Insurance Advertising Market Expected to Reach $30.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Insurance Advertising Market, By Product Type (Life Insurance, Non-Life Insurance), By Advertising Channels (Television, Email, Sales Calls, Others), By Application (Direct Marketing, Network Marketing, Mobile Marketing, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". The insurance advertising market was valued at $10.8 billion in 2022, and is estimated to reach $30.2 billion by 2032, growing at a CAGR of 11.2% from 2023 to 2032.

The insurance advertising market has been witnessing dynamic trends and growth factors. In recent times, there has been a noticeable shift toward digital platforms for advertising, with social media, online video content, and targeted ads gaining prominence. This shift caters to the evolving consumer preferences for convenient and personalized information. Insurers are increasingly focusing on conveying their unique value propositions and customer-centric approaches to stand out in the competitive landscape.

The market has also seen the integration of technology, such as AI-driven chatbots, to enhance customer engagement and streamline the insurance buying process. As consumers become more tech-savvy, insurance companies are leveraging data analytics to tailor their advertising strategies and refine their messaging. Thus, the insurance advertising market is adapting to the digital era, utilizing innovative methods to connect with customers and provide relevant, accessible information.

The insurance advertising market players have implemented several key strategies to stay competitive and adapt to changing market conditions. One notable insurance advertising market trends is the focus on expanding global presence and diversifying revenue streams by partnerships, for instance, in June, 2023, Canara HSBC Life Insurance collaborated with Amazon Ads for an innovative on-box advertising campaign. As part of the partnership, Canara HSBC Life Insurance will use Amazon Ads's unique on-box advertising #UnboxingHappiness to promote its latest savings-cum-insurance plan, the “iSelect Guaranteed Future Plan”. ‘Amazon Ads’ On-box advertising is available on its delivery boxes and packages being delivered to customers.

A unique QR code is placed on the box which customers can scan to reach the Canara HSBC Life Insurance online buying platform and enquire about or purchase the specific plan. With delivery of the branded boxes directly to customers’ doorsteps, Canara HSBC Life Insurance aims to reach and connect with relevant audience. The campaign will focus on key metropolitan cities including Mumbai, Delhi, Bangalore, Hyderabad, Kolkata, and Chennai. Moreover, one of the largest diversified conglomerates in India, Aditya Birla Health Insurance company ltd. (ABHICL), the Health Insurance joint venture of Aditya Birla capital launched its new campaign, “KyaPeecheChhodaHai” in January, 2023. This campaign empowers consumers to lead healthier lives and promotes the role of health insurance in their campaign which shows how health insurance is transforming the lives of people.

This campaign also encapsulates the significance of how positive health behavior such as walking 10,000 steps every day will help an individual to leave their health concerns behind. The unique thing in this campaign is that ABHICL celebrates its real customers who have successfully managed to transform their lifestyle by inculcating the easy and simple habit of everyday walking 10,000 steps and have left health-related issues behind. In this new campaign characters from across walks of life, are at the heart of digital and TVC campaigns.

These characters narrate their stories regarding how walking 10,000 every day have helped them do away with issues like weight issues, asthma, diseases like diabetes, and mental stress. This campaign replicates how Aditya Birla Health Insurance is an active partner in this positive transformation and spreading awareness of the significance of following a disciplined routine. Therefore, such innovative and thought provoking advertisements for insurance products will provide major opportunities for the growth of insurance advertising market in the upcoming years.

Based on application, the direct marketing segment attained the highest market share. This is owing to its focused approach and personalized communication. Direct marketing allows insurers to directly reach out to potential customers, tailoring their messages to individual needs and preferences, which enhances the likelihood of engagement and conversion. This targeted approach leads to efficient resource allocation and better ROI, contributing to the segment's dominant position.

On the other hand, the mobile marketing segment is projected to experience rapid growth during the forecast period due to the increasing prevalence of smartphones and mobile internet usage. With consumers spending more time on their mobile devices, insurance companies recognize the opportunity to connect with them through mobile apps, SMS, and mobile-friendly websites. Mobile marketing facilitates real-time engagement, location-based targeting, and interactive content delivery, all of which resonate well with the on-the-go nature of modern consumers. As mobile technology continues to evolve, the segment is poised to expand further, capitalizing on the convenience and accessibility it offers to consumers.

Based on region, North America attained the highest market share in the insurance advertising market growth in 2022. This can be attributed to factors like the region's well-established insurance industry, robust technological infrastructure, and high levels of consumer awareness. The mature market in North America allows insurance companies to tap into a wide customer base and utilize advanced digital marketing techniques effectively.

On the other hand, the Asia-Pacific region is forecasted to be the fastest-growing segment during the forecast period. This growth is fueled by expanding economies, rising disposable incomes, and increasing penetration of insurance products among previously underserved populations. As digital connectivity improves across the Asia-Pacific region, insurance companies are finding new opportunities to reach and educate potential customers through online platforms, capitalizing on the region's immense market potential.

COVID-19 positively impacted the insurance advertising industry by accelerating the shift towards digital platforms. Lockdowns and social distancing measures prompted insurers to rely more on online advertising to reach customers. Consumer preferences also evolved, with a greater demand for health and life coverage. As a result, insurers adapted their advertising strategies to address these changing needs, emphasizing virtual interactions and empathetic messaging.

Key Findings of the Study

• By product type, the life insurance segment led the insurance advertising market share in terms of revenue in 2022.
• By advertising channel, the television segment led the insurance advertising market size in terms of revenue in 2022.
• By application, the direct marketing segment accounted for the highest Insurance advertising market share in 2022.
• By region, North America generated the highest revenue in 2022.

The report analyzes the profiles of key players operating in the insurance advertising market analysis such as Allianz SE, Allstate Insurance Company, American International Group, Inc., AXA, Chubb, MetLife Services and Solutions, LLC., Ping An Insurance (Group) Company of China, Ltd., Progressive Casualty Insurance Company, Prudential, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the insurance advertising market forecast.