Insurance Marketing Trends to Deploy in 2024

CMR Risk & Insurance Services Inc. > Blog > Business > Insurance Marketing Trends to Deploy in 2024
Posted by: CMR December 14, 2023 No Comments

As technology such as artificial intelligence and autonomous vehicles abound, consumers will increasingly seek out and support brands that highlight the facets that make humans unique, according to market research firm Mintel Group Ltd.

This desire to balance human emotions and skills with emerging technologies is among the biggest marketing trends Mintel expects for the coming year.

Uncertainty is also going to drive consumers’ actions in the year ahead, according to Mintel, which pointed to inflation, political instability, climate change and AI as major points of consternation.

This is one area insurance marketers might have a leg up, as Mintel recommended brands lean into uncertainty and help consumers manage it.

“Rather than resisting the impact of multiple sources of uncertainty, brands need to steer away from their sanitized portrayal of reality and adopt a more honest depiction, presenting genuine products and services, with actionable information, that helps consumers feel more grounded, reassured and able to deal with uncertainty,” Mintel noted in its annual trends report.

The market research firm and its subsidiary Comperemedia also did a deep dive into the insurance sector and highlighted the following three sector-specific marketing trends for 2024:

Fostering trust:

Rising insurance costs and tightening underwriting standards are driving mistrust among consumers, who are feeling underappreciated and overlooked, according to Comperemedia.

Insurance carriers can crush these consumer misgivings by highlighting the role the industry plays in protecting and bettering society.

To help consumers better understand the insurance value proposition, insurance marketers should highlight “savings, options and ‘real people ready to help’ to create campaigns that resonate with policyholders.

Millennial & Gen Z lifecycles:

Younger generations are now a sizable piece of the insurance buying public, but millennials and Gen Z policyholders are much different from older generations.

For example, many have delayed major life events such as starting a family and purchasing a home. As a result, “the tactics for acquiring and graduating young customers through different life stages will need to be altered by insurers,” Comperemedia reported.

The report noted that half of Gen Z are renters, presenting insurance companies with the opportunity to highlight renters coverage and other products that might fit into the generation’s lifestyle preferences.

TikTok supplants TV:

While ad spending in legacy channels like television and direct mailers continues to decline, marketing dollars are pouring into social media outlets. Comperemedia reported that P&C companies increased paid social spending by nearly 30% during 2023’s second quarter. Seeing even bigger gains were outlets like Snapchat and TikTok.

Article Published By:

Article Written By:  Steve Hallo 

Author: CMR

Leave a Reply