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Insurance Marketing Online: Meeting Customer Expectations

Published by: eMarketer

Published: Aug. 1, 2007 - 19 Pages


Table of Contents


Executive Summary

US Online Advertising Spending by Financial Services and Insurance Companies, 2006-2011 (billions and % of total)

Issues & Questions

The eMarketer View

Key eMarketer Numbers - Insurance Marketing Online

Number of Interactions that US Insurance Customers Have with Insurers per Year, 2006 (% of respondents)

Insurance Advertising

US Advertising Spending, by Industry/Category, 2006 (millions and % change)

Online Ad Spending

US Online Advertising Spending by Financial Services and Insurance Companies, 2006-2011 (billions and % of total)

Advertising Spending by Leading US Insurance Companies, 2006 (thousands and % increase/decrease vs. prior year)

Online Display Advertising Spending by Leading US Insurance Companies, 2006 (thousands, % change and % of total)

The Media Mix

Share of Media among Top 25 US Insurance Advertisers*, 2004-2006 (% of total)

Advertising Spending by Leading US Insurance Companies, by Media, 2004-2006 (% change)

Top 10 Insurance Industy Search Terms among US Internet Users, June 2007 (% volume*)

US Online Advertising Spending, by Format, 2006-2011 (% of total and billions)

The Consumer Perspective

Attitudes

Industries that US Adults Believe Are Honest and Trustworthy*, 2003-2006 (% of respondents)

Reasons for Choosing an Auto Insurer according to US Internet Users*, March 2007 (% of respondents)

Top Two Factors Influencing Insurance Product Purchase Decisions according to Insurance Customers and Agents/Distributors in the US and Select Countries in Western Europe, 2006 (% of respondents*)

Top Two Reasons for Turnover* in the Insurance Industry according to Insurance Customers in the US and Select Countries in Western Europe, by Type of Insurance, 2006 (% of respondents)

US Insurance Customers' Criteria for Satisfaction with Their Insurance Providers, 2006 (% of respondents)

Behavior

Leading US Auto Insurance Companies, Ranked by Share of Premiums* Written, 2005 (% market share)

Leading US Auto Insurance Companies, Ranked by Share of Online Quotes Submitted, 2006 (% market share)

Insurance Customers in the US and Select Countries in Western Europe Who Prefer to Purchase Insurance Online, by Type of Insurance, 2006 (% of respondents)

Feature that Would Increase the Likelihood of Purchasing Auto Insurance Online according to US Internet Users, March 2007 (% of respondents)

Sources of Information about Companies or Products Used by US Adult Internet Users, by Industry, January 2007 (% of respondents)

Main Source of Information about Select Financial Decisions Used by US Adult Internet Users, January 2007 (% of respondents)

Types of Web Sites Used by US Adult Internet Users for Whom the Internet Is the Main Source of Information about Select Financial Decisions, January 2007 (% of respondents)

Types of Automobile Insurance Web Sites Visited by US Internet Users, Q4 2006 (% of total)

Top Online Insurance Sites among US Internet Users, Ranked by Unique Visitors, June 2006 & June 2007 (thousands and % change)

Online Customer Service

Average Monthly Online Applications* Submitted by US Consumers for Select Financial Services, June 2005-July 2006 (thousands and % start-to-submit conversion rate)

Primary Reason for Starting an Online Application among US Consumers Who Completed an Online Application, 2006 (% of respondents)

Primary Reason for Starting an Online Application among US Consumers Who Abandoned an Online Application, 2006 (% of respondents)

Level of Commitment to Delivering the Best Possible Online User Experience at Companies of Online Marketers in the US, the UK and Europe, by Industry, May 2007 (% of respondents in each group)

Preferred Customer Service Channel according to Insurance Customers in the US and Select Countries in Western Europe, 2006 (% of respondents)

Responses of Leading US Financial Service Companies to Online Customer Service Questions, by Channel, 2007 (% of questions received)

Leading US Automobile Insurance Companies, by Online Customer Experience, Q2 2007 (customer respect index (CRI)* ranking)

Leading US Life Insurance Companies, by Online Customer Experience, Q3 2007 (customer respect index (CRI)* ranking)

E-Mail Responsiveness

Leading US Automobile Insurance Companies, by Responsiveness to E-Mail Inquiries, Q2 2007 (customer respect index (CRI)* ranking)

Leading US Life Insurance Companies, by Responsiveness to E-Mail Inquiries, Q3 2007 (customer respect index (CRI)* ranking)

Privacy

Leading US Automobile Insurance Companies, by Privacy Practices, Q2 2007 (customer respect index (CRI)* ranking)

Leading US Life Insurance Companies, by Privacy Practices, Q3 2007 (customer respect index (CRI)* ranking)

Conclusion

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Abstract

Second only to retail in Internet advertising, the financial services industry spent $2.54 billion online in 2006. And, according to eMarketer estimates, insurance advertising accounted for 28% of that total, or $720 million.

The Insurance Marketing Online report tracks the explosive growth of Internet advertising and promotion of insurance companies and products.

The Internet's role in lead generation and customer acquisition and retention is growing exponentially for insurance companies.

The upward trend will continue as more consumers turn to the Internet not only to compare quotes and policies but to apply for policies from auto, health, life and homeowner insurers.

However, consumers bring with them the expectation that insurers' Web sites are as reliable and user-friendly as their favorite retail sites, and that their privacy and personal information will not be misused.

Key questions the "Insurance Marketing Online" report answers:
  • What trends are driving insurance advertising spending?
  • Where are insurance companies putting their online ad budgets?
  • How are consumers using the Internet to access the insurance industry?
  • What online customer services need the most improvement?
  • And many others...
eMarketer Reports—On-Target and Up-to-Date

The Insurance Marketing Online report aggregates the latest data from marketing and communications researchers with eMarketer numbers, projections and analysis to provide the information you need to make the right business decisions—right now.

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