The Property and Casualty (P&C) insurance market is ripe for opportunities for printers. Insurance is a document-centric business where the only tangible evidence of what the consumer paid for is a policy document. P&C insurance has the added benefit of being something that everyone needs and, in most states, is required to have in some form or another. The competition for consumer’s business is fierce generating big-bucks marketing campaigns from major players like Allstate, GIECO, Farmers Insurance, Progressive, State Farm and others. P&C carriers send over 2.5 billion pieces of direct mail annually according to Comperemedia, and that doesn’t factor in the volume of customer mailings of policy documents, billing and required notices.
While the biggest spending comes from the top 20 companies in the market, this is a big market with lots of printing needs. There are over 3,000 P&C insurers in the US and another 38,000 independent insurance agencies. More and more, independent agencies are investing in direct marketing to remain competitive against big carriers and their direct agents.
Finally, this is an industry going through technology-driven change – and change brings opportunities. As insurance companies develop new telematics-oriented products and revamp their core systems, documents and document production systems must be upgraded as well. As independent agencies strive to compete with the deep marketing pockets of the big carriers they are seeking smart marketing partners to help them use their budgets wisely. Transaction printing, direct mail and marketing fulfillment are all in high demand in this industry – are you ready to meet that demand?
Elizabeth Gooding is the President of Gooding Communications Group and editor of the Insight Forums blog. She writes and speaks and provides training on trends and opportunities for business communications professionals within regulated vertical industries.
To learn more about the changes and opportunities in the P&C industry, including data on the top carriers and Independent Agencies, see the Press Go! Industry Guide to Property Casualty Insurance.