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Sound Off | Industry Insights from Your Peers: Insurance

ExpandTheRoom

Q4 2020

Insurance

Sound Off is ExpandTheRoom’s survey series designed to spark timely, data-driven conversations within the digital marketing and IT community. In the second edition, ETR reached out to influencers in the U.S. insurance industry to learn how they are responding to the challenges and opportunities created by COVID-19.

Key Takeaways

Heading into 2021, our survey data shows AI/Machine Learning, digital distribution, new markets, and higher customer interest due to COVID-19 as opportunities within the insurance industry. Abandoned checkout and communications/messaging continue to be top challenges for capturing the youth market and converting visitors into policyholders. It's clear insurance providers intend to increase budgets, or at least keep them at 2020 levels, to attack some of these key challenges. The upcoming year is shaping up to be highly competitive in the insurance space with providers significantly ramping up their existing digital products and digital marketing strategies.

NOTE: to make it a bit easier to absorb the data, we’ve rounded all results to the nearest five.

Profile of Company Respondents

Profile of Respondents’ and Their
Marketing Team

How Often Do You Work with Outside Agencies*?

*100% of respondents reported that they work with outside agencies

What Types of Agencies Do You Work With?

What Are Your Challenges?

What Are Your Opportunities?

Looking Forward, Which Marketing Channels Will Be Most Important to You?

How Does E-Commerce/Digital Channels Fit Into Your Business?

How Important Is E-Commerce/Digital Channels To Your Business?

Leveraging Customer Data

Given the importance of e-commerce and digital marketing channels within
the industry it is no surprise that almost all respondents understood that they could leverage customer data in those channels to their advantage. But, just over half of respondents felt they had a good understanding of their customer data, indicating that some companies may be missing opportunities with their customers at key touchpoints.


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Methodology

Survey was distributed to respondents in executive, marketing, sales, IT, and product roles at insurance companies in a range of sectors. Survey was available to a targeted audience between November 5 and November 30, 2020.

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