Report: The Future of Insurance


5 Trends To Better Understand Insurance Consumers

The following is an excerpt from 5 Trends To Better Understand Insurance Consumers published in Insurance News Net. Click to read the full article. 

Overall, we see the current state of insurance online shopping activity remains strong and has trended higher than normal (for this time of year) across every line of business. Providers have reacted quickly and are still aiming to achieve or surpass their 2020 growth plans and, in most cases, leaning into the performance marketing ecosystem to capture more mid-funnel prospects to fill excess capacity.

We’ve seen the following trends:

  • Auto insurance activity has increased substantially: more than 2 million additional consumers from Q4. This growth is driven largely by the preferred and standard risk segments while the non-standard auto consumer has largely been sitting this one out.
  • With mortgage rates at historic lows and a sharp increase in demand from carriers and agents, home insurance activity surged in March and the pace continued into Q2.
  • Life insurance shopping activity is not only strong, but it’s also high-intent activity according to our life insurance clients.
  • Health insurance shopping activity in late Q1 and early Q2 has risen substantially. Typically, we do not see health insurance shopping activity higher this time of year compared to the open enrollment period, but we are.
  • With an increased reliance on digital tools to work remotely and stay connected, brands have a renewed focus on privacy and compliance.

Access the full article. 

Stay connected on the latest from Verisk Marketing Solutions