Boston, January 26, 2017 – In the United States and around the world, the insurance industry is increasingly leveraging loyalty marketing techniques, such as rewards programs, to nudge customers toward preferred behaviors. Multiple forces are seeding the ground for insurers to make a creative use of marketing techniques historically associated with credit cards, travel, lodging, and retail. Can the rise of telematics, wearables, and the internet of things offer insurers a radical opportunity to embrace loyalty marketing?
This research reviews 10 forces that are propping up the case for loyalty marketing and rewards in P&C, life, and health insurance. It is based on 2016 interviews and discussions with insurers and technology vendors on the topic of loyalty marketing and rewards as well as 2016 interviews with carriers and vendors on the topic of telematics and IoT, and it leverages multiple Aite Group micro surveys of U.S. and U.K. online adults. It also profiles a few vendors that serve the insurance industry: Amodo, Carrot Insurance, Deluxe, Epsilon, and Vitality Group.
This 34-page Impact Note contains 17 figures and two tables. Clients of Aite Group’s Health Insurance, Life Insurance, or P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions AAA, Accenture, AIA, AIG, Alliance Data Systems, Allstate, Amodo, Deluxe Rewards, Discovery Ltd, Epsilon, Esurance, EY, Farmers, Generali, IBM, Informatica, John Hancock, Liberty Mutual, Manulife, MetLife, Metromile, National General, Nationwide, Oracle, Ping An, Porsche Bank, Progressive, Safeco, Salesforce, State Farm, Sumitomo Life, The Hartford, Tibco, Trak Global's Carrot Insurance, TransUnion, Travelers, Triglav, USAA, and Vitality Group.