Aite Group report: Most insurance companies around the world don’t have one, but the industry is starting to take rewards programs seriously
Boston, MA (Jan. 12, 2017) – In the United States and around the world, the insurance industry is increasingly leveraging loyalty marketing techniques, such as rewards programs, to nudge customers toward preferred behaviors. Multiple forces are seeding the ground for insurers to make a creative use of marketing techniques historically associated with credit cards, travel, lodging, and retail. Can the rise of telematics, wearables, and the internet of things offer insurers a radical opportunity to embrace loyalty marketing?
Projected marketing and advertising spend by channel, 2016 to e2020
This research reviews 10 forces that are propping up the case for loyalty marketing and rewards in P&C, life, and health insurance. It is based on 2016 interviews and discussions with insurers and technology vendors on the topic of loyalty marketing and rewards as well as 2016 interviews with carriers and vendors on the topic of telematics and IoT, and it leverages multiple Aite Group micro surveys of U.S. and U.K. online adults. It also profiles a few vendors that serve the insurance industry: Amodo, Carrot Insurance, Deluxe, Epsilon, and Vitality Group.
This 34-page Impact Note contains 17 figures and two tables. Clients of Aite Group’s Health Insurance, Life Insurance, or P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
Download the table of contents here.
This report mentions AAA, Accenture, AIA, AIG, Alliance Data Systems, Allstate, Amodo, Deluxe Rewards, Discovery Ltd, Epsilon, Esurance, EY, Farmers, Generali, IBM, Informatica, John Hancock, Liberty Mutual, Manulife, MetLife, Metromile, National General, Nationwide, Oracle, Ping An, Porsche Bank, Progressive, Safeco, Salesforce, State Farm, Sumitomo Life, The Hartford, Tibco, Trak Global’s Carrot Insurance, TransUnion, Travelers, Triglav, USAA, and Vitality Group.
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