[PRESS RELEASE] Comperemedia Announces 2024 Insurance Marketing Trends

November 2nd, 2023 | Comperemedia News

Comperemedia has today announced three Insurance Marketing Trends that are set to impact companies, brands, and marketers in 2024 and beyond. 

“The 2024 Insurance Trends are rooted in competitive intelligence, industry expertise, and shifting consumer behaviors and are a result of in-depth conversations among competitive intelligence analysts. This year’s trends will help P&C brands reestablish their trust among consumers, engage with younger consumers, and deploy more digital marketing in the year ahead and beyond,” stated Kendall Gadie, Associate Director, Comperemedia.

Winning Back Trust

Industry headwinds such as severe catastrophes, social inflation, and elevated loss ratios have impelled many carriers to raise rates, exit markets, and tighten their underwriting standards, leading to customers feeling underappreciated and likely overlooked. As such, brands will be working hard to build consumer trust by providing more personalized products and services, offering rewards and perks, and speaking to their brand promises in order to maintain positive reputations. 

“Consumers are demanding more clarity and transparency from brands, and the convoluted nature of insurance could bring that more into scope going forward. In 2024 insurers should focus on educating consumers about how certain market factors will impact their products to increase their credibility among consumers. Additionally, insurance marketers have primarily used humor to build brand identity, and in 2024, some brands will look to strengthen their relationships with consumers by deploying more heartfelt messaging and ads. Brands that diversify their marketing with messages of empathy could alleviate some of the distrust that has developed over the years,” continued Gadie.

Let’s Get Digital

As insurers grapple with both elevated levels of consumer shopping and profit concerns, they have turned their attention towards digital channels in a bid to attract new prospects while not breaking the bank. As technologies such as generative AI allow for more sophisticated consumer targeting, expect insurance brands to deploy a truly omnichannel approach to their marketing going forward, leveraging multiple avenues to engage with customers accustomed to digesting content across various channels.

“Insurance brands will continue to try new avenues of engagement to make the most of their marketing efforts. However, as carriers begin to benefit from rate increases, direct mail and national television could see a resurgence. In 2024, expect strategies on all platforms to become more sophisticated and for synergies between channels to emerge. Additionally, in what could be a bridge between more digital adoption and targeting younger cohorts, advertising to the gaming community whether on the platforms themselves or through social media will be a growth channel of exploration for insurers,” continued Gadie.

The ABCs of GenY&Z

Millennial and GenZ consumers now represent a sizable market in the insurance industry, and while the cohort represents a diverse range of life stages, they share many similar values, especially among older GenZers and younger Millennials. Reaching this group effectively will require new strategies that take into account generational differences, from spending behaviors and financial anxieties to outlooks on new tech, sustainability, and family. Insurers will be looking to build out these strategies even more in the coming years, deploying channel and messaging blueprints that speak to the unique values of this young cohort.

“With interest rates rising, homeownership is likely to become more and more expensive for consumers, and while many Millennials have already ventured into marriage and homeownership, Gen Zers will be next in line. In 2024, insurers will look to streamline their renter’s capabilities to capture this potentially growing market. They will also work through how to boost retention amongst their young, monoline customers to develop awareness and value that will make it harder for them to shop elsewhere,” concluded Gadie.

Comperemedia’s 2024 Insurance Marketing Trends are available for download here. Clients can access the full content by logging in. Interviews with Kendall Gadie, Research Manager Comperemedia are available on request from the Comperemedia press office.