Snapchat published a new report into how its users plan their insurance purchases, with the study highlighting opportunities for insurance-related marketers and brands.
This is likely not an obvious angle, associating youth-focused Snapchat with insurance promotions. But according to the 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 1513 U.S.-based social media users found that 4 out of 5 Snapchat users already own at least one insurance policy, which makes them 1.4x more likely than non-Snapchatters to be policy owners.
That speaks to the affluent nature of Snap’s audience, which has long been the main market for the app.
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 showed that 82% of Snapchatters would consider switching insurance providers, and added that Snapchat users were more likely to be familiar with policy terms, coverage details and the insurance marketplace at large, compared to non-users.
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 showed 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 are some interesting notes, which speak to the ubiquity of social platforms in people’s lives, and how young users in particular are changing their research and engagement habits in line with tech trends.
So while Snapchat might not immediately spring to mind as a key source of research for insurance, the data shows that it could be a valuable promotional platform for insurance-related brands.
