Consumer Behaviour Towards Social Media Advertising: A Comparative Analysis of Companies in the Life Insurance Sector in India

Abstract

Businesses are increasingly relying on digital advertising options such as display and social media advertising. However, the insurance industry continues to lag behind other industries. A survey through a structured questionnaire was used to investigate consumer behavior, views of social media advertising. and a comparative analysis of four private insurers in India. The Insurers were Pramerica Life Insurance, Max Life Insurance, HDFC Life Insurance, and ICICI Prudential Life Insurance to see how they use digital advertisements, particularly social media, to attract target audiences and increase conversion rates. The study attempted to analyze social media advertising in the Life insurance market and tried to inquire why the insurance business lags in exploiting social media advertising and what steps may be made to boost their visibility. According to the survey results, people have a positive mindset toward credible commercials. As a result, firms should strive to include these characteristics in their marketing. Appropriate targeting should be done depending on the age and occupation of consumers to reach out to the audience on social media. Advertisements can be personalized to increase response and conversion rates. Businesses should work to increase engagement on their social media profiles.

Keywords: Social Media, Advertising, Consumer Behaviour, Marketing, Insurance, India

JEL Classification: M13, M31, M37