Whether new to the market or looking to switch providers, buyers have a list of five demands they constantly review when purchasing health insurance, according to research from NewsMediaWorks.
These core needs are:
Buyers use a wide range of media to help find the right insurance plan, according to the research conducted by ResearchNow, on behalf of the industry body.
News Media plays an important role in providing information relating to all five buyer needs. TV also performed strongly across the spread of these demands.
The research finds Paid Search plays a small role in an average buyer’s search compared with the use of Organic Search, which dominates initial information gathering efforts. Social media, too, has little impact compared with News Media and TV.
These findings are consistent across the four stages of an average buyer’s purchasing approach, which is segmented as:
The greatest sources of information on the core needs of a prospective buyer are News Media (print and digital) and TV. However, the influence of these traditional channels fluctuates depending on the buying stage.
Late in the sales cycle, significant influence is wielded by Health Fund Websites and Organic Search. These play a bigger role in determining choice than Comparison Websites.
The survey focuses on a 606-strong sample of buyers, all of whom were in one of the four stages of purchasing a policy.
The results, therefore, are not based on recollection but real-time feedback on each respondents’ specific emotions and considerations in their respective stage of the buying cycle.