A recent white paper from the Local Search Association (LSA), a trade organization of companies that is engaged in local advertising and marketing, reveals that even though consumers are going online to look for insurance products and other information, they still prefer to talk to a broker or agent when purchasing. An estimated 38 percent of consumers learn about insurance products online, but 63 percent prefer to speak with an agent in person or via phone.
“Navigating the Last Mile: Insurance,” the white paper, details that consumers are searching for local insurance providers and expect to obtain that business information “wherever, whenever and however they choose.” Approximately 31 percent of adults in the U.S. purchased insurance-related products within the past 12 months, according to the 2013 Intermedia Shopping Study from TNS cited on the white paper. The LSA study says that the number of adults actively buying these products has steadily increased between 2010 and 2013.
The paper also emphasizes that the biggest opportunity for the insurance industry is in focusing on consumers’ life events such as getting married, buying a home, expecting a child or grandchild, moving, etc. “Leveraging consumer profiles as well as a data and analytics plan can help inform targeting strategies and attract new customers,” the report recommends.
While boomers’ average purchase amount is nearly double that of adults ages 18 to 34, a multichannel marketing strategy can help you to reach a broader audience or target a specific niche, the study found.