If your company vision is to be Britain’s best loved insurer, what can you do to help reach the goal?
If you’re LV=, you start your mission by taking the time to make sure your customers’ voices are heard. It might seem obvious, but in a digitally infant financial services sector, LV=’s innovative approach has won it the trust of its customers – and some great results.
Recognising that online consumer opinions are the third most trusted form of advertising, ahead of all paid media advertising* LV= decided that adding independent customer reviews to its website would show a confidence in its products and transparency in its business.
Opening itself up to unedited customer comments was a bold move in an industry low on trust, so to help make this leap LV= engaged with Feefo, a well-known provider of online feedback already established in a wide range of industries.
As well as boosting customer trust and confidence during the online purchase journey, LV= saw it could also increase search engine ranking by embedding a flow of keyword-rich user generated content. Customer reviews would also give LV= the ability to maximise the benefits of Google’s star rating functionality and enhance its paid and natural search engine listings
An A/B test of emails saw increase in click through to quote from 53% to 67% with the inclusion of Feefo reviews, and increase in conversion from 5.8% to 7.1%.
A test for Home insurance with the Feefo badging had 28% more conversions than an identical page without it, while a car insurance page with Feefo badging had 1.2% more conversions than a page without it. In addition to these results, the wider brand perception LV= has benefited from is immeasurable – the public now perceives the company as open, honest and caring about its customers.
Nigel Saxon
Senior Digital Engagement Manager, LV=
LV= recognises that every review gives direct feedback on what the company offers. Accordingly, it analyses and shares actionable insight from the feedback to improve the customer journey. LV= has already led a change in the reduction of requirement for additional customer documentation (a commonly highlighted irritant). As part of the review process, LV= sees all reviews which score under 5 out of 10 and takes the opportunity to offer support or advice.
Since launching, LV= has found that displaying independent customer reviews is not only cost-effective, its wider brand-enhancing impact is far-reaching and has given the company confidence to collect and share more reviews about its other products. LV+ has: