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BizReport : Advertising : September 04, 2007
Insurers are moving more ad dollars online
A new study from eMarketer indicates that the financial services industry - insurers, banks and credit companies - will begin moving more dollars online in the coming year. US insurers are expected to spend about $980 million this year (38% increase) and $1.38 billion (41% increase) in 2008.
That will make the financial services sector second only to retail outlets for online spending.
Insurance companies appear to be leading the way for the financial market. In 2006, insurers' spending made up about 28% of the sector's ad spend and in 2007 will account for about 30% of the total spend. By 2011, insurers ads will account for at least 35% of the total financial sector online ad spend.
What does that mean for traditional ad platforms like television? Not a thing according to the report. Researchers found that insurers will also be pushing more ad dollars into television in the coming years as well as they try to reach the baby boomer generation and begin offering consumers the ability to purchase their own policies.
Will the increase in online and traditional ad spending continue? According to the report, it will.
Lisa Phillips, eMarketer Senior Analyst and author of the new Insurance Marketing Online: Meeting Customer Expectations? Report said, "Look for the trend to continue as more consumers not only turn to the Internet to compare quotes, but to apply directly for policies from auto, health, life and homeowner insurers."
Tags: online advertising
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