Rocket Fuel, a company offering artificial intelligence advertising applications for digital marketers, has released a report that shows 10 percent of consumers will change insurance providers in the next six months, with price being the most likely factor (49 percent) in the decision to change providers, followed by reputation (17 percent).
The study surveyed 1,026 consumers in May on top-of-mind awareness for insurance providers in the auto, homeowners’ and life insurance sectors, as well as general attitudinal questions about insurance. Top-of-mind awareness is correlated with market share for both auto insurance (0.83) and homeowner’s insurance (0.87).In the auto insurance sector, GEICO (21 percent), State Farm (19 percent) and Allstate (16 percent) lead top-of-mind awareness.Cross-channel ad spend was a predictor of top-of-mind awareness for auto and life insurance providers.
See also: The New Data-Driven Insurer
The report shows that consumers are more likely to sign up for new insurance or request a quote on Thursdays and in the evenings between 6 p.m. and 9 p.m. They are most likely to convert within eight hours of exposure to an ad. Nearly half (44 percent) of consumers only look at a single quote before making a purchase.
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 Rocket Fuel.
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