Four In Five Consumers Open To Persuasion When Purchasing Health Insurance
Only 18 per cent of people have a specific health fund in mind when recognising that they need health insurance, meaning that four in five are open to persuasion, a new report released by NewsMediaWorks has revealed.
More than a third (38 per cent) of health insurance buyers said their purchase decision, whether they were new to the category or were switching providers, was directly influenced by news media.
To understand how to engage health insurance buyers on their path to purchase, NewsMediaWorks collaborated with Research Now to develop one of Australia’s largest path to purchase projects*.
Unlike similar studies, which retrospectively look at consumer behaviour, this study gathered information from buyers in real time at four distinct stages of their purchase journey: 1. recognising that they need to purchase health insurance; 2. researching options; 3. forming a shortlist and 4. buying health insurance.
Some 66 per cent of buyers recalled seeing or hearing a specific health insurance ad across any media in the early stages of buying. The most common messages retained involved special offers and where to go for more details.
During the research phase, price is the most important factor at 53 per cent, followed by coverage (51 per cent), recommendations (34 per cent), how to buy (33 per cent) and reviews (26 per cent). In the research phase, news media was the most influential paid advertising platform, while organic search ranked well. In the shortlist phase, the percentage of consumers who have a favourite health insurer in mind rises from 18 per cent to 50 per cent and one in two buyers now seek out reviews of health insurance products.
The study reveals that buyers engage with a range of paid, owned and earned media channels during their path to purchase. News media consistently out-performed other paid media on this journey, while three other channels also ranked extremely well – organic search results (not paid ads), comparison websites and health fund websites.
At the purchase phase, 80 per cent of buyers selected a health fund based on price. Reputation ranked second at 60 per cent, followed by reviews (49 per cent) and recommendations from others (46 per cent).
Consumers turn to news media as a ‘one-stop shop’ for the five key pieces of information they require when buying health insurance (price, coverage, recommendations, how to buy and reviews). Their information needs remain throughout the path to purchase, but their weighting changes at each stage. When they are about to make their purchase, for example, buyers look for detail on coverage inclusions and how to buy.
“Throughout the path to purchase for health insurance – which on average spans 13 weeks – news media consistently outperforms other paid media. When people are in the market for health insurance, news media delivers credible, trustworthy content,” NewsMediaWorks CEO Mark Hollands said.
“Some 16.8 million^ people read news media in print and on digital devices every month, making news media a powerful advertising medium for health insurers. Health insurance buyers turn to news media for authoritative content to educate and inform them but also with the level of detail required to select a fund that’s right for them.”
The Health Insurance report is the fourth Path to Purchase study NewsMediaWorks has released with previous reports including Automotive, Travel and Electrical Goods. Full reports can be found here: http://www.newsmediaworks.com.au/search/major-reports/pathtopurchase/
*The study surveyed 606 consumers in the market for health insurance captured at different stages of their purchase journey in July 2016.
^ Source: emmaTM, 12 months to August 2016. Readership based on last four weeks. Trends compared with 12 months to August 2015. Survey conducted by Ipsos MediaCT, people 14+, Nielsen Digital Ratings (Monthly), August 2016.
Latest News
The Mars Agency Announces Latest Findings Of Retail Media Report Card
The Mars Agency has developed a scorecard that assesses the capabilities of leading platforms across key criteria required to optimally plan, execute, and measure effective retail media programs. The scorecard aims To help brands efficiently evaluate their spending options across retail media networks in Australia (and New Zealand). With spending on retail media advertising in […]
‘It’s The Lesser Of Two Evils’ – NRL Eyes US Betting Market As Aussie Regulators Circle
US betting firms will be delighted by the circa 50,000 Americans who could soon watch the NRL on their favourite app.
A-League In Deep Discussions With New Partner To Keep Games On TV After Production Company Enters Administration
The A-League's insatiable appetite for scoring own goals continues.
TV Ratings (27/03/2024): Jungle Members At War Over Concealed Lipstick
A heated argument between two jungle members did the numbers for Ten last night, with I’m A Celeb obtaining a total national reach of 1,282,000. Fans were delighted as Candice Warner and influencer Skye Wheatley got into it over a stick of lipstick, leading Warner to dub the Instagram star “selfish.” Wheatley, best known for […]
Is The Australian Music Industry In Trouble? Inquiry Launched Following Splendour Cancellation
Earlier this week, an inquiry was launched into the challenges and opportunities currently facing the Australian live music industry in the wake of multiple festival cancellations. On 25 March 2024, the Minister for the Arts, the Hon. Tony Burke MP, asked the Committee on Communications and the Arts to inquire into and report on the […]
Liana Dubois, Leandro Perez, Aimee Buchanan & More Gather For Inaugural Compadres Leadership Event
Didn't get the invite? Perhaps you're not as important as you thought.
Cathay Captures The Unforgettable Thrill Of Cathay/HSBC Hong Kong Rugby Sevens, Via Publicis
Nobody does rugby like Hong Kong, apparently. Certainly nobody does it as badly as Australia.
Cocogun Nabs Christine Watts, Kirsty Reynolds & Shev Tan Bolstering Management & Creative Teams
Cocogun bolsters its team with new hires. Committed to purchasing a bigger sofa, too.
The Media Store’s Jacquie Alley & Sam Cousins Take The Plunge With Pro-Bono Work For Cure Cancer
B&T chats with The Media Store bosses about their great pro-bono work and sponsored swim.
Hawke’s Brewing Co. Taps Rocket Comms For PR Agency Following Competitive Pitch
We're expecting Rocket Comms productivity to crash in spectacular fashion following this win.
Spotlight On Sponsors: Patties Serves Up A Taste Of Home For Olympians & South Sydney Rabbitohs Recommit To Gambling Reform
While the Rabbitohs commits to gambling reform, B&T reckons the team should commit to a decent auto sponsor.
Google: “Inevitable” That Bad Actors Will Abuse Ads Platform As Advertiser Account Suspensions Double
Google maintains it's simply impossible for it to entirely stop bad people placing & paying for ads using its service.
Quantcast Expands APAC Sales Team With Appointment Of News Corp Account Manager
No pressure at all when you are appointed as a client success manager.
Publicis Sapient Tests Microsoft-Powered Gen AI Search Tool With Homes & Villas By Marriott Bonvoy
Given Gen AI's record for mangling stuff, B&T cannot see the problem with letting it decide your next holiday digs.
Volkswagen & DDB Group’s “Roo Badge” To Reduce Kangaroo Related Road Collisions
Watch out for RooBadge as Cannes Lions' most debated campaign this year.
Twilio Launches Unified Profiles & Agent Copilot Features To Boost Productivity & Engagement
Agent Copilot sounds like James Bond's less interesting cousin.
Reebok & Honda Among New Clients For onetwo agency
OneTwo finally lives up to its name with this double billing.
Ogilvy Report: Throw Out The Social Strategy Rule Book, The Rules Of The Past No Longer Apply
B&T was puzzled that all 'influencers' aren't, effectively, 'virtual', but here we are.
WhiteGREY & AKQA Merge In Australia, Lee Simpson Departs
Fortunately, the combined agencies aren't opting for a trite portmanteau for the new name.
Splendour In The Grass 2024 Music Festival Cancelled!
Music fans all over the country reportedly relieved they can pack away their rain coats and gumboots for another year.
TV Ratings (26/03/2024): “Fairy Bread, F***ing Disgusting”: Gordon Ramsay Slams Aussie Food In Food Stars Launch
Ramsay not one for mincing his words, even when it comes to minced meat pies.
Paramount+ International Boss Doubles Down On Aussie Content, Says Ad-Tier will Grow Audiences And Revenue
Good news as Paramount will not be binning I’m A Celebrity for re-runs of Frasier.
Brent Smart: Telstra Pushing For 50-50 Brand-Performance Split But Warns Numbers ‘Won’t Look Great’ Initially
The old brand vs performance debate continues. But here, Brent is firmly sitting on the fence.
Crowded House, Tones And I & Dom Dolla Win Big At The Shure Rolling Stone Music Awards
B&T staffer reports back with humdinger of a hangover & feeling seriously uncool after mixing with music types.
Opinion: Dyslexia “A Hidden Gem” For Brands & Agencies
Dyslexics offer underappreciated benefits in the corporate field, according to this op-ed.
David Jones Taps Criteo To Power Online Retail Media Arm
Want to see ads for things you probably can't afford? David Jones has got you covered with new retail media play.
oOh!media Sets Up Team To Target Business Audiences Across Airports & Offices
oOh! wants brands to harass you every minute of your next business trip.
QMS Launches Australian First DOOH & TV Partnership With Samba TV
Samba TV, of course, is not a channel dedicated to dancing. Much to our dismany.
Slew Of New Hires At Amplify
Four new faces join the Amplify offices. Team say desk scarcity becoming "acute".
Adobe Announces Content Authenticity Initiative Expansions To Counter Deep Fakes
Try as they might to enlighten them, we suspect Trump supporters will continue to watch and believe Fox News.
The PR Group Appoints TechCrunch Senior Reporter Catherine Shu As Director Of Content & Media
Catherine Shu makes the bold leap from journalism to PR. Says inevitable pay bump was "unrelated".
HERO Nabs Ebony Santin From AMPR
Rumours Santin cleared out the stationery cupboard before departing are as yet unconfirmed.
Karena Noble Checks Out Of EVT Hotels & Resorts To Launch Comms Consultancy
Noble still managed to squeezed in a continental breakfast before departing.
Canva Acquires Design Platform Affinity To Bring Professional Design Tools To Every Organisation
Canva & Adobe face off continues. We're not picking sides but keenly aware that Canva's office is next door to ours.
“Lean On Our Team To Help You Find An Audience”: Why Understanding Audience Engagement Is Essential In Journalism
Engaging the audience is critical to journos, apparently. We'd thought self-loathing & alcoholism were key.
Adobe Summit: Major Gen AI Developments, Data Concessions & Partnerships
What happens in Vegas stays there. Unless it's the Adobe Summit and then you get to read about in B&T.