DMS Leverages First-Party Data Asset to Spotlight Latest Trends In Growing & Evolving Auto Insurance Industry

Rhea-AI Summary

Digital Media Solutions (NYSE: DMS) is leveraging its expertise in digital performance advertising to analyze trends in the auto insurance sector. Recent data shows that women account for 57.9% of insurance inquiries, with seniors experiencing a 130% increase in online inquiries. The share of non-homeowners seeking auto insurance has grown from 54.4% to 63.3%. Additionally, liability-only coverage inquiries rose from 17.9% to 27.5%. DMS predicts that by 2024, 72% of auto insurance advertising spend will be digital.

Positive

• Inquiries for auto insurance from seniors increased by 130% year-over-year.
• The share of non-homeowners seeking auto insurance rose from 54.4% to 63.3% in 2020.
• DMS connected six million consumers with auto insurance carriers through its ZipQuote platform.
• DMS expects 72% of auto insurance ad spend to be in digital media channels by 2024.

Negative

• None.

Leveraging its strong foothold in this evolving vertical, Digital Media Solutions, Inc. (NYSE: DMS), a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, is utilizing its recently analyzed auto insurance inquiry data and digital performance advertising expertise to identify the latest consumer trends within the auto insurance industry. DMS auto insurance trend data can be used by auto insurance carriers and agents to better understand, connect with and engage consumers searching for the insurance products that meet their unique needs.

(Graphic: Business Wire)

According to the 2020 Auto Insurance & Emerging Consumers Trends infographic, based on aggregated and analyzed online auto insurance inquiry data from DMS, females currently represent the majority (57.9%) of consumers seeking auto insurance. Additionally, seniors (aged 65 and up), who are more comfortable than ever with online shopping, sought out more opportunities to comparison shop for services like auto insurance this year, leading to 130% year-over-year growth in online auto insurance inquiries from this audience.

The 2020 Auto Insurance & Emerging Consumers Trends infographic also revealed that the share of non-homeowners seeking auto insurance increased, rising from 54.4% in 2019 to 63.3% in the first three quarters of 2020. Non-homeowners represent a growing opportunity for auto insurers, especially those who can bundle renters’ insurance with auto insurance. The share of liability-only coverage inquiries also increased -- from 17.9% in 2019 to 27.5% during the first three quarters of 2020, potentially stemming from Americans driving less during the pandemic and seeking options to cut costs.

“We are seeing a steady shift throughout the auto insurance industry toward larger investments in digital advertising strategies, with 72% of auto insurance ad spend expected to be within digital media channels by 2024,” said Taryn Lomas, DMS EVP of Insurance. “DMS digital performance advertising solutions drive success for auto insurance advertisers -- including carriers and agents. Because our solutions leverage a pay-for-performance model, DMS auto insurance advertiser clients only pay for what they want -- customers and near customers -- which de-risks media spend even as they scale their digital advertising campaigns.”

By deploying its innovative proprietary technology, first-party data assets and expansive digital media distribution, DMS empowers advertiser clients to reach the right consumers at the right time with messages that resonate. Likewise, DMS helps consumers make more efficient and informed auto insurance shopping decisions by providing consumers with optionality and resources to identify the insurance offerings that best meet their unique circumstances and desires. DMS is committed to leveraging its consumer marketplaces, vast proprietary technology and data to create seamless, effective and personalized experiences for consumers seeking solutions from insurance providers.

Recently, DMS announced it had, as of July, connected 6 million consumers with auto insurance carriers through the DMS Insurance agent platform, ZipQuote. The ZipQuote platform helps insurance agents convert digital prospecting efforts into written policies with consistent and reliable digital performance advertising. Deploying proprietary consumer-behavior modeling, predictive analytics and proprietary advertising technology, ZipQuote engages consumers at the peak of their insurance buying intent.

An established leader in the insurance space, DMS Insurance represents a comprehensive suite of digital advertising solutions that deliver high-intent consumers to our nation’s auto, home, health and life insurers and their respective agent pools. DMS proprietary technology provides granular insight into the insurance consumer, resulting in optimized performance and value every time a connection is made.

For more on the evolving trends throughout the auto insurance industry, view the full 2020 Auto Insurance & Emerging Consumers Trends infographic here.

About Digital Media Solutions^®

Digital Media Solutions, Inc. (NYSE: DMS) is an innovative global solutions provider of digital performance advertising and a connection point between digital advertising clients and their prospective customers. The DMS first-party data asset, proprietary advertising technology, significant proprietary media distribution and data-driven processes help digital advertising clients de-risk their advertising spend while scaling their customer bases. Learn more at https://digitalmediasolutions.com.

Safe Harbor Statement

This press release includes “forward-looking statements'' within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. DMS’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, DMS’s expectations with respect to its future performance and its ability to implement its strategy. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside DMS’s control and are difficult to predict. Factors that may cause such differences include risks and uncertainties indicated from time to time in DMS’s amended registration statement, filed on August 6, 2020, including those under “Risk Factors”, and in DMS’s other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. DMS cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. DMS does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

© 2020 Digital Media Solutions, Inc. All Rights Reserved. Digital Media Solutions and its logos are trademarks or registered trademarks of Digital Media Solutions, LLC. All other company and product names referenced herein are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217005187/en/

FAQ

What trends are being observed in the auto insurance market according to DMS?

DMS reports a significant increase in auto insurance inquiries from women (57.9%) and seniors (130% year-over-year growth).

How has the share of non-homeowners seeking auto insurance changed?

The share of non-homeowners seeking auto insurance increased from 54.4% in 2019 to 63.3% in 2020.

How many consumers has DMS connected with auto insurance carriers?

DMS has connected six million consumers with auto insurance carriers through its ZipQuote platform.

What percentage of auto insurance advertising spend is expected to be digital by 2024?

DMS anticipates that 72% of auto insurance ad spend will be allocated to digital media channels by 2024.