The pandemic has brought about a lot of change in every industry, but perhaps the most noteworthy trend for property/casualty insurance companies to consider is the renewed emphasis on trust. A 2020 Edelman study (Edelman Trust Barometer Special Report: “Brands Amidst Crisis“) revealed that 88 percent of consumers consider trust a significant factor in their decisions about which brands to buy or use.
At the same time, traditional marketing strategies are growing obsolete. Nearly 70 percent of respondents in a related Edelman analysis said they consciously avoid advertising—an increase of five points from 2018 (“2020 Edelman Trust Barometer Special Report: Brand Trust“). Further compounding the issue is that traditional face-to-face interactions, once so vital to trust-building in the P/C sphere, are now mostly off the table during a time of gathering restrictions.