No of Insurance policies brought by British consumers online

ONLINE PURCHASE OF INSURANCE POLICIES  IN BRITAIN 

AAs of 2014, 21%   British users had purchases insurance  as compared to 18% in 2013 and  2012 In 2013 14% Uk users used online medium to  purchase " online Insurance policies  and 

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Are your Customers Buying Insurance Online ? : 3 Things which can increase your leads by 35%

The insurance markets covered in this data release were health, auto and homeowners insurance 

 How long does the product Life Cycle of buying insurance online last ? Which media time is used more during researching the insurance provider , and at what point does the " Lead  convert into a customer

A recent Nielsen research study provides some interesting insights on how " Users buy Insurance in comfort in their home and these included only the health, auto and homeowners sector.Among the highlights were 

1. Online Insurance buying cycle is between a month to 40 days, and most conversions post research process happens over the phone ( 40%) and the rest at the insurance agents office 
   
   
2. Most of the insurance researches happened online, including the Desktop, Tablet and smartphones. Mobile Devices (which included Smartphone + Tablets) consisted of 40 % of insurance research time with 25% exclusively used only mobile devices during their research process
   
   
3. Tablets were very heavily used in the insurance research process,mostly used as PC substitute at homes . As PC usage showed decline , the Tablet picked up adoption faster mostly due 1) larger display and screen size 2)higher resolution due to the higher usage of mathematical numbers 3)Ease of usage 

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The top 3 US Auto Insurance Company with highest marketing spends

The above chart from insurance journal shows the biggest 3 auto insurance  companies that have spent the most on advertising in recent years. 

The Government Employees Insurance Company GEICO, has been the  market leader in advertising spending among U.S. property automobile /casualty insurers for at least five years through 2013, according to SNL.

• When it come to ad spends,GEICO is still the only company that spends more than $1 billion annually on advertising. It recorded $1.18 billion in ad spend in 2013, up from $1.12 billion in 2012." two years of double digit increase in ad spending,it has increased ad spends by 5%

• The  no 2  insurance player  Allstate Corp., increased its spending on advertising by seven percent in 2013 after an 11 percent increase in 2012,

• The no 3  in insurance ad spending was State Farm Mutual Automobile Insurance Co.which increased its spending 3%to to $802.8 million in 2013 following a year of negative growth.

Other insurance players in US include  Amica Mutual Insurance, Liberty Mutual Insurance, State Farm, Allstate, 21st Century Insurance, Progressive, Nationwide Insurance, and United Services Automobile Association.

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The State of Global Risk and Opportunities in the Insurance Market :

The matrix  published by Ernst and Young shows the list of nations and analysis of their potentian risk and opportunity, which takes into account the following parameters 1)insurance premium growth 2) macroeconomic environment 3) Regulatory change 4) Liquidity 

For most of the past decade, focusing on the BRICs seemed a simple strategy for insurance companies seeking to expand their business in RGMs. In 2007, the average growth of these four economies was 9.6%. Today, however, growth in the BRIC economies has slowed markedly, especially in Brazil and India. According to recent forecasts from Oxford Economics, the average growth rate of real GDP in the BRICs was 4.3% in 2012, and that rate is expected to rebound only modestly, to about 5.6%, between now and 2018.  However Brazil is considered  a country that " can continue to see a moderate to high growth ,as it has the third-largest forecast growth in insurance premiums in US dollar terms, following China and India

Growth in other RGMs will be affected by this deceleration.As the matrix below illustrates, countries such as China, the United Arab Emirates, Thailand, Malaysia and Mexico offer intriguing near-term growth potential, with modest risk. Nations such as Turkey and Indonesia offer even higher growth potential but also exhibit greater risks.

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