It’s no secret that the current pandemic has shifted things in priorities for most. Many consumers are looking to stick to a budget, save more of what they earn and overall purchase more carefully in response, but purchasing life insurance policies has been on the rise. The pandemic has driven consumers to become more aware and invest in their future – in fact, there has been a 50% increase in life insurance applications since mid-February according to one life insurance provider.
Read on to learn about life insurance trends and marketing opportunities, and download our infographic here to help inform your marketing strategies.
What Consumers Are Looking For in a Life Insurance Provider
As many shop for life insurance providers, several items are high on their list of important considerations: cost, finding service and offerings that meet their needs, ease of claims and settlements, and protection of data.
It’s also worth noting that 45% of consumers are making their choices fairly quickly, in as little as a week, so making sure they know what you offer is key. 91% are researching their options, and in the search for providers, find value in information received in the mail, via word of mouth, or online.
Make Shared Mail a Key Component in Your Marketing Strategy
With 74% of potential life insurance switchers responding to an ad or coupon in their mailbox in the last 12 months, and 63% of life insurance buyers responding, making sure you’re in the right place – the mailbox – to gain their business is paramount.
Along with proven response, Mspark’s targeting capabilities will allow you to target based on many relevant factors, bringing you greater ROI for your advertising campaigns. Our targeted mass media solutions reach over 116 million households through direct mail, and 82% of our audience opens and reads their mail at the first opportunity. 37% of consumers are more excited now for mail deliveries than they were before the pandemic, while 30% reported they’re spending more time reading the mail now than pre-coronavirus.
For more insight to help you create a marketing plan to drive success, download our infographic here. If you’re looking to grow your life insurance customer base, we are always happy to discuss your options for integrating direct mail into your marketing strategy to help make your next campaign a success.
Sources: Forbes, Insurance Business Magazine, Admall, Prosper, AudienceSCAN