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The Impact of Personal Insurance Advertising on Purchase Behavior
The goal of the Insurance Purchase Funnel 2022 study was to identify and highlight media platforms’ critical role in influencing consumers during their purchase decision process.
TVB commissioned GfK to field a study that looked at the influence of over 20 media platforms on personal insurance consumers’ purchase decisions. We defined personal insurance as auto, boat, home, life, motorcycle/ATV, and renters insurance. To qualify, a respondent needed to be 18+ years old, have made a personal insurance purchase or planned to make a purchase, and saw/heard advertising for the category on ANY of 20+ platforms. Exposure to a TV ad was NOT a prerequisite to participate. Even so, the study confirmed the value of television, as it was the most important influencer throughout all stages of the purchase funnel. The study was fielded July 7th through July 21st.
Media Platforms Analyzed
Some key findings:
- Television is the most important influence at all stages of the purchase funnel.
- Local broadcast TV is #1 for trust among all media platforms and local broadcast TV station websites/apps are #1 for trust among digital platforms. Social media is the least trusted platform.
- Broadcast TV is the primary news source among personal insurance consumers.
- Exposure to TV ads motivated personal insurance opinion leaders to action.
- 67% of adults have both purchased and intend to purchase personal insurance.
- Coverage and value are the two most important factors in selecting a particular personal insurance policy or carrier.
- 84% of respondents plan to renew their auto insurance policy in the next year; 81% plan to renew their homeowner’s policy; and 78% and 77% plan to renew life and renter’s insurance, respectively.
- 83% of respondents said that TV ads have influenced their personal insurance search selections.
QA4/QA5/QA6/QA7/QA8 Most important for media that registered 3% or higher.
B2 “I trust the news that I see/hear on this media source.” (Agree Strongly + Agree Somewhat)
For more information, please contact Hadassa Gerber, Chief Research Officer, TVB