Aite Group projects the total marketing and advertising budget for the U.S. life insurance industry to be over US$4 billion in 2017 and to grow to US$5 billion by 2020
Boston, MA (Jan. 12, 2017) – In the U.S. life insurance industry, the number of distribution channels has increased for carriers, and with that comes new marketing and advertising channels. The rapid expansion of these marketing and advertising channels have carriers spreading their dollars thin across multiple channels.
According to Aite Group’s latest research, direct marketing, TV and radio, and print remained the primary categories in which marketing dollars were spent in 2016. However, online and digital channels saw the largest growth from 2015, with major increases in mobile marketing (27%) and internet marketing (19%). Social media channels also increased by 10%.
Projected marketing and advertising spend by channel, 2016 to e2020
“The introduction of so many channels and the inability to calculate the ROI at a micro level has left carriers struggling to make informed decisions about in which areas they should place their marketing dollars,” says senior life insurance analyst Samantha Chow.
Aite Group’s latest report, Life Insurance: Trends in U.S. Marketing and Advertising Spend, examines the marketing and advertising spend for the U.S. life insurance industry for 2016, illustrates the spend in different channels, and makes projections through 2020.
Download the table of contents here.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, securities & investments, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.
Source: Aite Group
