Survey Results

Sound Off | Industry Insights from Your Peers: Insurance

Updated: November 18th, 2022
ExpandTheRoom

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*?

Chart showing 40% said 2-4 times a year, 20% 5-10 times a year and 40% said they had an ongoing retainer

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

What Types of Agencies Do You Work With?

Chart showing breakdown of what types of agencies respondents work with. Top 3 responses were digital development, marketing and staffing

What Are Your Challenges?

Chart showing respondents challenges. Top 3 responses were abandoned checkout, communications/messaging and customer retention.

What Are Your Opportunities?

Chart showing respondents opportunities. Top 3 were AI/machine learning, digital distribution, and higher customer interest due to COVID
Graphic with data on respondents: 80% regularly utilize automated programs, 100% create custom digital sales tools, 100% anticipate needing to evolve their branding and logo in the next 3 years

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

Chart showing most important marketing channels. Top 3 were digital media, owned digital properties and email

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

Chart showing most respondents engage in e-commerce through direct sales and/or selling through partners or brokers.

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

Chart showing that 20% said somewhat important and 80% said very important

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.

Graphic with data: 60% feel they have a good understanding of customer data. 80% feel customer data is actionable through digital marketing channels and digital product

At ExpandTheRoom our customer-centric design strategies drive user engagement to increase your ROI. We create websites, custom productivity tools, applications, and interactive experiences. Get in touch.

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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Sound Off | Industry Insights from Your Peers: Manufacturing

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

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