CLEARWATER, Fla.--(BUSINESS WIRE)--Leveraging its strong foothold in this evolving vertical, Digital Media Solutions, Inc. (NYSE: DMS), a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, is utilizing its recently analyzed auto insurance inquiry data and digital performance advertising expertise to identify the latest consumer trends within the auto insurance industry. DMS auto insurance trend data can be used by auto insurance carriers and agents to better understand, connect with and engage consumers searching for the insurance products that meet their unique needs.
According to the 2020 Auto Insurance & Emerging Consumers Trends infographic, based on aggregated and analyzed online auto insurance inquiry data from DMS, females currently represent the majority (57.9%) of consumers seeking auto insurance. Additionally, seniors (aged 65 and up), who are more comfortable than ever with online shopping, sought out more opportunities to comparison shop for services like auto insurance this year, leading to 130% year-over-year growth in online auto insurance inquiries from this audience.
The 2020 Auto Insurance & Emerging Consumers Trends infographic also revealed that the share of non-homeowners seeking auto insurance increased, rising from 54.4% in 2019 to 63.3% in the first three quarters of 2020. Non-homeowners represent a growing opportunity for auto insurers, especially those who can bundle renters’ insurance with auto insurance. The share of liability-only coverage inquiries also increased -- from 17.9% in 2019 to 27.5% during the first three quarters of 2020, potentially stemming from Americans driving less during the pandemic and seeking options to cut costs.
“We are seeing a steady shift throughout the auto insurance industry toward larger investments in digital advertising strategies, with 72% of auto insurance ad spend expected to be within digital media channels by 2024,” said Taryn Lomas, DMS EVP of Insurance. “DMS digital performance advertising solutions drive success for auto insurance advertisers -- including carriers and agents. Because our solutions leverage a pay-for-performance model, DMS auto insurance advertiser clients only pay for what they want -- customers and near customers -- which de-risks media spend even as they scale their digital advertising campaigns.”
By deploying its innovative proprietary technology, first-party data assets and expansive digital media distribution, DMS empowers advertiser clients to reach the right consumers at the right time with messages that resonate. Likewise, DMS helps consumers make more efficient and informed auto insurance shopping decisions by providing consumers with optionality and resources to identify the insurance offerings that best meet their unique circumstances and desires. DMS is committed to leveraging its consumer marketplaces, vast proprietary technology and data to create seamless, effective and personalized experiences for consumers seeking solutions from insurance providers.
Recently, DMS announced it had, as of July, connected 6 million consumers with auto insurance carriers through the DMS Insurance agent platform, ZipQuote. The ZipQuote platform helps insurance agents convert digital prospecting efforts into written policies with consistent and reliable digital performance advertising. Deploying proprietary consumer-behavior modeling, predictive analytics and proprietary advertising technology, ZipQuote engages consumers at the peak of their insurance buying intent.
An established leader in the insurance space, DMS Insurance represents a comprehensive suite of digital advertising solutions that deliver high-intent consumers to our nation’s auto, home, health and life insurers and their respective agent pools. DMS proprietary technology provides granular insight into the insurance consumer, resulting in optimized performance and value every time a connection is made.
For more on the evolving trends throughout the auto insurance industry, view the full 2020 Auto Insurance & Emerging Consumers Trends infographic here.
About Digital Media Solutions®
Digital Media Solutions, Inc. (NYSE: DMS) is an innovative global solutions provider of digital performance advertising and a connection point between digital advertising clients and their prospective customers. The DMS first-party data asset, proprietary advertising technology, significant proprietary media distribution and data-driven processes help digital advertising clients de-risk their advertising spend while scaling their customer bases. Learn more at https://digitalmediasolutions.com.
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