In the evolving home insurance market, engaging consumers effectively is more critical than ever, especially as mortgage rates remain high. Tailoring home insurance offers and reaching the right audiences can significantly enhance results. Recent data from TransUnion shows that despite a slowdown in the housing market in 2023, there was an increase in consumers shopping for home insurance compared to 2022.
Taryn Lomas, EVP of Insurance at Digital Media Solutions, notes, "While the home insurance market may be challenging right now, there is still significant opportunity for those who adopt the right strategies. By leveraging data-driven insights and personalized marketing tactics, you can successfully engage consumers and generate quality leads, regardless of market conditions." This is encouraging news for advertisers, highlighting the need to be efficient and effective in generating quality home insurance leads.
Understanding Home Insurance Consumers
In 2024, consumers know that shopping around for insurance can help them secure better deals. Key factors in their decision-making include fair pricing, ease of enrollment and trust in claims. Price remains a particularly significant selling point, with recent data from Matic showing that homeowners faced an average 8.6% premium increase for new policies in 2023. It's important to remember that existing homeowners are also actively reviewing their policies and exploring options for better rates or coverage. It's essential to consider all potential home insurance shoppers, from new homeowners to those looking to switch providers.
Four Leading Strategies To Boost Engagement And Generate Quality Home Insurance Leads
#1. Personalize Offers Using Data And Analytics
Utilizing consumer data to tailor insurance offers ensures relevance and appeal. Insurance providers can create more personalized and targeted marketing efforts by understanding consumer behaviors and preferences. This approach is crucial as mortgage rates remain high and consumers are paying closer attention to policies to ensure they offer desirable coverage and an affordable price.
Data solutions from DMS empower our clients to build better customer experiences through our suite of data-driven offerings, all in a secure and privacy-conscious manner. With our data, you have the power to personalize consumer experiences at an unmatched level and scale.
#2. Leverage Digital Channels & Make It Easy
Reaching consumers where they are — online — is essential. Using popular digital channels like email, social media and SMS to connect with potential customers allows for timely and relevant interactions. Providing easy-to-access coverage explanations and seamless enrollment options can significantly increase conversion volume. The modern consumer often multitasks and prefers simplicity and convenience, making creating a straightforward and user-friendly online experience vital to increasing your volume of home insurance leads.
#3. Create Clear And Compelling CTAs
Straightforward calls-to-action (CTAs) are crucial in driving engagement and generating home insurance leads. Ensuring that CTAs are clear, concise and compelling encourages immediate action from potential customers. Effective CTAs should be strategically placed on landing pages, emails and social media to guide consumers through the decision-making process. By making it easy for consumers to understand the next steps and feel confident in their choices, you can significantly enhance engagement and conversion rates.
#4. Offer Differentiating Factors Where Possible
Highlighting unique aspects of your policies, such as coverage options, bundling opportunities or special features, can set your offers apart in a crowded market. These differentiating factors can attract consumers seeking more value and specific benefits. By emphasizing what makes your insurance policies unique, you can better capture the interest of consumers who are comparison shopping, ultimately leading to more home insurance leads.
DMS Insurance Sets Agencies Up For Success
DMS Insurance offers a comprehensive suite of products that deliver customers to our nation’s largest home insurers and their respective agent pools. Our proprietary ad exchange strategically positions branded ads, targeting high-intent consumers at the ideal points and places in their insurance buying journey, effectively encouraging engagement and action. Contact DMS today to learn more about how we drive better business results for our clients.