Click here to close now.

SYS-CON MEDIA Authors: Rex Morrow, Datical, Liz McMillan, John Wetherill, Ruxit Blog, Hovhannes Avoyan

News Feed Item

Digital Display Advertising Nine Times More Effective Than TV for Auto Insurance Brands, According to Rocket Fuel Study

Cross-Channel Ad Spend More Effective Than TV Alone

REDWOOD CITY, CA -- (Marketwired) -- 08/20/14 -- Insurance companies face a bumpy road ahead when it comes to retaining customers and staying top-of-mind for consumers. According to a study released today by Rocket Fuel (NASDAQ: FUEL), a leading provider of artificial intelligence (AI) advertising solutions for digital marketers, 10 percent of consumers will change providers in the next six months, and companies that spent their advertising dollars on display advertising won top-of-mind brand awareness among consumers.

Rocket Fuel's "Insurance Top-of-Mind Awareness" study surveyed 1,026 consumers about insurers in the auto, life, and homeowner's insurance sectors. Key findings from the study include:

Top-of-Mind Awareness Forecasts Shifts in Market Share

  • Top-of-mind awareness is highly correlated with market share for both auto insurance (0.83) and homeowner's insurance (0.87), and modeling either as a function of ad spend yielded the same feature set.
  • In the auto insurance sector, GEICO (21%), State Farm (19%) and Allstate (16%) lead top-of-mind awareness.
  • Cross-channel ad spend was a key predictor of top-of-mind awareness for auto and life insurance providers, with digital display ad spend being nine times more effective at driving top-of-mind awareness than TV.
  • Nearly half (44%) of consumers only look at a single quote before making a purchase.

Digital Advertising Fuels Increases in Brand Awareness

  • Display advertising was the strongest positive feature in driving top-of-mind awareness for auto and life insurance providers, particularly against overcrowded TV channels.
  • For every $1 million an auto insurer spent on digital or display advertising, the brand was likely to see the biggest lift in top-of-mind awareness compared to the same spend in TV, print, search or radio. This difference is in part due to the oversaturation of TV advertising at the broadcast, cable, and local levels by auto insurance providers.

Shifting Market Share

  • 1 in 10 consumers are likely to change providers in the next six months, with price being the most likely factor (49%) in the decision to change providers, followed by reputation (17%). For consumers that begin their journey online, they are most likely to complete it online as well.
  • Consumers are more likely to sign up for new insurance or request a quote on Thursdays and in the evenings between 6 and 9 p.m. and are most likely to convert within eight hours of exposure to an ad.
  • Insurance advertisers can shift top-of-mind awareness by reigning in spending to competitive levels on traditional channels and increasing spend on newer and underserved channels, such as display, mobile, and video.

"Consumers are bombarded with a deluge of options when it comes to choosing an insurance provider -- and this competitive climate shows that top-of-mind awareness is key for insurers to win over the customer," said Robert Jones, Research Director at Rocket Fuel. "Due to the oversaturation of TV advertising, auto and life insurers can generate better ROI from their marketing programs by shifting budget from TV channels into digital, particularly digital display, which is currently under-utilized by most providers."

Key Digital Creative Attributes For Increased Performance

To get the best value from online display advertising, Rocket Fuel found five key attributes for increased performance of insurance marketing programs:

Animating ads does not improve conversion rates: While insurance ads see a 64 percent boost in click-through rates as a result of animation, it provides no discernible improvement in conversion rates.
Blue and red backgrounds perform best: Insurance ads with red or blue backgrounds tend to have conversion rates 20 percent higher than the average, while also producing better click-through rate performance.
Human faces improve conversion rates: Insurance ads featuring a person or human face generate conversion rates more than 177 percent higher than those without a human or face.
"Apply now" is the most effective call to action: Among calls to action, "apply now" had the highest conversion rates, outperforming "get a quote" by 80 percent.
Price-focused messaging doesn't matter: Insurance ads without pricing information perform as well as those that include it, possibly due to oversaturation of price-focused messaging in insurance ads already.

For more information and to review the full report, please visit http://rocketfuel.com/blog/insurance-top-of-mind-awareness-q2-2014.

Join Rocket Fuel on August 21, 2014 at 11 a.m. PDT for new webinar, http://info.rocketfuel.com/InsuranceBrandAwarnessWebinar.html. The webinar will also be available on-demand as of August 22, 2014.

Methodology

The study surveyed 1,026 consumers in May 2014 on top-of-mind awareness for insurance providers in the auto, homeowner's and life insurance sectors, as well as general attitudinal questions about insurance. Study awareness results were compared to market-share data from the National Association of Insurance Commissioners for auto, homeowner's and life insurance from 2012 and 2013 and channel-spend data for each brand from Kantar. Using this data, Rocket Fuel modeled awareness as a function of ad spend for each brand to determine how accurately spend in various channels could predict top-of-mind awareness and which channels produced the most efficient results.

About Rocket Fuel
Rocket Fuel delivers a leading programmatic media-buying platform at Big Data scale that harnesses the power of artificial intelligence (AI) to improve marketing ROI in digital media across web, mobile, video, and social channels. Rocket Fuel powers digital advertising and marketing programs globally for customers in North America, Europe, and Japan. Customers trust Rocket Fuel's Advertising That Learns® platform to achieve brand and direct-response objectives in diverse industries from luxury cars to financial services to retail. Rocket Fuel, a GSA approved vendor, currently operates in more than 20 offices worldwide and trades on the NASDAQ Global Select Market under the ticker symbol "FUEL." For more information, please visit http://www.rocketfuel.com or call 1-888-717-8873.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, con...
"At Harbinger we do products as well as services. Our services are with helping companies move their products to the cloud operating systems. Some of the challenges we have seen as far as cloud adoption goes are in the cloud security space," noted Shrikant Pattathil, Executive Vice President at Harbinger Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and re...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in San...
Aria Systems, which helps enterprises grow recurring revenue, today announced that its co-founder and inventor of cloud billing Brendan O'Brien, will be a featured speaker at the Cloud Expo, June 9-11 at The Javits Center in New York. Aria also will be demonstrating its Active Monetization platform in Booth #424 on the Expo Floor. O'Brien will lead the following sessions: June 9 - 11:00 am - 11:35 am, Room 1A16 with participants from Constant Contact, MGI Research and ATG Enabling Complex ...
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today DevOps.com will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Launched in 2014, DevOps.com has quickly established itself as an indispensable resource for DevOps education and community building. DevOps.com make it their mission to cover all aspects of DevOps – philosophy, tools, business impact, best practices and more.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
The web app is Agile. The REST API is Agile. The testing and planning are Agile. But alas, Data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes which force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software orga...
IndependenceIT has been selected by nGenx to power Windows-based DaaS and application delivery on Google Compute Engine to support the delivery of GoldMine Cloud software. For independent software vendors (ISVs) like GoldMine, this expands the theater of operations to increase revenue opportunities while reducing software management and maintenance liabilities. IndependenceIT was selected by application and desktop pioneer, nGenx, to deliver its “Bring Your Own Cloud” strategy to GoldMine and o...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.