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Summary: This blog post gives detailed insights from Techmagnate’s Life Insurance Search Trends Report.
India is the world’s fifth-largest emerging market for life insurance, growing annually at a rate of 32-34%. Within the country, there are 57 insurance companies, with 24 focusing on life insurance.
The life insurance market traditionally functioned through offline channels like agents and brokers. However, with the rise of digitalization and innovative products, buying insurance has become easier through digital channels.
Customers now trust the internet to solve their queries and find the best insurance options for them. In our Life Insurance Search Trends Report, we saw a 9.98% increase in online searches for the ‘life insurance’ keyword bucket – just in 2024. This positive growth is directed toward a growing population of potential customers waiting to be catered to.
We also witnessed some interesting search patterns during our research. These search insights, if used the right way, can be a game-changer for insurtech companies as well as digital marketers to have more targeted campaigns.
Get insights on evolving customer behaviour, high volume keywords, search trends, and more.
The report identifies certain brands, such as Life Insurance Corporation (LIC), Max Life Insurance, and HDFC Life Insurance, as dominant players in the digital space.
These brands stand out for their impressive search volumes, indicating strong consumer interest and market presence within the life insurance industry.
Moreover, the report highlights that these brands have demonstrated significant growth in search volume over the past year, suggesting effective digital marketing strategies and increasing consumer engagement.
There are notable regional variations in search behavior, with cities like Delhi, Mumbai, and Bengaluru showing higher search volumes compared to others.
Understanding these regional trends is crucial for insurers to tailor their marketing efforts and product offerings according to the preferences and needs of specific geographical markets.
By analyzing regional search data, insurers can optimize their marketing campaigns to target high-potential regions more effectively.
Another emerging trend in the life insurance vertical is the growing popularity of vernacular search queries related to life insurance. This indicates an increasing preference among consumers for searching in local languages rather than English.
The contribution from non-brand vernacular keywords surpassed that of brand-related vernacular keywords in 2024, reflecting a shift in consumer search behavior towards non-brand terms.
Insurers need to recognize this trend and adapt their digital marketing strategies by providing content and services in regional languages to cater to the diverse linguistic preferences of their target audience.
The report shows a significant increase in “near-me” searches related to life insurance services. This suggests that consumers are actively seeking insurance providers and services available in their vicinity.
Insurers can capitalize on this trend by optimizing their local SEO strategies to ensure that their services are prominently featured in search results for relevant “near-me” queries. By improving their visibility in local search results, insurers can attract more potential customers and drive business growth.
One of the emerging life insurance trends is the emergence of budget preferences by customers. Insights from the report indicate that consumers are increasingly searching for life insurance policies within specific budget ranges, such as 1 Lakh – 25 Lakh or 26 Lakh – 50 Lakh.
This underscores the importance of offering a diverse range of insurance products tailored to different budget segments.
Insurers can use this information to develop targeted marketing campaigns and product offerings that align with the budget preferences of various consumer segments, thereby enhancing customer satisfaction and driving sales.
Bonus information
Top Apps by Downloads
The report highlights the most downloaded apps in the life insurance sector. Policy Bazaar, ACKO Insurance, LIC Digital, Digit Insurance and Bajaj Allianz Life: Life Assist were among the top choices for users, indicating their popularity and user preference.
Top Brands with Highest Share of Voice (SOV) on Google
The concept of Share of Voice (SOV) refers to the visibility and dominance of brands in search engine results. HDFC Life Insurance, PolicyBazaar, Max Life Insurance, ICICI Prudential Life Insurance, Tata AIA Life Insurance, and were identified as the top brands with the highest SOV. This indicates their strong presence and visibility in search results, which is indicative of robust SEO strategies implemented by these brands to maintain a competitive edge in the market.
By analyzing search data, brands can gain valuable insights into their current level of recognition and positioning in the market.
High search volumes for specific brand names indicate strong brand awareness among consumers. Brands can leverage this information to assess their market standing and identify areas for improvement in their branding and marketing strategies.
Search insights provide valuable data on consumer behavior, preferences, and trends. Brands can analyze search queries related to different insurance policies, coverage options, and pricing to understand what consumers are looking for.
For instance, the search volume for “term insurance,” grew by 42.68%. This insight reflects evolving consumer preferences and underscores the importance of tailoring products accordingly. This information enables brands to tailor their products and services to meet the specific needs and preferences of their target audience, thereby enhancing customer satisfaction and loyalty.
By comparing their search performance with that of competitors, brands can identify strengths, weaknesses, and opportunities in the market. Analyzing competitor search volumes, keyword rankings, and online visibility allows brands to benchmark their performance against industry peers and identify areas where they can gain a competitive advantage.
For instance, PolicyBazaar commands a Share of Voice (SOV) of 43.03%, indicating its dominance. Analyzing competitor strategies and market positions enables brands to identify opportunities for improvement and formulate effective marketing tactics.
Regional variations in search behavior highlight the importance of localization and targeted marketing strategies. Brands can use regional search data to identify high-potential markets and customize their marketing campaigns to resonate with local audiences.
By tailoring their messaging, content, and promotions to specific geographical regions, brands can improve engagement, conversion rates, and overall marketing effectiveness.
The surge in “near-me” searches by 43.70% underscores the importance of local SEO strategies. Brands can capitalize on this trend by optimizing their online presence to cater to localized searches effectively. Additionally, the increase in vernacular search volumes for non-brand search queries by 18.36% highlights the need for multilingual content to engage diverse consumer segments and drive traffic.
Brands can optimize their local SEO strategies to improve visibility in local search results and attract consumers searching for insurance services nearby.
Similarly, offering content and services in regional languages can help brands reach a wider audience and enhance engagement with linguistically diverse consumers. By aligning their digital marketing tactics with search insights, brands can drive more targeted traffic to their websites, generate leads, and ultimately increase sales and revenue. Boost Your Website’s Visibility and Sales with Techmagnate’s Multilingual SEO Services.
Be it health insurance, motor insurance, or life insurance – the industry is experiencing a significant shift driven by evolving consumer behaviors and digital trends. The insights gleaned from the comprehensive report shed light on various facets of the life insurance industry, from brand performance to consumer preferences and market dynamics.
With the surge in digitalization, brands have ample opportunities to capitalize on emerging trends and enhance their market presence. By leveraging search insights, brands can refine their digital marketing strategies, improve brand recognition, tailor offerings to meet consumer demands and gain a competitive advantage.
As we navigate through this dynamic landscape, it becomes increasingly crucial for brands to stay attuned to the evolving needs of consumers and adapt their strategies accordingly. By harnessing the power of data-driven insights and implementing innovative approaches, brands can thrive in the ever-changing life insurance landscape and continue to deliver value to their customers.
To take this a step further, explore our leading insurance digital marketing services designed to help insurers boost online visibility, generate qualified leads, and stay ahead of market trends.
Download your copy of the Life Insurance Search Trends Report today and leverage the insights to get more customers.
Contact us if you need help crafting tailored solutions with the help of these consumer search insights.
The Indian life insurance market has experienced significant growth, driven by increased digital adoption, regulatory changes, and a rising middle class seeking financial security. The market reached INR 8.5 trillion in gross written premiums in 2023 and is expected to grow by 9% between 2024-2028.
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