Top Facts Home and Auto Insurance Marketers Need to Know

Coronavirus has impacted industries across the board, and the home and auto insurance industry is no exception. As consumers respond to Coronavirus, they are taking stock of their finances and budgeting, opening opportunities for home and auto insurance to gain new customers interested in finding a better match for their needs and budgets. Read on to learn more about trends and marketing opportunities and download our infographic to help inform your marketing strategy.

Consumers are Looking to Make the Insurance Switch

Historically auto and homeowner insurance holders are more likely to review their policy annually, but as consumers are responding to COVID-19, they have changed their outlook on budgeting and spending. Based on April survey results:

  • 7% will try to stick to a budget
  • 1% want to save more of what they earn
  • 4% will be considering each purchase more carefully

As a result, many are considering switching providers if there is a better option available. As they think about budgeting and saving more, it’s worth noting that 74% of potential home insurance switchers responded to an ad or coupon in the mailbox in the last 12 months, and 69.2% of potential auto insurance switchers responded. Additionally, about 10% indicated that they are prompted to reconsider their personal insurance needs by an interesting ad.

What Consumers Are Looking For

Based on survey research, 27% of consumers in Mspark’s coverage area are planning to buy or switch auto insurance in the next 12 months and 16% plan to buy or switch homeowners insurance. As many evaluate their current provider or research new providers, they are looking for the best bang for their buck but there are other considerations that they value. When selecting an insurance provider, consumers look for:

  • The lowest price (56%)
  • Fast and easy claim settlement (49%)
  • Relevant service offerings (49%)

Many are making decisions to switch quickly, with 45% spending a week or less making a decision on a new provider, but 91% are also doing their research to make an informed decision.

Make Shared Mail a Key Component in Your Marketing Strategy

Reaching consumers as they are thinking about budgets and spending is key to gaining new home and auto insurance customers and reaching them through the mailbox helps make sure they get the message and know the value you can offer. In fact, 69% of auto insurance customers responded to an ad in the mailbox in the last year, 28% more than the average U.S. adult; 43% responded to an ad in the mailbox in the last month, 37% more than average.

Advertisers can achieve 39% lift in consumer awareness when print is integrated with digital campaigns vs. single media campaigns. And they get 30% lift in response when print is paired with digital media.

Along with proven response, Mspark’s targeting capabilities will allow you to target based on many relevant factors, bringing you greater ROI for your advertising campaigns. Our targeted mass media solutions reach over 116 million households through direct mail, and 82% of our audience opens and reads their mail at the first opportunity. Additionally, 37% of consumers are more exciting now for mail deliveries than they were before the pandemic, while 30% reported they’re spending more time reading the mail now than pre-coronavirus.

For more insight to help you create a marketing plan to drive success, download our infographic here. If you have any ideas or want to discuss your options for integrating direct mail into your marketing strategy, reach out to us anytime. We are always happy to share our knowledge with you to help make your next campaign a huge success.

DOWNLOAD INFOGRAPHICSources: Forbes, Insurance Business Magazine, Admall, Prosper, AudienceSCAN