Snapchat Report Reveals Insurance Marketing Potential Among Young Users
Snapchat has released a new report, based on an Ipsos survey of 1,513 U.S. social media users, showing that Snapchatters are 1.4x more likely to own insurance policies and 1.8x more likely to change policies after life events. The data highlights that 82% would consider switching providers, and 74% view insurance brands positively after seeing them on social platforms, positioning Snapchat as a valuable channel for insurance marketers.
Snapchat has published a new report examining how its users approach insurance purchases, with findings that underscore opportunities for insurance-related marketers and brands.
At first glance, associating a youth-focused platform like Snapchat with insurance promotions may seem counterintuitive. However, according to data compiled by Ipsos and Snap, “Snapchatters are among the most proactive insurance decision-makers today. They are planners, evaluators, and digital-first consumers who turn to social platforms — and Snapchat specifically — for guidance and direction at every step.”
The survey of 1,513 U.S.-based social media users found that 4 out of 5 Snapchat users already own at least one insurance policy, making them 1.4 times more likely than non-Snapchatters to be policy owners.
This statistic speaks to the affluent nature of Snap’s audience, which has long been considered the app’s primary market.
Indeed, back in 2017, Snap CEO Evan Spiegel reportedly said that Snapchat is only for rich people, which explains why the app was primarily focused on certain regions and operating systems. Spiegel denied making the comment, but it does seemingly relate to the app’s audience, based on this new data point.
The report also revealed that 82% of Snapchatters would consider switching insurance providers. Additionally, Snapchat users were more likely than non-users to be familiar with policy terms, coverage details, and the insurance marketplace at large.
Snapchatters were more likely to face major milestones related to large purchases. As per the report: “Life is full of changes for Millennial & Gen Z Snapchatters. Whether it’s moving, new vehicles, or growing families, these consumers are more likely to have experienced major life changes recently. With that change comes reassessment. 77% state they have changed or adopted new insurance policies after a life event in the last 6 months, making them 1.8x more likely than non-Snapchatters to have taken action.”
The data also indicated that Snapchat users sought guidance and advice on major purchases, including insurance, using social media as their primary information source. “Snapchatters are 2.6x more likely than non-Snapchat users to think positively about insurance brands and products after they see them on social platforms (74% vs. 30%),” the report said.
These findings offer interesting insights into the ubiquity of social platforms in people’s lives, and how young users in particular are shifting their research and engagement habits in line with tech trends.
So while Snapchat might not immediately spring to mind as a key source for insurance research, the data suggests it could be a valuable promotional platform for insurance-related brands.