Valassis Data Highlights What Today’s Insurance Customers Seek

Published Wednesday, Jan 23, 2019



66 Percent Feel More Loyal to Providers Offering Catered Discounts

LIVONIA, Mich., Jan. 23, 2019: Valassis, a leader in activating consumers through intelligent media delivery, today provides new insights for insurance companies looking to build brand loyalty with existing customers and acquire new ones. Despite automotive and homeowners insurance reaching record highs in customer satisfaction last year, Valassis’ newest Dynamic Shopper research found that about 15 percent of respondents are currently in-market for home, auto and life insurance. With this in mind, insurance providers can capitalize on these potential “switchers” by understanding what they value in an agency and coverage plan.   

Based on data from more than 1,700 respondents, Valassis found approximately 30 percent of auto and homeowner insurance holders haven’t reviewed their policies in many years, and 32 percent typically review or reconsider their plans annually. Additionally, about 10 percent indicated they are prompted to reconsider their personal insurance needs by an interesting ad (and this number is even higher among parents and millennial parents). One of the biggest barriers to switching is the perception that it will be difficult to do so. Valassis found that 25 percent of customers remain with an insurance company they aren’t happy with because it seems too complicated to switch (this number rises to 41 percent among parents and 36 percent for millennials). Still, insurance providers have a viable opportunity to entice these consumers to switch by making the process seamless and convenient.

When selecting an insurance provider, customers look for the lowest price (56 percent); fast and easy claim settlement (49 percent); relevant service offerings (49 percent); and protection of personal data (47 percent). For those who changed providers within the last year, it was a relatively quick decision – while 91 percent researched their choice before switching, 45 percent spent a week or less doing so.

Insurance carriers that can make the transition to a new provider effortless while also offering wallet-friendly, personalized deals, can entice on-the-fence consumers to switch,” said Curtis Tingle, Chief Marketing Officer, Valassis.“ Ease, savings and timeliness are key. Insurance carriers must know when consumers are in-market – and deliver relevant communications to influence their decision.”

To attract as well as retain customers, insurance providers should keep the following additional data points in mind:

  • When researching personal insurance coverage options, consumers find the following most valuable:
    • Family and friends (40 percent);
    • Online articles and reviews (38 percent);
    • Mail (21 percent);
    • Online advertisements (20 percent); and
    • Television ads (20 percent).
  • A cross-channel media and personalization strategy is key for today’s insurance providers:
    • 66 percent of consumers feel more loyal to companies that reward with personalized discounts and offers.
      • However, these personalization efforts should not be invasive, with RetailMeNot recently identifying which types of information today’s consumers are and are not willing to share.
    • 63 percent like to receive insurance information in print to review and save.
    • 32 percent need to see multiple ad messages in both print and digital media to consider switching insurance providers.

For more information, check out the Dynamic Shopper Insurance Infographic.

About the Study
The Valassis Awareness-to-Activation Study is an ongoing study fielded in conjunction with The NPD Group, Inc., a global market research company. The sample was derived via an online survey, and all participants were at least 18 years of age and living in the contiguous United States. Approximately 10,000 respondents are surveyed annually. The specific data included in this report is from the research wave fielded July 27, 2018 to September 28, 2018 to more than 1,700 respondents and is balanced by age and gender to U.S. Census demographic profiles.

About Valassis
Valassis helps thousands of local and national brands tap the potential of industry-leading data through intelligent media delivery – understanding, engaging and inspiring millions of consumers to action with smarter cross-channel campaigns. We’ve been a part of consumers’ lives for decades, introducing new ways to deliver offers and messages that activate them — whether via mail, digital, in-store or the newspaper. NCH Marketing Services, Inc. and Clipper Magazine are Valassis subsidiaries, and RetailMeNot Everyday™ is its consumer brand. Its signature Have You Seen Me?® program delivers hope to missing children and their familiesValassis and RetailMeNot are wholly owned subsidiaries of Harland Clarke Holdings.

Media Contact
Mary Broaddus
Valassis        
broaddusm@valassis.com
734-591-7375