Online insurance sales increase across the board says insurance digital marketing agency study
Car insurance is still the most popular insurance product bought online reveals an updated study* from digital marketing specialists Speedie Consultants with nearly three-quarters of Brits buying their motor insurance online.
When asked: “What insurance products do you buy online?” the responses were:
- motor insurance - 73% (a 14% increase from February 2013 when the initial study* was carried out)
- home insurance – 62% (this has increased by 29%)
- travel insurance accounts for 48% of online sales, a huge increase of 30% compared to just over 3 years ago
- the amount of people buying pet insurance online has doubled to 16% (compared to just 8% previously)
- health insurance purchases increased by 1% to 6%
- life insurance has more than tripled from 4% of sales made online (Feb 2013) to 13% (May 2016) .
The research also revealed that using a price comparison site is the most common way people find products online at 57% (previously it was 23%).
Some respondents used multiple ways to purchase their insurance online. The study also revealed:
- previously, 59% of people found the insurance they need by using a search engine – this has now dropped to 37%
- a third of customers (33%) visit a site direct (an increase of 14%)
- insurance purchases made as a result of an email have almost doubled from 5% in February 2013 to 9% (May 2016).
Jason Hulott, Director from Speedie Consultants says: "This is the third in a series of studies looking at people’s insurance buying habits. We still see a growth in the purchase of insurance online, and all of products we asked about are still growing strongly.
“People are also now using multiple options to buy their insurance online, as the study suggests that they may have visited a search engine and price comparison site before buying their cover.
“It highlights that an omnichannel approach to online marketing in the insurance space is still very important, and insurers / brokers shouldn't simply rely on being on a price comparison site or paying Google for clicks. By being present on multiple channels you can grow your online activity. Marketing your business this way also acts as an insurance policy for your web revenues.”
*Independent studies commissioned by Speedie Consultants February 2013 and May 2016.
Jason Hulott, Speedie Consulting, on: 01843 831088; 07940 521056 or email: firstname.lastname@example.org
Speedie Consultants is a digital marketing agency established in 2003 by Jason and Stella Hulott and offering over 50 years’ combined experience in the internet marketing and copywriting industries.
Speedie Consultants Limited is a registered Google partner and offers many solutions for businesses’ internet marketing needs including the provision of web content; article marketing; blog set up and marketing; press release syndication; affiliate programme set up and management; and consultancy.
Our clients are primarily insurance and finance based.