What's in a Name?: The Role of Brand Awareness Online and Off

Mindshare We revisited consumer awareness of life insurance brands in an update to a popular 2014 study.1 The 2019 study finds that many Americans still struggle to recall life insurance company names, though there has been some improvement compared to 5 years ago. The list indicates that consumers admit to knowing so little about life insurance companies that they default to what insurance they do know - P&C. Most people do not pay close attention to different types of insurance advertising or understand the distinctions between the different types of companies.2 As such, we see companies like Geico and Progressive mentioned, even for life insurance. [...]several companies with notable changes in mindshare from 2014 to 2019 reported increases or decreases in their life insurance and/or P&C advertising expenditures.3 Life insurance companies have shifted to multichannel, omnichannel, and even optichannel marketing. Most of these companies are well-established brands, lending support to the notion that higher brand awareness and/or higher marketing spend can help cut through the cacophony of online search results.