Report Reveals Top Reasons Consumers Are Thinking About Making an Insurance Change in the Next 12 Months
RESTON, VA, September 24, 2019 – Resonate, the leading provider of consumer intelligence for marketers, has released its latest wave of insights into the consumer insurance market, and the findings are startling: Nearly 66 million Americans are switching or are considering switching insurance providers within the next 12 months. These findings indicate that, while customer retention needs to be a top priority for leading insurance brands in the coming year, emerging insurance competitors have a major opportunity to lure away new customers at a time when they’re most open to new options.
Specifically, Resonate’s consumer intelligence platform identified 48 million people who are considering switching insurers in the next year. These are people who could be persuaded to get their insurance elsewhere, or they could be persuaded to stay with their current insurer. On top of this persuadable audience, nearly 17.7 million people confirmed they are definitely switching insurers within the next year.
“If major insurers such as GEICO, Allstate, Progressive and State Farm want to prevent their customers from churning, they need to employ innovative strategies to appeal to consumers’ evolving needs,” said Ericka McCoy, CMO of Resonate. “Not all insurance customers are the same, and it’s time for these companies to start personalizing their messaging beyond demographics and other basic attributes like life stage, but also according to the values that motivate people as consumers.”
On Sept. 23-25, executives from Resonate will be on hand at InsureTech Connect in Las Vegas, where you can swing by booth #1105 to learn more about the motivations driving today’s insurance switchers. You can also download the full executive brief, “The Secret to Retaining (or Poaching) the 66 Million Insurance Switchers,” here.
Resonate is a pioneer in Consumer Intelligence Marketing, delivering deep understanding, dynamic insights, cross-channel engagement and analysis in a single, simple-to-use SaaS platform. Resonate has deep consumer insights and contextually relevant data across more than 13,000 attributes, including values, motivations and other psychographics, describing more than 200 million U.S. consumers. Hundreds of companies have used Resonate to reveal and engage “The Human Element,” a 360-degree understanding of the individuals in their target audience that extends beyond traditional demographics, psychographics and behavioral data to uncover why consumers choose, buy or support certain brands, products or causes. Empowered with unparalleled insights, leading brands, agencies and organizations use the R7 platform to identify, engage and analyze these audiences, driving growth and increasing customer lifetime value.
Headquartered in Reston, Virginia, Resonate is privately held and backed by Argentum Capital Partners, Revolution Growth, Greycroft Partners and iNovia Capital. For more information, please visit www.resonate.com.
Michael Tilus for Resonate