Radio Increases Reach Of Auto Insurers

Auto insurers, always strong users of AM/FM radio, increased their commitment in 2020 despite the pandemic. Last year, the insurance category increased network radio spend by +26% versus 2019, according to Miller Kaplan. 

This week’s Westwood One blog shows how a spend increase on AM/FM radio drives incremental reach, search, and site traffic for auto insurance brands.

• In-market insurance shoppers: Younger, male, and affluent: A September 2020 MARU/Matchbox study found 18% of Americans reported they were “extremely likely” to shop for insurance policies in the next six months. The profile of the in-market insurance shopper skews male, has a $75K+ income, and is young with 74% falling in the 18-49 age bracket.
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  AM/FM radio is the ideal medium for insurance brands: The greater the time spent with AM/FM radio, the more likely listeners are in the market for insurance: Nielsen Scarborough reports 90% of those who will switch their auto insurance provider in the next year are reached by AM/FM radio.
• Versus heavy TV viewers, heavy AM/FM radio listeners are +30% more likely to be in the market for insurance: 23% of heavy TV viewers are extremely likely to shop for insurance in the next 6 months compared to 30% for heavy AM/FM radio listeners.
• Nielsen Media Impact: AM/FM radio generates a +39% increase in incremental reach among adults 25-34 for five major insurance brands.
• The younger the demographic, the greater the increase in incremental reach generated by AM/FM radio: Among adults 35-44, AM/FM radio generates a +22% average increase in reach as an overlay to the TV plans of five major insurance brands. Adult 25-34 reach grows +39%. Among adults 18-24, AM/FM radio lifts incremental reach by +46%.
• Analytic Owl: AM/FM radio advertising generates a +12% increase in web traffic and a +59% increase in retail visits for auto insurance brands.
• Veritonic: Audio logo testing reveals insurance brands have some of the top scoring sonic brands: In Veritonic’s latest Audio Logo Index, the sonic brands of insurance firms generated the strongest creative performance of all categories.