Ensuring the Uninsured Aren't Left on the Fence
Over 3.9 million Australians don’t hold any insurance policies. Within this group, 1.7 million are disengaged with the insurance industry - indicating that they disregard the value of insurance and are even impartial to which company they would choose to insure with, if any. So, how can you positively influence consumers attitudes towards insurance, and engage the disengaged through your marketing?
Here are three things to consider when targeting the uninsured consumer:
HELP THEM TO PLAN AND PRIORITISE
This disengaged group are more likely to be frustrated spenders - even if they consider themselves affluent, they find it difficult to deal with money matters; often live outside of their means; tend to deviate from their budget; and don’t have clear plans for their future. One-in-three people in this group are between the ages of 30 and 44, with approximately 650,000 of them in families with children at home. Not surprisingly, they are also more likely to prioritise their family with two-thirds making a concerted effort to choose family over career and health. A company who makes insurance easy is more likely to resonate with this group.
CATCH THEM IN THE MOMENT
It’s important to remember that people in this group are not going to be in a permanent state of apathy for insurance. Being top of mind during these key life moments is critical to appeal to win with this group and it’s an opportunity you don’t want to miss - with four-in-ten (42%) stating they are likely to take out insurance (building, motor, personal, contents, travel, other insurance) in the next 12 months. Approximately 452,000 of this group will travel overseas in the next six months; and in the next 12 months, 218,000 intend to buy a motor vehicle and 259,000 plan to purchase a home.
PERSONALISE, PERSONALISE, PERSONALISE
Marketers and brand owners should be mindful of some of the nuances of this group’s media behaviour:
- Personalise your ads: This group is more likely to find personalised online and mobile ads useful
- Bring in the experts: They trust radio ads featuring radio personalities; and use products recommended by experts
- Beyond TV: They find radio ads creative and entertaining; and they are also more likely to read most of the mobile advertising they receive. Those intending to purchase a car are more likely to engage with radio; while those looking to buy private health insurance turn to print media and catalogues.
- Consistent omnichannel messaging: This group is quick to respond to advertising, seeking further information on the internet about the products or deals they see advertised.
There is a lucrative growth opportunity for insurance companies to leverage by winning over those who are disengaged with the insurance industry. To do this, it is critical that these companies have a deeper understanding of who their potential customers are, what their purchasing intentions are over the short and long term, and the best way to reach and engage with them.
Source: emma Consumer & Media View (CMV), December 2017 - November 2018, All respondents 14+