Essay on Insurance in the US Industry Market Research

Essay on Insurance in the US Industry Market Research

Length: 1102 words (3.1 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
Slide 4-3 What is Marketing Research
Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces (Kotler, 2012). By researching the motorcycle rider, Allstate is able to identify who they are and what they experience. In 2008, Allstate conducted a “Who’s Behind the Helmet” survey. They defined their qualifications as a motorcycle owner who is 18 years of age or older with an income of $50,000 or more. (Floyd, 2008). The 500 person sample size produced insightful and interesting details for Allstate. Jeff...

... middle of paper ...

...08).Vroom-Vroom for One More. Retrieved from
Floyd, R. (2008). Allstate Survey Offers Surprises, Insight into Who's Behind the Helmet
Retrieved from
Helm, B. (2007).Let’s Ride- The Wild Ones at Allstate.
Kotler, P., Keller, L (2012). Marketing Management (14th ed). Upper Saddle River, NJ:
Prentice Hall.
National Highway Traffic Safety Administration(NHTSA), (2013).Traffic Safety Facts. Retrieved from
PRWeb, (2012). Revving Up: Motorcycle Insurance in the US Industry Market Research Report Now Available from IBISWorld. Retrieved from

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Pros and Cons of the Private Insurance Industry Essay

- 1. Introduction Extreme weathers, such as storm, floods, heat waves, drought, glacial retreat, have suffered human-being and threaten the life, properties and economies for a long time. In recent years, a significant increase is observed in the extreme weathers, such as the number of heavy precipitation events, more intense and longer drought/heat waves as a consequence of anthropogenic influences (IPCC, 2011). In particular, intensification of extreme precipitation is likely to lead extreme coastal high water associated with an increase in mean sea level....   [tags: Insurance Industry Research Paper]

Strong Essays
2720 words (7.8 pages)

The Weather and The Insurance Industry Essay

- Weather plays a large role in the Insurance Industry. This is especially true with insurance policies regarding home and business insurance. Weather is an important factor on insurance cost in the United States and the world. The insurance industry will continue to change as climate change accelerates. AIG published a report that discussed climate change and how it is affecting insurers. Research has showed that the global temperature average has increased. Most scientists believe this is due to growing concentration of greenhouse gases being released into the atmosphere....   [tags: policies, business and home insurance]

Strong Essays
1151 words (3.3 pages)

The Insurance Agent Essay

- Are the days of the insurance agent coming to an end. There is no hiding the fact that consumers today have moved from the conventional brick and mortar shopping to online shopping. This goes the same for the insurance industry, and insurance companies have taken notice. Insurance companies have created their own websites, where consumers can compare prices with competition for different types of insurance. “Where agents once served as the front line in risk selection and pricing, advances in predictive models are making this role obsolete....   [tags: Insurance, Business, Want, Agent]

Strong Essays
1015 words (2.9 pages)

Future Robotic Applications : Insurance And Risk Essay

- Future Robotic Applications in Management: Insurance & Risk The history of robotic technology is long and its origin can be traced back to ancient times. The first industrial robot implemented for commercial purposes in the United States took place in the 1960’s when a General Motors factory installed a robotic arm to perform spot welding and die casting. The machine was invented by George Devol and in his patent application, he wrote the following: "The present invention makes available for the first time a more or less general purpose machine that has universal application to a vast diversity of applications where cyclic digital control is desired." The robot was manufactured by Unimatio...   [tags: Insurance, Underwriting, Robotics]

Strong Essays
815 words (2.3 pages)

Pharmaceutical Industries And The Pharmaceutical Industry Essay

- Large pharmaceutical industries are making large profits on medications. Having such a high cost for medication prevents patients from receiving the care that they need. These companies are overcharging for medications that are essential to maintaining the health of patients. This may result in patients resorting to desperate measure such as stealing, crime, and other illegal acts. The pharmaceutical industry may require a different set of moral standard because in a way these laws are preventing patients from a quality life....   [tags: Pharmaceutical industry, Pharmacology, Pharmacy]

Strong Essays
1598 words (4.6 pages)

A Brief Note On The Automotive Industry And Its Upstream And Downstream Industry

- The automotive industry also contributes in the economic development. AT Kearney analysis (2013) states that four additional jobs in upstream and downstream industries have been created by every job in the core automobile industry. This multiplier effect can be figured out by understanding the interdependence between automobile industry and its upstream and downstream industry. The more obvious advantages on this economic development appear in the economic progress in the region, especially in the industrial clusters....   [tags: Automotive industry, Renault, Opel, Japan]

Strong Essays
729 words (2.1 pages)

A Research On Home Mortgage Market Crisis Essay

- 2- I knew I wanted to do a research about something that will interest me and lead me to more questions, I also wanted my research to be on a topic that interest others and answer as much as possible of their questions. Thus, I decided to do my research paper on home mortgage market crisis, its causes, and the possible solutions offered by economists and experts in the field. I followed few steps to make sure I am structuring my research in the right way, I read a lot of articles about the home market mortgage history in the United States in order to get the best picture of it, so I can provide decent background information to my audience about my topic....   [tags: Subprime mortgage crisis, Mortgage loan]

Strong Essays
713 words (2 pages)

Healthcare Industry And The Health Care Industry Essay

- The history within the health care industry has faced many challenges over the decades; there will be future changes and challenges that are country will have to overcome. Improving health care in the United States can only get better with stronger leaders and new strategies. The United States currently is and has faced many challenges in the health industry. There is not a single sector of the health care industry has not been affected. The healthcare industry contributes a mass majority of factors in the United States the economy....   [tags: Health care, Health economics, Health insurance]

Strong Essays
1015 words (2.9 pages)

Market Failure And Society Relations Essay

- Market Failure and Society relations The Affordable Care Act has improved the market failures of the health insurance industry by providing a platform for consumers to access more suitable coverages. Market Failure occurs where resources cannot be efficiently allocated due to the breakdown of price mechanism(Business Dictionary’s definition). It would restrict the possibility of economic growth, because the level of productivity would diminished compare with well-used resources. Asymmetrical information Asymmetrical information is the most common market failure in the whole insurance industry....   [tags: Health insurance, Health care, Economics]

Strong Essays
1259 words (3.6 pages)

The Banking Industry Essay example

- The common thought for most experts of any culture is that the banking industry is one of the most important pillars of stability within their communities. This system is at the center of most communities and in retrospect it classifies what the economic prospects would look like for the average individual. The banking industry is a very complex and competitive environment with people always trying to out compete one another for the best result. Ultimately, this is not an easy endeavor because today these branches are faced with a widening tent of business and with a changing list of stipulations for picking up these areas of interests....   [tags: Risk management, Risk, Credit risk, Insurance]

Strong Essays
1301 words (3.7 pages)