UK Life Insurance 2020 trends
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UK Life Insurance 2020 trends
Executive Summary
• The UK life insurance premium market is forecast to grow 3% year-on-year until 2022
• Life insurance searches have increased significantly in March 2020, coinciding with the WHO
announcing COVID-19 a global pandemic
• Volume has been driven by 65+, meanwhile advertiser activity has increased exponentially
• Life insurance search communities have strong overlaps with searches for critical illness &
mortgage insurance search queries
• Advertising tip: Growing industry with high potential for advertisers. Consider use of green
coloured tokens when updating ad copy to ensure ads stand out for potential customers
UK life insurance premiums forecast to grow 3% year-on-year
Life Insurance gross written premiums 2017-2022 (forecast), £bn
200
190
180
£bn
170
160
150
2017 2018 2019* 2020* 2021* 2022*
Statista, EY 2017 to 2018. Forecast 2019-2022. Released May 2019
Life insurance seasonality shifted to March in 2020
Jan 2019 seasonality spiked in relation to no-deal Brexit warnings, but in 2020 March
lockdowns coincided with uptick in searches
Generic life insurance searches index
180%
160%
2019 2020
140%
120%
100%
80%
60%
40%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Microsoft Internal, 2019-2020. Based on search volumes from top generic life insurance terms
PC’s share of traffic has increased in 2020
Tablet & Mobile share has decreased. Now almost 9/10 searches are on PC
Device share of traffic. 2019 vs 2020
100%
75%
2019 2020
50%
25%
0%
PC Tablet Mobile
Microsoft Internal, 2019-2020 Q1
65+ are now more likely to be searching for life insurance
The shift in demographics presents opportunities to revisit ad messaging
% year-on-year change by age group
-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10%
18-24 Search volume Clicks
25-34
35-49
50-64
65+
Microsoft Internal, 2019 Q1 vs 2020 Q1
Ad adjustments have increased eight-fold since mid-March
Advertisers have taken the opportunity to add more ads & revise existing ones
Search ads: amendments or additions Changes made to ads
Added Changed Removed
Pre (Jan - mid Mar) 8% 92%
Post (mid Mar - May) 32% 66%
Pre (Jan - mid Mar) Post (mid Mar - May)
Microsoft Internal, 2020. Pre-Pandemic defined as Jan-10th Mar, post is 11th Mar to May 2020. 11th Mar: WHO announces covid19 is a global pandemicAnalysing consumer journeys
The life insurance search journey Algorithmic approach to understanding common co-occurring queries in life insurance search journeys Analysis period: Jan-Apr 2020 Uncovers search queries likely to occur in a user journey before conversion Advertiser opportunity: ad group design, bid mechanisms, brand reach throughout the decision journey
The Life insurance search journey Microsoft Internal
Each colour denotes a different search community
Key communities consist of:
Life Insurance
Health Insurance
Brand+
Medical insurance
Microsoft InternalThe ‘life insurance’ community
Consider remarketing implications to reach consumers as they search for other
aspects related to life insurance
Common occurring searches:
Searches containing ‘quote’
Contains ‘best’
Contains ‘over 50’
Mortgage & critical illness
Microsoft InternalThe ‘life insurance quotes’ community
The associated search queries when searching for quotes is much narrower:
quotes & medical conditions dominate heavily
Brand 14
Microsoft InternalThe ‘health insurance’ community
Health has some overlap with Life insurance but also heavily features brand terms
Common occurring searches:
Searches containing ‘quote’
Contains ‘family’
Contains ‘medical’
Brand 14
Private health insurance
Microsoft InternalHow to read an ad copy heat map
Ad quality explanations
Pricing and value We’ve looked at two dimensions in Bing Ads:
Brand Endorsements CTA
perception drivers 1 2 How many other
Ad How well tokens
Token Token Ad Quality Token Ad Quality advertisers are
Quality impact your ad
actively using the
quality
voted best apply today great price token
trust purchase discount
Strong impact, rarely used
defaqto buy today save up to
Strong impact, sometimes used
official site get quotes free
Strong impact, but used often
™ compare low prices
Individual Tokens Fair impact, rarely used
trusted enquire save
Fair impact, sometimes used
official switch price guarantee
recommended get a quote low cost Fair impact, but used often
buy now cheap
Limited impact, but rarely used
Limited impact, but sometimes used
Limited impact, but used often
Top Tip: The greener and fuller the circle, the more likely your
ad will stand outGeneric life insurance searches
ETA Ad copy analysis
Dynamic Inclusion and Pricing and value
Brand Endorsements CTA Speed User Needs USP
Special Symbols perception drivers
Ad Ad Ad Ad Ad Ad Ad
Token Token Token Token Token Token Token
Quality Quality Quality Quality Quality Quality Quality
takes a
recommended apply now {param2: vouchers call centre policies
moment
official site call ! payout today aged 50 direct
™ buy ? save instant save money policy
no
trusted buy online & from [£] same day enjoy
obligation
competitive
[brand] get a quote + cash-back minutes insurance
quote
official compare {keyword: offer in seconds calculator cover
award winning apply affordable fast over 50 guaranteed
top get your quote today save [%] protection easy
right buy now free advice premium medical
regulated protect your loved ones from just [£] 50+ best deal
preferred free quote top 10
leader protect exclusive
multiple
visit
providers
get quotes range
contact best
Internal source: Ad quality analysis is based on the performance of specific tokens within ETA ad copy that showed for Life insurance searches. Jan-Mar 2019, across devices on Bing and Yahoo sites in the UKOpportunities for advertisers
65+ age group have driven Remarketing to reach Use ad copy heatmap to
searches & clicks year-on- consumers throughout the update ads ensuring your
year journey ads stand out in a
competitive marketplace
Consider updates to Consider cross-sell
messaging or content to opportunities with health
appeal to the new audience insuranceYou can also read
