revealed that 1 out of 3 Kiwis do not have any coverage due to high costs or would not qualify for insurance as they had health issues or wouldn’t need life insurance as they didn’t have any dependents.

A considered digital strategy that integrates both organic and paid search should be a key customer acquisition and revenue driver for life and health insurance providers.


Popular search phrases are missing from quite a few sites and in most cases very little is being done with organic search.

FIRST uses its bespoke metric called RBR (Ranking Based Reach) to estimate how well each company is ranking in search engines. RBR provides a simple way to compare a website’s search engine rankings with its competitors. RBR is an estimate of the percentage of available search traffic a website will receive for a set of phrases – this gives the sites share of search or reach. It is weighted based on the popularity of each search phrase and the relative click through rate (CTR) of each ranking position.

Which websites are maximising their market share? Searching for Life Insurances Online

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 2 Calculating share of search • Rankings Based Reach (RBR)* provides a simple way to compare a website’s search engine rankings with its competitors. • RBR is an estimate of the percentage of available search traffic a website will receive for a set of phrases – this gives the sites share of search or reach. • It is weighted based on the popularity of each search phrase and the relative click through rate (CTR) of each ranking position. Source: Rankings Based Reach (RBR) is a methodology developed by First, http://www.firstdigital.co.nz

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 3 Selected sites Leading New Zealand life and health insurance sites were selected for Ranking Based Reach (RBR) performance analysis. Sites aa.co.nz bnz.co.nz pinnaclelife.co.nz kiwicover.co.nz cigna.co.nz mas.co.nz state.co.nz platinumlifeinsurance.co.nz kiwibank.co.nz fmg.co.nz mylifeplus.co.nz anz.co.nz aia.co.nz partnerslife.co.nz insuranceadvice.co.nz asb.co.nz lifedirect.co.nz asteron.co.nz sovereign.co.nz nib.co.nz nzlife.co.nz amp.co.nz fidelitylife.co.nz accuro.co.nz westpac.co.nz onepath.co.nz

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 4 What are people searching for? Source: Google Keyword Tool, New Zealand exact match, May 2014 In order to investigate which websites are leading in search we researched frequently used life and health insurance - related phrases. Search Phrase Local searches per month Search Phrase Local searches per month life insurance 2400 compare health insurance 30 health insurance 1600 health insurance comparison 20 life insurance comparison 390 life insurance companies 20 life insurance quotes 320 international health insurance 20 life insurance calculator 170 health insurance companies 20 health insurance new zealand 140 cheap life insurance 20 life insurance online 90 life insurance payout 10 health insurance quotes 90 do i need life insurance 10 partners life insurance 90 life insurance quotes online 10 compare life insurance 50 life insurance for seniors 10 private health insurance 40 life insurance rates 10 lifetime insurance 30 health and life insurance 10 what is life insurance 30 Total searches per month 5,630 Total searches per year 67,560

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 5 Google: Search engine results page 1 What the consumer sees: The top of the Google search results page for a search on “life insurance” Kiwicover and Life Direct are also very present within the paid search ranking on fourth and fifth position. In total there are ranking 11 companies in the paid search. That represents the maximum amount for the 1 Page. This market is highly competitive. Up to 3 keyword-related Google ads lead the Google ranking: Pinnacle Life, Sovereign and Cigna are ranking under the top 3 positions for the paid search term “life insurance”. Under the organic search results a large variety of the analysed companies rank on Google’s first page starting with Life Direct, followed by AA, Pinnacle Life and Cigna for the search term “life insurance”.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 6 0% 5% 10% 15% 20% 25% 30% 35% 40% 1 2 3 4 5 6 7 8 9 10 11 12 paid organic Source: Chikita, 2010 (Organic Search) & Accuracast 2009 (Paid Search) 35% of users click on the top organic search result Almost 95% of organic traffic goes to the top 10 results The importance of top rankings Search engine position Proportionofclicks

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 7 0% 10% 20% 30% 40% 50% 60% 70% RankingsBasedReach Rankings Based Reach: Natural Search Source of ranking data: Google New Zealand, www.google.co.nz, May 2014.* includes all websites under the relevant domain name (eg, including www.) MASSIVE OPPORTUNITY As the RBR of these companies is 2% or less, there is still a lot of room for improvement. The RBR leader is “Life Direct” which reaches a fantastic RBR of 62%. The closest followers are “AA” and “Pinnacle Life”. Most banks rank in the middle field. There are quite a few companies “present“ within search, although the overall RBR for half of all companies is below 5%. These companies are missing opportunities for potential sales.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 8 0% 10% 20% 30% 40% 50% 60% 70% RankingsBasedReach Rankings Based Reach: Natural Search (Mobile) Source of ranking data: Google New Zealand, www.google.co.nz, May 2014. * includes all websites under the relevant domain name (eg, including www.) MASSIVE OPPORTUNITY These websites can compete by optimising for mobile searches. Life Direct also maintains it’s leading RBR position in mobile search. Sovereign falls back from a 12% RBR score to 4% in mobile search and will need some improvement. In mobile search, it is more important than ever to rank on the first page. Smart phones are critical shopping tools with 74% of NZ users having researched a product or service on their mobile device*. *Source: Scary eCommerce Statistics , www.ecommerce.org.nz May 2014.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 9 Search trends: Smaller and bigger players Source: Relative total keyword performance on a normalised scale 1 to 100, Google Trends, New Zealand, May 2014 The chart illustrates that bigger players such as AMP and Sovereign show higher brand search volumes, compared to the “smaller “ players Life Direct, FMG and OnePath. To combat being left behind, runner-up companies need to drive consumer brand recognition via search, display, social and email campaigns.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 10 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% Equally important Health insurance Life insurance Are not important Consumer Research: Importance of insurances This representative survey was carried out by 3Di Research on the Great Sites platform May 2014 (n=1,915). Question 1: Which insurance type would you consider as being most important? More than 35% of Kiwis mentioned that health such as life insurance are equally important. Surprisingly, nearly 1 out of 10 respondents considered life and health insurances as not being important.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 11 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% Neither Life and health insurance Life insurance Health insurance Consumer Research: Kiwis and their insurances Question 2: Do you currently have a life or health insurance? This representative survey was carried out by 3Di Research on the Great Sites platform May 2014 (n=1,915). The results of the study show that more Kiwis have a life than a health insurance. A bit more than 6 out of 10 New Zealanders have a life or health insurance or even both, consequently 4 out of 10 do not have any health or life insurance at all.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 12 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% Directly go to the website of a known insurance provider Search for insurance information on Google Seek recommendations from friends or family Visit the physical branch of a known insurance provider My employer Visit other financial websites (such as interest.co.nz) Consumer Research: Where do people search? Question 3: Typically, where is the first place you go to find information about a life or health insurance? This representative survey was carried out by 3Di Research on the Great Sites platform May 2014 (n=1,134). Most Kiwis search for insurance information on the website of a known provider, but also a large proportion go to Google’s search engine. Ranking at a good position for insurance related phrases in the search engine can be very beneficial and increase sales.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 13 3.50 3.70 3.90 4.10 4.30 4.50 4.70 4.90 Reputation and credibility Range of cover options Responsiveness of agent Professional advice Easy termination Consumer Research: Most important when considering an insurance Question 4: What is most important to you when considering an insurance? (rank the following on a scale of 1-5, 1 being least important, 5 of great importance) This representative survey was carried out by 3Di Research on the Great Sites platform May 2014 (n=1,134). Reputation and credibility play the most important role for Kiwis when considering an insurance. Interestingly, termination options play the least important role when considering an insurance.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 14 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% Would like to have coverage but it is too expensive Have other, more important financial priorities No dependents Lost my coverage when left job Don’t trust life insurance providers Too young Buying process too difficult Don’t understand the benefits of life insurance Other (please specify) Consumer Research: Main reasons for not having an insurance Question 5: Why don’t you have a life or health insurance? This representative survey was carried out by 3Di Research on the Great Sites platform May 2014 (n=709). 1 out of 3 Kiwis would like to have coverage, but can’t afford it and more than one quarter of respondents mentioned that they have more important financial priorities. The vast majority of people in the “other” section mentioned that they would not have a health or life insurance because they couldn’t afford it, are too old or did not qualify due to health issues.

• According to Standard & Poor’s the insurance market has room to grow due to population growth and the low rate of New Zealanders having a life insurance.* Therefore insurance providers should not miss out, but optimise their online visibility. • Search results are broadly dispersed among a wide range of competitors, even more in mobile. In this competitive life and health insurance market, retailers are missing out optimising on the most cost effective marketing channel: Search. • Currently Life Direct stands out in the search landscape followed by AA and Pinnacle Life capturing big proportion of the voice thanks to prominent organic presence. • In our survey we revealed that 1 out of 3 Kiwis do not have any coverage due to high costs or would not qualify for insurance as they had health issues or wouldn’t need life insurance as they didn’t have any dependents. • A considered digital strategy that integrates both organic and paid search should be a key customer acquisition and revenue driver for life and health insurance providers. Summary & Observations * Source: Life insurance sector profitability highlighted, http://www.stuff.co.nz , May 2014 Life and health Insurances

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 16 About FIRST. Respected digital veterans are the foundation our agency is built upon: each team holds a core capability that feeds into a business’ digital requirements. Our expertise in digital has been built on over 14 years’ experience in digital strategy, analytics, conversion, search marketing and digital campaigns. FIRST, our award-winning team of internet marketers, has helped over 300 companies across 100 industries achieve digital success. We provide companies with a digital roadmap to success centered around a “digitally led” sales and marketing strategy. Our services span search (SEO and SEM), email, performance media, conversion optimisation and advanced analytics. Most importantly, our work is underpinned by a focus on delivering the return on investment our clients expect.

Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz 17 Contact us Contact FIRST to find out more. Phone +64 (9) 920 1740 Email info@firstdigital.co.nz Web http://www.firstdigital.co.nz http://www.linkedin.com/company/first-digital http://www.firstdigital.co.nz/blog Copyright © FIRST., part of the BeyondD Pty Ltd Group. http://www.firstdigital.co.nz Our Vision To be highly sought after for making a measurable difference Our Mission We’re a team focused on transforming businesses and creating market leaders through digital marketing. We innovate, test and optimise to create a competitive advantage to dominate the digital channel. Our data-driven approach will keep things simple and make a measurable difference. Our Focus As a Google Certified Analytics Partner (GACP), we focus on smart customer acquisition using search and performance media, maximising conversion using best practice CRO and helping NZ businesses making the best possible decisions based on accurate, actionable web analytics. https://twitter.com/first_nz

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