We used BrandTotal data to understand how leading insurance companies are using paid social media campaigns to attract customers over a 30 day period [April 15th, to June 15th 2020].
As a result of relentless advertising sprees, insurance companies have made themselves household names, and their ads are often seen across formats – from websites and social media platforms to movies, magazines and sports broadcasts.
The companies analyzed in this report include the largest insurers in the U.S. such as State Farm, GEICO, Allstate and Progressive, as well as newer competitors; Lemonade for example, which is seeking to raise $100m with its recently announced IPO.
BrandTotal Key Insights
Spending increased gradually over the period analyzed with smaller peaks around Progressive’s“Say a little more about your savings goals” (Twitter) and New York Life’s recruitment ad “Join a team that gives you the tools to succeed in a growing Fortune 100 company” (LinkedIn).
In terms of spending on particular weekdays, there was a noticeable increase in spending on Fridays.
Progressive, GEICO, State Farm, Allstate and Liberty Mutual were among the leaders in terms of spending.
Spending patterns over the period, and changes in spending were analyzed. Noteworthy results include:
State Farm: started with relatively high spend, tapered off towards mid June
Progressive: increased gradually, peaked around last week of May
GEICO: relatively flat over the period with a spike around April 29 coinciding with the “Gecko Can't Stop Laughing” campaign (YouTube)
State Farm launched its series of “The New Chris Paul”, where Alfonso Ribiero impersonates the NBA star. It utilizes reds throughout the different campaign installments, highlighting the connection to State Farm.
GEICO makes use of its popular Gecko, as well as referencing the Coronavirus pandemic through virtual meetings – something that most people will identify with.
Lemonade highlights its renter’s insurance policies by showcasing the different types of apartments it provides insurance for. The ads take place within an urban environment and the brand’s unique pink color is used for emphasis throughout.
Insurance Companies are Getting Creative
The nation’s leading insurance companies are using a varied mix of creative strategies across paid social media to attract customers. Each is using a different combination of branding, eye-catching design and unexpected collaborations to stand out.
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