Motor Insurance Trends: What Do Companies in India Need to Know

In recent years, the motor insurance market in India has been evolving rapidly. This transformation is mainly driven by the growing impact of digital technology and shifting consumer preferences. As Indians increasingly embrace Google search for their queries and concerns related to insurance, the importance of resolving their issues online has become quite evident. To understand the search intent in the motor insurance market, we turn to a valuable source: the search trends report from one of the leading Digital Marketing Agencies. The data on search trends provides valuable insights for motor companies by revealing current consumer interests, behaviors, and preferences, thereby allowing them to create targeted and personalized marketing strategies. Insights on Shifting Trends: How the Automobile Insurance Market is Evolving OnlineMotor Insurance Market Analysis The Indian Motor Insurance Market is set to reach INR 1.53 trillion by 2028, driven by the presence of major players and high demand for insurance policies. With the increased penetration of the internet, people are changing how they make choices. Be it about policies, coverage or plans, people now trust online searches to make smart decisions when it comes to insurance. Therefore, motor companies who will understand the needs and requirements of the target market will eventually win the game. Motor Insurance Market Trends According to the search trends report published by Techmagnate on motor search trends in India, more and more people are turning to online searches as a starting point to have their questions answered. For instance, the total number of searches for keywords related to “Automobile Insurance” has increased by 11.21% in FY23 vs FY22. Motor Insurance Market Trends Moreover, in FY-23 the motor insurance search landscape witnessed an increase in search volume (total number of searches conducted by users.). This growth (45.56L in 2023) is predominantly driven by the introduction or increased interest in ‘new’ insurance enquiry type keywords. This trend could be attributed to various factors such as changes in consumer preferences, the introduction of innovative insurance products, evolving market dynamics, or other external influences. Motor Insurance Top 10 Aggregators A list of top motor insurance companies in India based on their search volumes. Motor Insurance Top 10 Aggregators Motor Insurance Market Insights 1. Four-Wheelers: Searches for four-wheeler insurance went from 12.92 lakh in 2022 to 13.83 lakh in 2023, growing by 7.01%. Four-wheeler searches made up 27.07% of all searches. 2. Two-Wheelers:Two-wheeler insurance searches declined from 13.42 lakh in 2022 to 12.69 lakh in 2023, a -5.42% decrease. They represented 24.85% of the total searches. Unknown Vehicle Type: In 2022, there were 19.57 lakh searches for an unknown vehicle type. This category saw significant growth in 2023, with 24.55 lakh searches, a substantial 25.46% increase. Unknown vehicle type searches made up the largest share at 48.08% of all searches. Motor Insurance Market Insights This data suggests that the number of searches varies across vehicle types, with “unknown” category searches showing the most significant increase. This might indicate changing user interests or a broader range of vehicle types being searched for, as exemplified by queries like “policy bazaar auto insurance”. 3. Motor insurance add-ons:In the past year, the top 10 insurance add-ons showed different changes in how often people searched for them. Some, like Comprehensive Insurance, Roadside Assistance, and Accident Insurance, became more popular, with search numbers increasing. However, people searched slightly less for Claim Settlement Ratio. These shifts reveal that what insurance buyers want is changing with time. 4. Motor insurance citywise market:When looking at how much people searched for motor insurance in different cities, the top 6 cities saw an 8.19% increase. The next 10 cities had a smaller 2.66% increase, but the rest of the cities showed a big 42.69% increase in interest. Overall, this data shows that motor insurance searches in all cities went up by a noticeable 11.21%, highlighting a growing demand for this type of insurance. Motor insurance citywise market 5. ‘Near-Me’ Searches:Near-me searches indicate that users are looking for local or nearby options for motor insurance providers, offices, or services. The report shows the contribution of brand and non-brand keywords to near-me searches, highlighting the distinction between users searching for specific insurance providers near them (brand) and those searching for motor insurance options in general (non-brand). 6. Motor Insurance App” Searches:In FY ’22, there were 6.69 thousandsearches related to “Motor Insurance” apps. Among these, 220 searches were for specific brand apps, and 6.47 thousand were general app queries. In FY ’23, this trend continued to rise, with a total of 7.14 thousand searches. The number of brand-specific app queries stayed the same, but general app queries increased to 6.92 thousand. 7. Top motor brands based on highest SOV (Google) The data below shows the share of voice that top brands have on Google’s top 5 SERPs results for motor insurance queries: Top motor brands based on highest SOV (Google) Sarvesh Bagla, CEO of the leading Digital Marketing Agency, Techmagnate, says “We believe in the power of data. Brands and marketers are facing tough competition in the insurance industry because so many providers offer similar products. Understanding search query data can help them develop the cutting edge they need to get ahead of their competition.” 5 Ways Search Trends Can Help Create a Stronger Digital Marketing StrategyNow that you have a grasp of the latest motor insurance trends, what comes next? Through this search trend report insights, we have gauged the value of harnessing search trends and Share of Voice (SOV) for effective insurance marketing strategies. Let’s further delve how motor companies can combine these search data and marketing strategies to successfully execute their SEO campaigns: 1. Customer Understanding: By analyzing search trends, the industry can gain a deeper understanding of customer behavior and preferences. For instance, if the data shows a noticeable surge in searches for “car insurance renewal,” it indicates that many customers are actively seeking information and options related to renewing their auto insurance policies. This insight can help insurance providers better understand what their customers are currently interested in and looking for, allowing them to tailor their services and marketing strategies accordingly to meet these specific needs and preferences. 2. Targeted Marketing: Motor insurance search trends reveal what potential customers are looking for, e.g. ‘scooter insurance renewal’. Since the data below shows the percentage of growth by search volume for this keyword, marketers can tailor their campaigns accordingly, ensuring that their messages resonate with the target audience. 3. Keyword Optimization: Which brings us to the value of keyword optimization. Knowing which keywords are popular in searches for the motor insurance market allows insurance companies to optimize their online content, leading to improved visibility in search engine results pages (SERPs). The final result is, of course, attracting more organic traffic and leads. Keyword Optimization As shown in the table above, keywords like ‘car insurance,’ ‘bike insurance,’ and ‘two-wheeler insurance’ have the highest search volumes. Focusing on these keywords with relevant and targeted content can significantly enhance a brand’s visibility, for instance, creating a video on the features of bike insurance policies.Meanwhile, ‘bike insurance renewal’ and ‘bike insurance check’ are the non-branded keywords that have experienced the most rapid growth, year-over-year, so it is worth a marketer’s time and effort to understand how they can provide value for their customers in these areas. 4. Competitive Advantage:By closely monitoring and analyzing these trends, insurance companies can proactively identify emerging gaps or opportunities within the market. Whether it’s introducing innovative coverage options, optimizing online user experiences, or tailoring marketing efforts to align with the latest trends, being proactive based on search insights enables insurance companies to not only meet but often surpass customer expectations. Ultimately, this strategic approach can result in a stronger market position, increased customer trust, and a more profound foothold in the highly competitive motor insurance market in India. 5. Local Strategy: Leveraging insights from motor insurance trends to develop content tailored to meet the needs of local consumers can be a successful strategy. This approach is especially beneficial for insurance companies seeking to establish a strong local presence. By optimizing their online content with location-specific keywords and information, such as GBP (Google Business Profile) listings to connect with local insurance agents, companies can better reach and engage local customers. This strategy allows insurers to align their offerings with the specific preferences and requirements of the local market. They can also enhance their visibility and accessibility to potential policyholders seeking insurance solutions in their vicinity. Utilizing search trends is quickly becoming an imperative for insurance companies, including motor insurance companies in India. Their audiences are searching for products that may or may not exist right now, but these motor insurance trends also reveal exactly what people have a need for. To learn more about the Search Trends Report for the motor insurance market and work with a reliable Insurance Digital Marketing Agency, contact Techmagnate. They can guide you better in leveraging this search trend report to your brand’s online visibility. Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. “Exciting news! Hindustan Times is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!” Click here!

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