Welcome!

News Feed Item

Insurance Marketing Gets Tougher; Study Shows Best Opportunities

THETFORD CENTER, Vt., Dec. 4, 2012 /PRNewswire-iReach/ -- MarketingCharts has released a new study showing the many complex dynamics of personal lines insurance marketing across media. The 83-page review and cross-referencing of dozens of market and media studies reveals why carriers like GEICO are diving toward particular market segments, as the combination of trends makes certain groups, products, regions and other factors much more effective targets.

(Photo: http://photos.prnewswire.com/prnh/20121204/CG24252)

Direct-to-consumer insurance sales continue to box out agents and some insurance writers. The residual effect of this advertising is also playing a big role in developing brand impressions among carriers.

"Outsiders might get the misimpression that GEICO just came along and ate up market share on account of its flood of advertising dollars, but it's a lot more complex than that," said J.C. Lupis, principal author of the study and editor of the trade site MarketingCharts.com. "It turns out that most people are pretty happy with their insurance carriers. Some of the most opportune leads are among Millennials, who have not yet established those relationships. This is a long-term ground war with multi-billion dollar marketing investments that pay out over several years, however battles for segments and media happen quickly and decisively."

The study shows how potential switchers respond to various advertising media; the current competitive spend among those media, and the different strategies employed by major advertisers. Interestingly, some of the richest segments have not yet been targeted in all media.

Among the findings:

-       Word-of-mouth and the online equivalent (consumer reviews) play an increasing role in purchase decisions. Some carriers are responding well to new communication channels, such as Nationwide, which answers three out of four of its consumer questions on its Facebook page.

-       Younger customers are far more likely to go with a new carrier than their older counterparts. GEICO's reach for these switchers hasn't gone unchallenged, as State Farm and others have started to focus media weight and message to these Millennials.

-       Carriers have vastly different rates of efficiency when they spend money attracting site traffic online. Some are spending less than half the amount per referral versus their competition.

-       The effect of the consumer email is being further drowned out by the shouts of too many insurance marketing emails. Figures provided exclusively for the report showed an increase in emails sent of about 200 percent within a nine-month period, among a sample set of insurers.

-       Regionally, insurance leads differ a great deal in conversion likelihood. When combined with loss ratios, which also vary quite a bit by region, this creates an opportunity map showing hotspots like Connecticut, where leads are much more likely to close, and those accounts have traditionally seen below-average loss ratios.

The battle for independent agents is to prove their expertise, advocacy, and ability to drive savings at a time when consumers are being told that buying online equates to both convenience and price savings. Younger consumers are the most likely group to go online and buy direct. But, among customers who use agents, they're also the most likely to believe that agents can help them find a better price. This suggests that methods will play second fiddle to motives. The implications for messaging and media choices are quite large.

MarketingCharts.com is a daily trade publication for marketing professionals seeking hard data on industry trends. More information on the study can be found at https://reports.marketingcharts.com.

CONTACT: JC Lupis, (917) 353-6137, [email protected], Tig Tillinghast, (802) 785-4260, [email protected]

Media Contact: Tig Tillinghast MarketingCharts.com, 802 785 4260, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE MarketingCharts.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
@ThingsExpo has been named the ‘Top WebRTC Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @ThingsExpo ranked as the number one ‘WebRTC Influencer' followed by @DevOpsSummit at 55th.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...