Marchex Releases Auto Insurance Industry Benchmarks for Digital Marketers
The data comes from more than one million inbound phone calls placed by
consumers to auto insurance providers in the US and
Additional findings from the report include:
- Sixty-seven percent of millennials prefer to purchase directly from an insurance company versus a local agency.
- Millennials don’t receive quotes as often as older generations, highlighting that most insurance companies have yet to adapt their product set to serve this group.
- Call centers seem to serve the customer better and generate more revenue, as they are better at delivering quotes than local agents.
- There is no significant correlation between how long it takes to deliver a quote and the quote rate; a longer quote process did not produce fewer quotes. At the same time, costs are certainly higher for the brands that take longer to handle quotes.
Tips for digital marketers in auto insurance based on the findings from the report include:
- Improve customer experience on phone calls by reducing hold time and the number of transfers to easily lead the conversation toward a transaction.
- Use call analytics to capture data from high intent calls to tailor ads to the right audience.
- Attribute sales to individual sources of traffic in multi-channel campaigns to create a performance benchmark for a smarter investment of budget.
“Customers are no longer following a linear path-to-purchase,
particularly when shopping for auto insurance, as the complexity of the
offering often requires a real conversation. This presents a real
challenge for marketers, who are faced with a massive blind spot around
media attribution, and limits sales opportunities for brands that aren’t
efficiently handling inbound phone calls,” said
A full copy of the study, which includes tips that insurance marketers can utilize can be found at www.marchex.com/InsurancePaper.
A webcast will be conducted on the report with panelists
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View source version on businesswire.com: http://www.businesswire.com/news/home/20161026005397/en/
Source:
Marchex, Inc.
Investor Relations
Trevor Caldwell, 206-331-3600
ir(at)marchex.com
or
Media
Inquiries:
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Marchex@marchcomms.com