The New Era of Insurance Buying on Snapchat

The U.S. insurance market is rapidly evolving, with a new generation of policy-buyers accustomed to making life’s biggest decisions entirely online. New research from Snapchat and Ipsos reveals that 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.

Coverage Is the Starting Point. Optimization Is the Mindset.

For Snapchatters, insurance is a must-have. Four in five Snapchatters already own at least one insurance policy, making them 1.4x more likely than non-Snapchatters to be policyowners. ¹ Furthermore, two-thirds of daily Snapchatters hold multiple policies (69%), 1.8x more likely than non-Snapchatters to do so. ¹ Auto, home, and life insurance are the most commonly adopted policies among Snapchatters, showing their thoughtful, well-rounded approach to insurance.

However, insurance for Snapchatters is not a one-and-done decision. 82% say switching providers is something they actively consider, whether sometimes, most years, or when their policy is due. ¹ And when Snapchatters are considering their options, they enter the market informed. They’re more likely to be familiar with policy terms, coverage details, and the marketplace at large compared to non-Snapchatters.

Life Moves Fast. Coverage Must Keep Up.

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. ¹ And more change is ahead. Snapchatters are 1.3x more likely to anticipate further life milestones in the next year, ¹ presenting a timely opportunity for brands to engage when coverage needs are evolving.

Snapchatters: Prioritizing Quality Protection over Price

Snapchatters are not casual insurance shoppers. Instead, they approach their decisions deliberately and strategically. 

They plan ahead. 

Snapchatters are not impulsive when they’re making insurance decisions. 82% state they purchased their insurance policies either well ahead or a good time before they needed it. ¹ This means they behave less like price shoppers and more like strategic planners.  

They evaluate the full picture.

Daily Snapchatters are 2x more likely than non-Snapchatters to believe that the details of the policy and coverage terms are more influential than cost when making their decisions (46% vs. 23%). ¹ They scrutinize what insurance policies will cover and how well the policies fit their needs.

They switch for better value and customer service.

Among Snapchatters who have looked to switch insurance providers, the top reasons to consider a change are the promise of more comprehensive coverage and the potential for better customer service. This mindset signals an audience focused on their long-term protection & experience.

The insurance journey lives on social, and Snapchat drives action.

When Snapchatters are looking for guidance, social platforms are their #1 source for insurance information & advice. ¹ However, social channels don’t just drive awareness. They also build brand equity. 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%). ¹

Whether they’re discovering, researching, or sharing information about insurance products, Snapchatters rely on Chat, Stories, Maps, and Spotlight on Snapchat throughout every step of their insurance journey.

This content on Snapchat also drives action. Two-thirds say exposure to insurance ads on Snapchat make them more likely to sign up with a brand. ¹

Key Takeaways for Insurance Marketers

• Lead with Policy Details, Not Just Cost
  Highlight policy depth, clarity of terms, and service quality to win an audience that values protection and is less price-sensitive.

• Show Up for Life’s Big Moments
  Develop marketing strategies that acknowledge & complement major life events. Build and retain brand loyalty, whilst celebrating these big moments.

• Capitalize on the Power of Social
  Engage a receptive audience on Snapchat with a mix of video, AR, and Sponsored Snaps to educate, shape perception, and drive action.

• Champion Cutting-Edge Tech
  Highlight AI-powered tools that deliver quick answers and personalized guidance across the consumer journey.