Navigating the Last Mile: Insurance
September 18, 2014 | Contributed by: Wesley Young
As the ever-growing, dynamic insurance market continues to be one of the most popular categories in local search, we set out to understand the marketing challenges that the industry faces. The resulting white paper, Navigating the Last Mile: Insurance, released today, explores how consumers are interacting with local search insurance provider information and the ways that insurance providers can reach and engage their consumers more effectively.
Consumers want and expect to obtain business information wherever, whenever and however they choose, whether they are actively looking for an insurance provider, come across an insurance provider while doing something else or seeking out information about an insurance provider. According to TNS’s 2013 Intermedia Shopping Study, approximately 31% of U.S. adults – 73.8 million individuals – purchased insurance-related products within the past 12 months, making insurance one of the most popular categories. The number of adult actively buying these products has steadily increased between 2010 and 2013 and is expected to continue to grow.
For Insurance Providers, Opportunity Lies in Life Events
New life events and changes, such as becoming engaged, buying a new home, expecting a child or grandchild or moving to a new address, drive insurance purposes. To hone in on these life changes more effectively, insurance providers are increasing their investment in data and analytics in order to have a better, fuller picture of their target customers. Leveraging consumer profiles as well as a data and analytics plan can help inform targeting strategies and attract new customers.
Consumers prefer to learn about insurance-related products online, but to speak with an agent when making a purchase.
A May 2013 survey from CEB TowerGroup insurance found that while 38% of consumers prefer to shop for insurance-related products on the web, 63% prefer to speak with an agent, either in-person or on the phone, when making a purchase.
Understanding your consumers and their varying channel preferences when it comes to research and purchase is essential when developing a marketing strategy. LSA’s Local Media Tracking Study conducted by Burke (which I wrote about on the blog and for Search Engine Land in August), boomer adults’ average purchase amount of insurance products is nearly double what young adults aged 18-34 spend. A multichannel marketing strategy can help to reach a broader audience or may help to target a smaller, niche audience if marketing choices are limited.
To learn more about the dynamic insurance market and how consumers are actively seeking, discovering and considering insurance-related products in the last mile, download “Navigating the Last Mile: Insurance” at http://bit.ly/1uHCRSs.