While it's true that younger consumers are becoming increasingly interested in life insurance products, opening up new demographics for insurers to target, the market is still struggling. In fact, according to recent data from Mintel Comperemedia, direct mail volume to consumers from life, health and property and casualty insurers is down 11% in Q3 2011 compared to Q3 2010.
"Q3 2011 is the third quarter in a row with a decline in direct mail volume from insurers," says Gary Wooley, Director, Insurance Consulting at Mintel Comperemedia. "Even the industry's proclaimed Life Insurance Awareness Month last September showed lower overall mail volume from life insurers; down 10% from the prior month and down 19% from September in 2010."
Health insurance direct mail volume to consumers during Q3 2011 is down 7% from Q3 2010, and up 5% from Q2 2011. Furthermore, Q3 YTD, mail volume is down 23%. Property & casualty (P&C) direct mail volume to consumers during Q3 2011 is down 8% from Q3 2010, and down 4% from Q2 2011. Q3 YTD, mail volume is up 4%. Meanwhile, life insurance direct mail volume to consumers during Q3 2011 is down 17% from Q3 2010, and down 6% from Q2 2011. Q3 YTD, mail volume is down 8%.
"2012 looks to be another exciting year from an economic perspective, leaving consumers more anxious," notes Gary Wooley. "Insurance products will see some renewed marketing vitality in 2012 as the concepts of stability, strength, and protection resonate more with consumers."
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