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The Insurance Purchase Decision - US - October 2013

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Data sources
        • Consumer survey data
          • Direct marketing creative
            • Abbreviations and terms
              • Abbreviations
                • Terms
                • Executive Summary

                    • The market
                      • Figure 1: Insurance ownership, by type, July 2013
                    • Market drivers
                      • Demographics favor growing sales
                        • Figure 2: US population growth, by age, 2008-18
                      • The consumer
                        • Insurance agents are still important
                          • Figure 3: Top five sources of insurance information, by age, July 2013
                        • Most people don’t plan to purchase insurance any time soon
                          • Figure 4: Plans to purchase any type of insurance independently, by type, July 2013
                        • Automatic renewal is a challenge
                          • Figure 5: Attitude toward automatic renewal, by age, July 2013
                        • Customer satisfaction
                          • Figure 6: Customer satisfaction, by type of insurance, July 2013
                        • What we think
                        • Issues and Insights

                            • How can the industry encourage consumers to purchase life insurance?
                              • Issues:
                                • Figure 7: Life insurance ownership, by household income, July 2013
                              • Insights:
                                • How will healthcare reform affect who purchases health insurance?
                                  • Issues:
                                    • Insights:
                                      • Figure 8: Top five sources of information for independently purchased health insurance, by source, July 2013
                                    • How will private health exchanges change the health insurance landscape?
                                      • Issues:
                                        • Insights:
                                          • How can insurers attract the young customers they need?
                                            • Issues:
                                              • Figure 9: Top five sources of insurance information, by age, July 2013
                                              • Figure 10: Importance of insurance company’s online capabilities, by gender and age, July 2013
                                            • Insights:
                                            • Trend Application

                                                • Inspire trend: Return to the Experts
                                                  • Inspire trend: The Power of One
                                                    • Figure 11: Incidence of insurance ownership – have no insurance, by marital status, july 2013
                                                  • Mintel futures: Humans
                                                  • Market Size

                                                    • Key points
                                                      • Life insurance net premiums increased sharply from 2010 to 2011
                                                        • Figure 12: Life insurance industry statistics, 2011 vs. 2001 and 2010
                                                      • Auto insurance premiums continue to rise
                                                        • Figure 13: Auto insurance – total written premiums, 2004-12
                                                      • Homeowners/renters premiums up 5.7%
                                                        • Figure 14: Homeowners insurance – total written premiums, 2004-12
                                                      • Health insurance premiums are increasing
                                                        • Figure 15: Health insurance – total written premiums, 2004-12
                                                      • More people have auto insurance than any other kind
                                                        • Figure 16: Type of insurance owned, July 2013
                                                    • Market Drivers

                                                      • Key points
                                                        • Demographics favor growing sales
                                                          • Figure 17: US Population growth, by age, 2008-18
                                                        • Unemployment continues to fall
                                                          • Figure 18: US unemployment April 2009-August 2013
                                                        • Home sales on an upward trend
                                                          • Figure 19: Existing home sales, in millions of units, July 2012-July 2013
                                                          • Figure 20: New home sales, 2002-12
                                                          • Figure 21: Sales of new homes, in thousands of units, July 2012 to July 2013
                                                          • Figure 22: Percentage of new home sales in each region, 2002-12
                                                          • Figure 23: Percentage of existing home sales in each region, July 2012-July 2013
                                                        • Car sales are strong
                                                          • Figure 24: 2013 car sales, in millions
                                                        • Sales of smartphones and tablets are increasing
                                                          • Figure 25: Smartphone ownership, by age, November 2011, June 2013
                                                        • Increase in disastrous natural weather events
                                                          • Figure 26: Billion dollar weather-related events, 2012
                                                      • Competitive Context

                                                        • Key points
                                                          • Private health exchanges will increase competition
                                                            • Apps will make a difference
                                                              • Figure 27: Online purchase and switching preferences – auto/motorcycle insurance, by age, July 2013
                                                              • Figure 28: Online purchase and switching preferences – homeowners/renters insurance, by age, July 2013
                                                          • Innovations and Innovators

                                                            • Key points
                                                              • MetLife teams up with Walmart
                                                                • Figure 29: MetLife direct mail ad, 2013
                                                              • Malayan Insurance is selling insurance on Facebook
                                                                • Health insurance at the mall
                                                                  • App from Progressive provides quotes
                                                                    • Innovative loyalty program from The Buzz
                                                                    • Marketing Strategies

                                                                      • Key points
                                                                        • P&C mailings higher in 2013 than 2012
                                                                          • Figure 30: Estimated P&C mail volume, Q1 2011-Q2 2013
                                                                          • Figure 31: Top four P&C mailers, Q2 2012-Q2 2013
                                                                        • Health insurance mailings
                                                                          • Figure 32: Health insurance mailing volume, Q2 2012-Q2 2013
                                                                          • Figure 33: Top five health insurance mailers, Q2 2013
                                                                        • Life insurance mailings
                                                                          • Figure 34: Life insurance mailing volume, Q1 2010-Q2 2013
                                                                          • Figure 35: Top five life insurance mailers, Q2 2012-Q2 2013
                                                                        • Reaching out to the LGBT community
                                                                          • Insurance companies’ use of social media
                                                                            • Insurance companies increasingly turning to Twitter
                                                                              • Brand analysis – Allstate
                                                                                • Online initiatives
                                                                                  • Online ads
                                                                                    • Figure 36: Allstate online ad, July 2013
                                                                                    • Figure 37: Allstate online ad, 2013
                                                                                  • Social media
                                                                                    • TV presence
                                                                                      • Figure 38: Allstate, television ad, 2012
                                                                                      • Figure 39: Allstate, television ad, 2013
                                                                                    • Print
                                                                                      • Figure 40: Allstate print ad, 2013
                                                                                    • Direct mail
                                                                                      • Figure 41: Allstate direct mail ad, 2013
                                                                                      • Figure 42: Allstate direct mail ad, 2013
                                                                                      • Figure 43: Allstate direct mail ad, 2013
                                                                                    • Brand analysis – MetLife
                                                                                      • Online initiatives
                                                                                        • Online ads
                                                                                          • Figure 44: MetLife online ad, July 2013
                                                                                          • Figure 45: MetLife online ad, 2013
                                                                                        • Social media
                                                                                          • TV presence
                                                                                            • Figure 46: MetLife television ad, 2013
                                                                                            • Figure 47: MetLife television ad, 2013
                                                                                          • Direct mail
                                                                                            • Figure 48: MetLife online ad, 2013
                                                                                            • Figure 49: MetLife direct mail piece, July 2013
                                                                                          • Email
                                                                                            • Figure 50: MetLife email ad, 2013
                                                                                            • Figure 51: MetLife email ad, 2013
                                                                                          • Brand analysis – Blue Cross Blue Shield
                                                                                            • Online initiatives
                                                                                              • Online ads
                                                                                                • Figure 52: Anthem Blue Cross Blue Shield online ad, 2013
                                                                                              • Social media
                                                                                                • TV presence
                                                                                                  • Figure 53: Blue Cross Blue Shield of Illinois television ad, 2012
                                                                                                  • Figure 54: Blue Cross Blue Shield of Texas television ad, 2013
                                                                                                • Print
                                                                                                  • Figure 55: Blue Cross Blue Shield print ad 2013
                                                                                                • Direct mail
                                                                                                  • Figure 56: Anthem Blue Cross Blue Shield direct mail ad, 2013
                                                                                                  • Figure 57: Anthem Blue Cross Blue Shield direct mail ad, 2013
                                                                                                • Email
                                                                                                  • Figure 58: Anthem Blue Cross Blue Shield Email ad, 2013
                                                                                                  • Figure 59: Anthem blue Cross Blue Shield email ad, 2013
                                                                                              • Insurance Products Owned

                                                                                                • Key points
                                                                                                    • Figure 60: Insurance product(s) owned, by gender, July 2013
                                                                                                    • Figure 61: Insurance product(s) owned, by age, July 2013
                                                                                                    • Figure 62: Insurance product(s) owned, by household income, July 2013
                                                                                                    • Figure 63: Insurance product(s) owned, by race/Hispanic origin, July 2013
                                                                                                    • Figure 64: Insurance product(s) owned, by marital/relationship status, July 2013
                                                                                                    • Figure 65: Insurance product(s) owned, by marital and presence of children in household, July 2013
                                                                                                • Sources of Insurance Information

                                                                                                  • Key points
                                                                                                      • Figure 66: Source of information for insurance purchase decision, by gender, July 2013
                                                                                                      • Figure 67: Source of information for insurance purchase decision, by age, July 2013
                                                                                                      • Figure 68: Source of information for insurance purchase decision, by race/ethnicity, July 2103
                                                                                                      • Figure 69: Source of information for insurance purchase decision, by ownership of insurance products, July 2013
                                                                                                      • Figure 70: Source of information for insurance purchase decision, by ownership of insurance products, July 2013
                                                                                                  • The Life Insurance Purchase Process

                                                                                                    • Key points
                                                                                                        • Figure 71: How life insurance was purchased, by gender, July 2013
                                                                                                        • Figure 72: How life insurance was purchased, by gender and age, July 2013
                                                                                                        • Figure 73: How life insurance was purchased, by household income, July 2013
                                                                                                    • The Health Insurance Purchase Process

                                                                                                      • Key points
                                                                                                        • Figure 74: How health insurance was purchased, by gender, July 2013
                                                                                                        • Figure 75: How health insurance was purchased, by age, July 2013
                                                                                                        • Figure 76: How health insurance was purchased, by household income, July 2013
                                                                                                    • The Auto Insurance Purchase Process

                                                                                                      • Key points
                                                                                                        • Figure 77: How auto/motorcycle insurance was purchased, by gender, July 2013
                                                                                                        • Figure 78: How auto/motorcycle insurance was purchased, by age, July 2013
                                                                                                        • Figure 79: How auto/motorcycle insurance was purchased, by household income, July 2013
                                                                                                    • The Homeowners/Renters Insurance Purchase Process

                                                                                                      • Key points
                                                                                                        • Figure 80: How homeowners/renters insurance was purchased, by gender, July 2013
                                                                                                        • Figure 81: How homeowners/renters insurance was purchased, by age, July 2013
                                                                                                        • Figure 82: How homeowners/renters insurance was purchased, by household income, July 2013
                                                                                                    • Attitudes toward Purchasing Insurance and Renewal

                                                                                                      • Key points
                                                                                                          • Figure 83: Attitudes toward purchasing insurance, by gender, July 2013
                                                                                                          • Figure 84: Attitudes toward purchasing insurance, by age, July 2013
                                                                                                          • Figure 85: Attitudes toward purchasing insurance, by household income, July 2013
                                                                                                          • Figure 86: Attitudes toward purchasing insurance, by household size, July 2013
                                                                                                      • Plans to Purchase Insurance in the Future

                                                                                                        • Key points
                                                                                                            • Figure 87: Plans to purchase any type of insurance next two years, by gender, July 2013
                                                                                                            • Figure 88: Plans to purchase any type of insurance in next two years, by age, July 2013
                                                                                                            • Figure 89: Plans to purchase any type of insurance in next two years, by household income, July 2013
                                                                                                            • Figure 90: Plans to purchase any type of insurance in next two years, by race/Hispanic origin, July 2013
                                                                                                            • Figure 91: Plans to purchase any type of insurance in next two years, by household size, July 2013
                                                                                                        • Online Purchase/Switching Behavior – Life Insurance

                                                                                                          • Key points
                                                                                                              • Figure 92: Online purchase/switching behavior – life insurance, by gender, July 2013
                                                                                                              • Figure 93: Online purchase/switching behavior – life insurance, by age, July 2013
                                                                                                              • Figure 94: Online purchase/switching behavior – life insurance, by household income, July 2013
                                                                                                              • Figure 95: Online purchase/switching behavior – life insurance, by race/Hispanic origin, July 2013
                                                                                                          • Online Purchase/Switching Behavior – Health Insurance

                                                                                                            • Key points
                                                                                                                • Figure 96: Online purchase/switching behavior – health insurance, by gender, July 2013
                                                                                                                • Figure 97: Online purchase/switching behavior – health insurance, by age, July 2013
                                                                                                            • Online Purchase/Switching Behavior – Auto/Motorcycle Insurance

                                                                                                              • Key points
                                                                                                                  • Figure 98: Online purchase/switching behavior – auto/motorcycle insurance, by gender, July 2013
                                                                                                                  • Figure 99: Online purchase/switching behavior – auto/motorcycle insurance, by age, July 2013
                                                                                                                  • Figure 100: Online purchase/switching behavior - auto/motorcycle insurance, by household income, July 2013
                                                                                                                  • Figure 101: Online purchase/switching behavior – auto/motorcycle insurance, by household size, July 2013
                                                                                                                  • Figure 102: Online purchase/switching behavior – auto/motorcycle insurance, by generations, July 2013
                                                                                                              • Online Purchase/Switching Behavior – Homeowners/Renters Insurance

                                                                                                                • Key points
                                                                                                                    • Figure 103: Online/switching behavior – homeowners/renters insurance, by gender, July 2013
                                                                                                                    • Figure 104: Online/switching behavior – homeowners/renters insurance, by age, July 2013
                                                                                                                    • Figure 105: Online switching behavior – homeowners/renters insurance, by household income, July 2013
                                                                                                                    • Figure 106: Online switching behavior – homeowners/renters insurance, by region, July 2013
                                                                                                                • Reasons for Shopping for New Insurance Company – Auto/Motorcycle

                                                                                                                  • Key points
                                                                                                                    • Figure 107: Reasons for shopping for auto/motorcycle insurance, by gender, July 2013
                                                                                                                    • Figure 108: Reasons for shopping for auto/motorcycle insurance, by age, July 2013
                                                                                                                • Reasons for Switching Auto/Motorcycle Insurer

                                                                                                                  • Key point
                                                                                                                    • Figure 109: Reasons for switching – auto/motorcycle insurance, July 2013
                                                                                                                • Reason for Switching Homeowners/Renters Insurer

                                                                                                                  • Key point
                                                                                                                    • Figure 110: Reason switched homeowners/renters insurance, July 2013
                                                                                                                • Customer Satisfaction

                                                                                                                  • Key points
                                                                                                                      • Figure 111: Customer satisfaction, by gender, July 2013
                                                                                                                      • Figure 112: Customer satisfaction, by age, July 2013
                                                                                                                      • Figure 113: Customer satisfaction, by household income, July 2013
                                                                                                                  • Important Considerations in Choosing a Carrier

                                                                                                                    • Key points
                                                                                                                        • Figure 114: Important considerations in choosing insurance carrier, by gender, July 2013
                                                                                                                        • Figure 115: Important considerations in choosing insurance carrier, by age, July 2013
                                                                                                                        • Figure 116: Important considerations in choosing insurance carrier, by gender and age, July 2013
                                                                                                                        • Figure 117: Important considerations in choosing insurance carrier, by household income, July 2013
                                                                                                                        • Figure 118: Important considerations in choosing insurance carrier, by race/Hispanic origin, July 2013
                                                                                                                        • Figure 119: Important considerations in choosing insurance carrier, by presence of children in household, July 2013
                                                                                                                    • Claims Experience

                                                                                                                      • Key points
                                                                                                                          • Figure 120: Claims experience, by gender, July 2013
                                                                                                                          • Figure 121: Claims experience, by age, July 2013
                                                                                                                          • Figure 122: Claims experience, by household income, July 2013
                                                                                                                      • Appendix – Trade Associations

                                                                                                                        Companies Covered

                                                                                                                        To learn more about the companies covered in this report please contact us.

                                                                                                                        The Insurance Purchase Decision - US - October 2013

                                                                                                                        US $3,995.00 (Excl.Tax)