GEICO, Progressive, State Farm and Allstate have become household names with consumers, thanks to their robust ad budgets, recognizable mascots and catchy jingles. So, how does a modern insurance marketing executive grow topline sales revenue and reduce churn against the onslaught of Flo, geckos, celebrity spokespeople and the next campaign du jour?
Quite simply, you need to have a deep understanding of the motivations of not only your own customers but also of your competitors’. What are these customers seeking that their current carriers aren’t providing? Therein lies the secret to connecting with valuable prospects who are considering making a switch.
OK, so who is switching insurers—and why?
According to the deep consumer insights in the Resonate platform, an estimated 28.3 million customers across four major insurers—GEICO, Progressive, State Farm and Allstate—are planning to switch insurance companies in the next three to 12 months. That’s a lot of money up for grabs in a short window of time. For insurance companies looking to attract these transitioning consumers, the “why” behind their decisions to switch provide crucial insights.
Insurance switchers often cite similar reasons for taking their business elsewhere, but the most prevalent reasons do vary by company, representing an opportunity for competitors to tailor their messages depending on the group they’re targeting. Consider:
- The 8.3 million GEICO switchers are most likely to switch insurers due to rate increases.
- The 4.2 million Progressive switchers are most likely to switch because their current policies are ending.
- The 9.2 million State Farm switchers recently bought new cars or homes and looking for new insurers.
- The 6.6 million Allstate switchers are leaving because they also recently bought new cars or homes.
- In addition, among the four companies, Allstate customers are the most likely to report that they’re switching due to a need for better service.
This is just a glimpse into how Resonate’s real-time consumer intelligence platform can help insurance marketers fight back against competitor ad spends that dwarf their own. With access to the largest proprietary understanding of U.S. consumers’ financial habits, preferences, purchase drivers and more, you can:
- Identify which competitors’ policyholders are planning to switch in the coming year and why
- Understand what to say to them based on their values and motivations
- Find and message to them across touchpoints
- Measure how effective you are in driving engagement
Ready to connect with insurance switchers? Request a demo today.
COMING SOON! Keep an eye out for my upcoming webinar on strategies that today’s insurance brands must employ to keep up with evolving consumer needs in an ever-more-competitive landscape.