Study: Digital Display Ads Nine Times More Effective Than TV for Insurance Brands

The catchy jingles and memorable mascots we see on TV don’t seem to be what are attracting consumers to auto insurance companies these days. In fact, digital display ads are nine times more effective for insurance companies—especially car insurance brands—according to a study released today by Rocket Fuel.

Rocket Fuel’s study also found that insurance ads featuring human faces—a staple that brands such as Progressive use to communicate emotion—led to conversion rates of more than 177 percent. Ironically, considering its mascot is a gecko with a Cockney accent, Geico leads auto insurers in top-of-mind awareness at 21 percent, followed by State Farm with 19 percent and Allstate with 16 percent.

Rocket Fuel’s report also includes findings from separate findings from TransUnion. That report discovered that nearly half—44 percent—of consumers only look at one quote before making a purchase. And 10 percent of them will likely change providers in the next six months, with price being the most likely factor (49 percent) in that decision followed by reputation (17 percent).

Additionally, cross-channel ad spending is more effective than TV alone for auto and life insurance providers, the study found. For every $1 million an auto insurer spent on digital or display advertising, the brand was likely to see more return compared to the same spent on TV, print, search or radio. Rocket Fuel claims the difference is partly attributed to the oversaturation of TV advertising by auto insurance providers at the broadcast, cable and local levels.

To that point, 6 p.m. to 9 p.m. is the prime time for insurance companies to market to consumers, when they are at home and online. Consumers in Rocket Fuel’s study were more likely to sign up for an insurance plan during that time slot. Consumers are also more likely to convert on Thursdays within eight hours of seeing an ad.

The study surveyed 1,026 consumers about insurers in the auto, life and homeowners insurance sectors.