A Dozen Essential Insurance Marketing Statistics

From the French macaron to lemon squares and banana bread, a delicious dessert calls for many different ingredients and usually involves a multi-step process. When it comes to marketing in the insurance space, the recipe for success is similarly complex. However, when leads are converted and ROI is clear, the end result can be pretty sweet.  

We’ve outlined a few of the most important elements to consider as an insurance marketer. From consumer behavior to the impact of call leads in the insurance space, think of each statistic below as essential pieces of the (insurance marketing) pie. 

A Few Marketing Musts

1. 87.3% of insurance agents say that referrals from clients are one of their most successful forms of marketing. 

This study points out that focusing your marketing efforts on current and returning customers is essential to success. Email marketing and relevant blog content are ways in which you can keep your current customers informed and incentivized. 

2. Nearly 50% of agents know consistent marketing is important, but feel like it takes too much of their time.

Call tracking software is a great way to first see which marketing efforts are worth agents spending time on. Additionally, utilizing a tool that can help automate your marketing processes, like email or social media outreach, will alleviate some of the time spent on marketing efforts. 

3. For consumers that are comfortable going digital, they want a personalized experience. 

From insurance services to policy alerts and changes, consumers want a highly individualized experience online. In fact, 80% of consumers are, “very willing to share their data” when they feel like the experience is tailored specifically to them. 

4. All good things come in threes. 

An independent insurance marketing agency recently reported that one out of 63 people surveyed will take three months before making a purchase. For insurance marketers that are patient and provide relevant information on their website, blog, and email newsletters, this extended selling process will be successful and may even shorten over time. 

The Importance of Measurement

5. Caller retention rate is 28% higher than the time leads spend on your website.

A Marchex report outlined that callers often invest more time in a company than leads that visit websites. This is particularly useful for insurance marketers who are able to use call tracking software to gain access to data like average call time, call recordings for quality assurance, and predictive analytics. 

6. 85% of agencies measure their digital ROI. 

From Google ads to click-to-call conversions, most insurance marketers in the digital space surveyed by Harvard reviewers rely on measurement to understand where their efforts are most successful. 

7. Insurance keywords are among the most expensive in Google Ads.

Because of the costly nature of this fact, it’s important for insurance marketers to have a competitive insight into which keywords are most successful for their business.

8. ROI can be a difficult thing to measure, especially for insurance agents.

Many insurance marketers or affiliate networks have great success in capturing the success and measurement of their marketing campaigns. But for many agents who are faced to do it alone, it’s not as easy. In fact, 16.8% of surveyed agents said it was something they had no knowledge of. Luckily for them, machine learning and certain software that provide insightful analytics help to curb that knowledge gap. 

9. Six in ten buyers want to discuss pricing on the first call. 

While this stat isn’t specific to measurement, being able to understand the trends within your buyers’ journey certainly is something of value. Advanced call tracking platforms that provide call recording capabilities will allow you to go above and beyond measuring keywords and know exactly what questions consumers are wanting answers for. 

Phone Calls Make Marketing Matter

10. A quarter of most consumers prefer to make purchases over the phone. 

The Harris Poll conducted a study that drilled down to the behaviors and preferences of many insurance customers. The research found that in a world where digital communication is increasingly popular, insurance policyholders are steadfast in their predisposition to phone calls and conversation. 

11. Consumers may start out using a search engine, but the next and final step is calling an agent. 

78% of insurance consumers sourced by LSA said that because of the complexities and multi-step process of gathering an insurance quote, they will often pick up the phone after searching for their answers. Understanding this behavior should lead marketers to focus their efforts on pay-per-call ads and advanced voice recognition capabilities. 

 12. Phone calls are more likely to result in revenue than web leads. 

A BIA Kelsey study found that calls are 10-15 times more likely to drive revenue than web leads. That’s not to say leads are mutually exclusive though – positioning your digital efforts and web presence to drive calls through pay-per-call leads and other ads will result in the most valuable conversions. Tracking your calls will allow you to optimize your ROI and see your growth in real-time. 

Apart from knowing the facts and figures that can help insurance marketers improve their business, Phonexa can help in other ways from call tracking to analytics and more!