Welcome!

News Feed Item

Digital Display Advertising Nine Times More Effective Than TV for Auto Insurance Brands, According to Rocket Fuel Study

Cross-Channel Ad Spend More Effective Than TV Alone

REDWOOD CITY, CA -- (Marketwired) -- 08/20/14 -- Insurance companies face a bumpy road ahead when it comes to retaining customers and staying top-of-mind for consumers. According to a study released today by Rocket Fuel (NASDAQ: FUEL), a leading provider of artificial intelligence (AI) advertising solutions for digital marketers, 10 percent of consumers will change providers in the next six months, and companies that spent their advertising dollars on display advertising won top-of-mind brand awareness among consumers.

Rocket Fuel's "Insurance Top-of-Mind Awareness" study surveyed 1,026 consumers about insurers in the auto, life, and homeowner's insurance sectors. Key findings from the study include:

Top-of-Mind Awareness Forecasts Shifts in Market Share

  • Top-of-mind awareness is highly correlated with market share for both auto insurance (0.83) and homeowner's insurance (0.87), and modeling either as a function of ad spend yielded the same feature set.
  • In the auto insurance sector, GEICO (21%), State Farm (19%) and Allstate (16%) lead top-of-mind awareness.
  • Cross-channel ad spend was a key predictor of top-of-mind awareness for auto and life insurance providers, with digital display ad spend being nine times more effective at driving top-of-mind awareness than TV.
  • Nearly half (44%) of consumers only look at a single quote before making a purchase.

Digital Advertising Fuels Increases in Brand Awareness

  • Display advertising was the strongest positive feature in driving top-of-mind awareness for auto and life insurance providers, particularly against overcrowded TV channels.
  • For every $1 million an auto insurer spent on digital or display advertising, the brand was likely to see the biggest lift in top-of-mind awareness compared to the same spend in TV, print, search or radio. This difference is in part due to the oversaturation of TV advertising at the broadcast, cable, and local levels by auto insurance providers.

Shifting Market Share

  • 1 in 10 consumers are likely to change providers in the next six months, with price being the most likely factor (49%) in the decision to change providers, followed by reputation (17%). For consumers that begin their journey online, they are most likely to complete it online as well.
  • Consumers are more likely to sign up for new insurance or request a quote on Thursdays and in the evenings between 6 and 9 p.m. and are most likely to convert within eight hours of exposure to an ad.
  • Insurance advertisers can shift top-of-mind awareness by reigning in spending to competitive levels on traditional channels and increasing spend on newer and underserved channels, such as display, mobile, and video.

"Consumers are bombarded with a deluge of options when it comes to choosing an insurance provider -- and this competitive climate shows that top-of-mind awareness is key for insurers to win over the customer," said Robert Jones, Research Director at Rocket Fuel. "Due to the oversaturation of TV advertising, auto and life insurers can generate better ROI from their marketing programs by shifting budget from TV channels into digital, particularly digital display, which is currently under-utilized by most providers."

Key Digital Creative Attributes For Increased Performance

To get the best value from online display advertising, Rocket Fuel found five key attributes for increased performance of insurance marketing programs:

Animating ads does not improve conversion rates: While insurance ads see a 64 percent boost in click-through rates as a result of animation, it provides no discernible improvement in conversion rates.
Blue and red backgrounds perform best: Insurance ads with red or blue backgrounds tend to have conversion rates 20 percent higher than the average, while also producing better click-through rate performance.
Human faces improve conversion rates: Insurance ads featuring a person or human face generate conversion rates more than 177 percent higher than those without a human or face.
"Apply now" is the most effective call to action: Among calls to action, "apply now" had the highest conversion rates, outperforming "get a quote" by 80 percent.
Price-focused messaging doesn't matter: Insurance ads without pricing information perform as well as those that include it, possibly due to oversaturation of price-focused messaging in insurance ads already.

For more information and to review the full report, please visit http://rocketfuel.com/blog/insurance-top-of-mind-awareness-q2-2014.

Join Rocket Fuel on August 21, 2014 at 11 a.m. PDT for new webinar, http://info.rocketfuel.com/InsuranceBrandAwarnessWebinar.html. The webinar will also be available on-demand as of August 22, 2014.

Methodology

The study surveyed 1,026 consumers in May 2014 on top-of-mind awareness for insurance providers in the auto, homeowner's and life insurance sectors, as well as general attitudinal questions about insurance. Study awareness results were compared to market-share data from the National Association of Insurance Commissioners for auto, homeowner's and life insurance from 2012 and 2013 and channel-spend data for each brand from Kantar. Using this data, Rocket Fuel modeled awareness as a function of ad spend for each brand to determine how accurately spend in various channels could predict top-of-mind awareness and which channels produced the most efficient results.

About Rocket Fuel
Rocket Fuel delivers a leading programmatic media-buying platform at Big Data scale that harnesses the power of artificial intelligence (AI) to improve marketing ROI in digital media across web, mobile, video, and social channels. Rocket Fuel powers digital advertising and marketing programs globally for customers in North America, Europe, and Japan. Customers trust Rocket Fuel's Advertising That Learns® platform to achieve brand and direct-response objectives in diverse industries from luxury cars to financial services to retail. Rocket Fuel, a GSA approved vendor, currently operates in more than 20 offices worldwide and trades on the NASDAQ Global Select Market under the ticker symbol "FUEL." For more information, please visit http://www.rocketfuel.com or call 1-888-717-8873.

Media Contact:
Kenya Hayes
[email protected]
650-481-6178

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, described how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launching ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning 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 busin...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.