Life Insurers are going to have to employ digital marketing tactics more aggressively if they are going to capitalize on a huge coverage gap.
Axicom Corporation,(Nasdaq:ACXM) recently released a study, Life Insurance Marketing at the Crossroads that found that nearly half of adults are uninsured or underinsured which brings life insurance ownership to a 50-year low. Although the study acknowledges myriad factors contributing to the statistic one of the most prominent causes is that carriers are not reaching potential customers in Millennial, Gen X and Boomer generations through digital channels.
The study contends that life insurance carriers are going to have to continue to approach sales through traditional avenues while heavily supplementing broadcast and direct marketing with digital engagement.
Findings detailed in the report articulate that the digital channel is the most efficient way to deliver individualized messages to prospective policyholders.
Findings in the study that affirm the belief in a need for a heavy digital presence include : 68 percent of Millennials use social media to shop; 43 percent of Gen X conducted online searches to find information on life insurance and 33 percent of boomers report that online information ranked among the top three influencers in their final purchasing decision.
The study was conducted in June 2011 and included responses from 3,027 respondents age 18 and up.