The True Value of Customer Reviews When Purchasing Insurance

When buying insurance, buyers tend to immediately look at price. However, customer reviews can aid in making an educated buying decision based on reputation instead of the bottom dollar.

The True Value of Customer Reviews When Purchasing Insurance

In the digital age of computers and smartphones, it is common to expect a buyer to research any type of product or service before making a purchase.

The buyer will typically review anything he or she can about a company and its reputation. Many eCommerce websites specifically contact customers after purchasing a product or using a service to request the customer to leave a review of the item or service he or she purchased.

Therefore, it only makes sense that insurance reviews of verified consumers are a necessity in the insurance industry.

Customer Review Websites are the Norm of Online Shopping

In the past ten years, online shopping has taken over the way in which people shop for everything.

Whether a person is buying a car, new clothes, looking for a restaurant or a fun place to visit, or even purchasing insurance, this person is turning to the Internet to find the best deal and the company with the best reputation.

As a result, companies such as TripAdvisor and Yelp have garnered a large reputation in the Internet review community.

These companies allow people who have visited a location or an establishment to leave a review for that visit. These companies screen the reviews heavily to ensure they are legitimate customers.

They check IP addresses, handles, and frequency of posts to help prevent false reviews from populating the website.

Clearsurance noticed this trend and developed the first website to offer customer reviews to potential customers so they can easily compare the best car insurance, best home insurance, and the best renters insurance.

People are able to visit Clearsurance and find reviews of more than 500 companies.

Since its inception, Clearsurance has become the trusted source for online insurance company reviews and has over 125,000 customer reviews, which all been reviewed by Clearsurance’s compliance team.

Third-Party Customer Reviews Create Trust

People are generally skeptical of reviews gathered and published by the company that’s being reviewed. What company is going to collect reviews from unhappy customers and willing publish them on their own site?

Consumers do however want validation from their peers that the company they’re going to be dealing with has a good reputation. This is why third-party review platforms have become prevalent across different industries.

In the insurance industry, for example, how are consumers expected to trust an insurance company that they’ve never had a claim or experience with?

That’s where insurance reviews can help alleviate or validate concern. By reading reviews of other consumers who have had experiences, consumers can know before even purchasing a policy whether a company has a strong rating from consumers.

Customer Reviews Help in Buying Decisions

As an insurance shopper, there are hundreds of options to choose from. In the past, consumers traditionally had little control or knowledge to base their decision on.

They often turned to agents, who only sell for select companies. But as more companies have started selling direct and online aggregators allow consumers to compare multiple quotes in minutes, the buying process has evolved.

Clearsurance is now arming consumers with the knowledge and resources to make smarter insurance decisions. Before making a decision, consumers can see how companies are rated and read reviews to learn from the experiences of other policyholders. This also allows consumers to make decisions that aren’t solely based on price.

For instance, company A and company B may offer quotes that are similar in cost. However, the reviews and ratings for company A may indicate the company has poor customer service and policyholders have had bad claims experiences.

Company B, meanwhile, may cost slightly more but reviews and ratings indicate it’s among the best the industry. Instead of buying from the cheap company with a bad reputation and potentially having a poor experience in the event of a claim, the insurance shopper can make a more educated buying decision and have peace of mind.

Customer reviews are a valuable tool to help you as a consumer get to know the pros and cons of a company. To see how your insurance company is rated, visit clearsurance.com.

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Cheryl Zhao
Cheryl Zhao

Cheryl Zhao, a financial expert, has been a part of our team for five years. After earning her MBA from MIT Sloan School of Management, she worked as a real estate broker before turning to blogging. Cheryl’s extensive knowledge of the housing market and trends, coupled with her passion for financial literacy, makes her blog posts an essential read for anyone considering becoming financially independent.

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