Drivers of insurance cover selection

The Context

Working at Simply Business, a price comparison website for microbusinesses to buy business insurance. The team wanted to better understand what makes a person choose one of the optional insurance covers.

The Research Question

What makes a customer choose an optional insurance cover? What makes it feel important? Is it to do with risk perception, the likelihood or severity of an event?

The Method

An experimental survey, created in Qualtrics. Inferential statistics were used to determine the perceptual drivers of cover selection.

The participants

Sole traders and small business owners who had purchased business insurance in the past year.

The Findings

The strongest driver of cover selection was severity, which was more important than likelihood.

The Result

I conducted further research on language and messaging to convey incident severity.