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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 purchase insurance.
Analysed life and health insurance websites include:
* aa.co.nz
* aia.co.nz
* ami.co.nz
* asb.co.nz
* cigna.co.nz
* kiwibank.co.nz
* lifedirect.co.nz
* nib.co.nz
* pinnaclelife.co.nz
* sovereign.co.nz
* state.co.nz
In this Life and Health Insurance Industry Report we discovered:
- In our survey, it was revealed that more than 35% of Kiwis perceive life and health insurance as equally important. Additionally, majority of the respondents search for insurance information directly from the website of the provider and from Google search engine.
- “New Zealand’s life insurance sector has gained a “low risk” AA rating from global ratings provider Standard & Poor’s, which has highlighted the industry’s profitability. Standard and Poor’s said the [New Zealand] market had room to grow because of population growth, the low rate of New Zealanders with life insurance policies and “post-catastrophe” risk awareness (Stuff.co.nz, 2014).”
- Due to low RBR scores of majority of the life and health insurance providers, search results are broadly dispersed among a wide range of competitors. In the competitive and margin-driven market, providers need to optimise the most cost effective marketing channel – search.
- Currently, AA and Life Direct stands out in the search landscape followed by Pinnacle Life and Nib capturing a big proportion of the demand thanks to prominent organic and paid search presence.
- Popular search phrases are missing from most sites and in most cases very little is being done with organic search. By improving their RBR score, they will be able to seize opportunities to boost online sales revenues.
- A considered search strategy that integrates both organic and paid search should be a key customer acquisition channel for life and health insurance providers, driving revenue and growing their share of digital spend.
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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.