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1、A look at how insurance brands will reestablish their trust among consumers,engage with younger consumers,and deploy more digital marketing in the year ahead and beyond.2024 Insurance Marketing TrendsBuilding Back TrustBuilding Back TrustIndustry headwinds such as severe catastrophes,social inflatio

2、n,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 serv

3、ices,offering rewards and perks,and speaking to their brand promises in order to maintain positive reputations.As incumbent insurers come under even more consumer scrutiny,casting themselves as heroes that contribute to a better society by protecting what matters most to consumers will be of evermor

4、e importance.Though the economy has avoided a recession thus far and the job market remains healthy,51%and 56%of US and Canadian consumers,respectively,are concerned or worried about their financial situation*.In addition,as increased insurance premiums carry a bigger sting due to customers heighten

5、ed attention to their budgets,the value proposition for insurers becomes even more important.Therefore,brands are jockeying to speak on how they meet customer needs and why they are the best choice to protect consumers most valued possessions.They will also need to continue leveraging personalizatio

6、n as a trust-building tool to help customers feel heard and valued in their insurance partnership.Savings,options,and“real people ready to help”will strike chord with consumers.Source:Comperemedia Omni 1/1/23-9/30/23,as of 10/11/23,Mintel Reports,Property and Casualty Insurance US,2023,*taken from M

7、intels Global Consumer,September 202326%of consumers are willing to pay more for an insurance company with a good reputation.Compared to 23%in 2022.The ABCs of GenY&ZThe ABCs of GenY&ZMillennials and Gen Zers now represent a sizable addressable market in the insurance industry,and while the cohort r

8、epresents a diverse range of life stages,they share many similar values,especially among older Gen Zers 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 n

9、ew tech,sustainability,and family.Insurers are already deploying product,channel,and messaging blueprints that speak to the unique values of this young cohort and will continue to do so.Examining Gen ZHalf of Gen Z adults rent their home and Gen Z adults are significantly more likely than their olde

10、r counterparts to rent their home.For those Gen Zers still at home,only 41%express excitement over moving out of their parents home.Delayed home ownership,along with generational shifts such as marrying and having kids later in life,means the tactics for acquiring and graduating young customers thro

11、ugh different life stages will need to be altered by insurers.USAA has tapped into Gen Zs love of gaming to pitch how its renters policy could help protect personal items,including gaming consoles in the event of a covered loss.In addition,as younger customers feel financially stressed,the firm has

12、sought to emphasize affordable plans.Source:Comperemedia Omni 1/1/23-6/30/23,as of 10/11/23,Mintel Reports,Marketing to Gen Z US,2023Lets Get DigitalLets Get DigitalSource:Comperemedia Omni 3/1/22-6/30/23,as of 10/11/23As insurers grapple with both elevated levels of consumer shopping and profit con

13、cerns,they have turned their attention towards digital channels in a bid to attract new prospects while not breaking the bank.P&C insurers increased their paid social spend by nearly 30%in Q2 23 Y/Y even while channels like direct mail and national television saw budget reductions.Emerging channels

14、such as TikTok and Snapchat continue to see even more momentum.Going forward insurers will leverage paid social and other digital channels to deploy a truly omnichannel strategy,especially as they seek ways to engage younger audiences.Source:Comperemedia Omni 3/1/23-6/30/23,as of 10/11/23TikTok150%I

15、nsurers spent 150%more on TikTok through August 2023 compared to the same period in 2022.Insurers have leveraged the moment to test the waters on new channels.While spend across some channels continue to spiral downward,paid social saw a notable year-over-year increase in Q2 23.Particularly TikTok s

16、pend has surged.Carriers like USAA and GEICO have dove head first into digital channels,as these direct-to-consumer carriers appear to be divesting from direct mail.Declines in marketing spend could be attributed to larger business issues and budget cuts,but increased digital spend indicates companies are not only looking for efficient ways to stay connected in a very competitive market,but also indicates a long-term shift in strategy.Meet the ExpertKendall GadieAssociate Director-Insurance