Auto Insurance: What drives satisfaction for consumers? Now available on demand!
This past Wednesday, RAB hosted a presentation, Auto Insurance: What drives satisfaction for consumers? During this presentation, Robert Lajdziak, director of global insurance intelligence, J.D. Power, shared information from J.D. Powers' 2022 U.S. Auto Insurance Study. The study shows that customer satisfaction with the price of auto insurance has decreased dramatically. Lajdziak also shared what drives customer satisfaction and what radio marketing professionals need to know to help local insurance agents. Here are some of the key takeaways from this presentation. (You can now view it on demand.
Strong brand awareness is critical for acquisition. Ad spend leads to brand recognition, which can lead to growth. Right now, the top four auto insurance brands account for more than half of all advertising spend. These four brands have very high brand awareness, which creates an excellent base from which to convert shoppers to new policy holders.
Lajdziak suggested that local agents can benefit from the national branding by the big companies but need to advertise locally so they can direct consumers to their office. Without local advertising, consumers can buy directly from the companies online and bypass the local agent. Local radio can help brand the local agents.
Premium increases across the industry in 2021 have caused many consumers to shop around for new policies. Unfortunately, many of these consumers were unable to find the discounts they tried to find. What they found was an industry that had readjusted to higher severity losses and vehicles that were more expensive to fix or replace.
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