Rising premiums, greater competition and the growth of price-comparison websites are encouraging consumers to shop around for insurance products.
emma data shows that at any one time 4.4 million consumers of newspaper media are in the market for health, home, motor and travel coverage.
Health is wealth
Health has become a tough sector for this industry. Industry group Private Healthcare Australia says 1.6 million policies were dropped and another 1 million downgraded from 2012-14 because consumers baulked at price rises.
Health insurers seeking new customers will find opportunities in newspapers, which have more than 1 million readers actively thinking about buying or upgrading in the next 12 months.
Some 9.5 million newspaper media readers have health insurance ‐ a large pool of policy holders that health insurers can target for up-selling.
Health brand HCF used newspapers to great effect last year to promote its sponsorship of the Sydney Swans. Click here to see how its creative helped drive brand awareness.
Protecting the castle
According to analyst firm IBIS, home and contents insurance is a $9 billion industry in Australia1. Recent natural disasters have led to an unprecedented number of claims, which have pushed up premiums.
Some 11.5 million newspaper readers have either home building or home contents insurance and 1.4 million readers are considering increasing their cover, according to emma.
Newspapers are a powerful platform to provide the detailed information about the benefits of a particular insurance product. The ad is not gone in 15 or 30 seconds, and prospective customers can spend time taking in the detail of the advertisement.
For more on how newspaper advertising is the ‘information’ medium, click here.
Motor insurance is now more competitive than health or home contents with 120 brands fighting for market share. Price comparison sites – iselect, budgetdirect and comparethemarket, for example – have made it easy to find the best deal.
Newspaper media provide car insurance brands a direct route to 1.6 million motorists who plan to buy motor insurance. Most companies like to advertise on TV, yet by adding an element of print to their marketing mix, they extend the life of a campaign, reach non-TV viewers and provide detailed information not possible in a 30-second TV ad.
For a more detailed look at how print can boost a TV campaign, click here.
Readers rank among the highest spenders on travel insurance in the country. Nine in 10 of the heaviest spenders have read a newspaper in the past month. They are 16 per cent more likely to take out insurance when holidaying than non-readers.
With 5.1 million readers planning an overseas trip in the next 12 months, travel insurance brands will find an engaged audience in newspaper media.
emma™ conducted by Ipsos MediaCT, People 14+ for the 12 months ending Jan 2015, Nielsen Online Ratings Jan 2015, People 14+ only.