7 Eye-Opening Statistics on Digital Insurance Marketing

7 Eye-Opening Statistics on Digital Insurance Marketing

After another week of connecting with insurance agents across the United States, I have to admit, I am a little frustrated. Given the fact that digital technology is in almost every facet of modern life, I’m still shocked at how digital marketing is still a mystery for so many insurance professionals. I get it, for most of you, it’s just not a focus point. Plus you’re doing just fine without it, right? Why change? In marketing, we have a term for this. We call them laggards. This failure to adapt has serious implications, unfortunately, laggards make themselves sitting ducks to industry disruption. Insurance professionals, many of you reading this are laggards! And that’s why I’m sharing 7 eye-opening statistics to convince you to that going digital is imperative for insurance marketing:

1.According to Adweek, 81% of shoppers conduct online research before making a purchase, this pre-purchase research represents buying intent or consumer demand of over 200 million Americans. Some are harnessing this demand and turning it into sales.

2. Google is the most used website online. Of the 200 million plus Americans required to purchase at least one form of insurance, many will likely begin their search for insurance on Google to learn about and discover insurance offerings. Representing the largest search network, SEO Engine, confirms that Google holds a staggering 67.6 percent of the U.S. search engine market share (tying their own record, which was set in January of this year).

3. A small percentage of online Google searchers are ready and willing to get insurance coverage right now. Actually, in the Digital Disruption in Insurance report, McKinsey found that approximately 25%of people who shop for auto insurance in the US buy online directly from the carrier.

4. On the other hand, McKinsey also reports that 65% of consumers get auto quotes online and more than 40% on mobile devices. This statistic tells us that yes, consumers do want to use digital technology as a part of buying insurance. BUT, given the complexity of insurance, most consumers still want to speak with an insurance agent.

5. If you live in 2017 you probably experience the benefit of digital technology every day. But did you know that based on a Harvard Business Review article, a thoughtful digitization program can deliver up to 65 percent in cost reduction, a 90 percent reduction in turnaround time on key insurance processes, and improve conversion rates by more than 20 percent? The benefits of going digital are evident.

6. If that’s not enough, Bain’s recent survey of more than 158,000 consumers in 18 countries 79% said over the next few years they will use a digital channel for insurance interactions.

7. This is the part that makes me angry. In spite of the obvious benefits, a study by Forrester and Accenture showed that 63% of insurance businesses report that they are ready to move towards more digital practices, only 23% of these businesses are actually ready.

Agents, the statistics prove that adopting digital technology is crucial to the sustainability of the insurance industry. 100% of insurance agents should be adapting to these statistics by embracing these consumer behavioral changes. In 2017, digital marketing is marketing, it’s time to go digital.

Which of those statistics was most shocking to you? Comment below and share your thoughts.
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