The numbers speak for themselves. There is a lot of money to be made in the insurance industry.
As
you can see, there are also a number of different niches within
insurance. This provides an opportunity to specialize by focusing on a
narrow niche.
How Much Money Can Be Made From Insurance Affiliate Marketing?
Go Compare is a
site that crawls offers and compares the best deals based on the data
you input. But, really, it is just a very technical affiliate website
that generates a fee for referring new clients.
As
I previously mentioned, these websites are highly technical. In all
likelihood they outside the capabilities of the average IM. However,
other websites are going about things the more traditional way.
Although we do not have access to the figures, it is safe to say sites like Nerd Wallet are making thousands of dollars each month.
What are People Searching For?
As you can see from the graph, there is a lot of search volume in the insurance market.
With
health insurance often being in the news and auto insurance being
mandatory in 49 states, it is no surprise that they have higher search
volumes.
Although it may not look significant due to the scale of
the graph, there is still sizeable search volume for property and
vehicle insurance.
The question is though, what specific keywords are people searching for? And what does the search data tell us about the market?
Let’s have a look.
Volume Per Category
health insurance
258,000
car insurance
213,000
dental insurance
154,000
travelers insurance
137,000
renters insurance
119,000
life insurance
110,000
The number
speak for themselves. Insurance is an extraordinarily large market.
There is definitely the ability to drill down into each of these sectors
further and still have more than enough traffic to generate significant
revenue.
Top Branded Keywords
farmers insurance
31
379,000
progressive insurance
27
232,000
nationwide insurance
31
203,000
erie insurance
11
163,000
state farm insurance
34
150,000
allstate insurance
53
115,000
geico insurance
38
10,400
usaa insurance
28
88,000
It can be
useful to find out what the top branded keywords are for any sector. It
gives you an opportunity to identify companies that you would like to
promote.
The first step to take would be to find out if these
companies have affiliate programs. This is a ready-made audience with a
lot of demand.
Insurance Keywords
health insurance nc
19
7,700
what is comprehensive insurance
22
3,800
auto insurance near me
43
3,500
iphone insurance
27
3,500
earthquake insurance
24
3,200
what is renters insurance
33
3,000
life insurance no medical exam
11
3,000
is pet insurance worth it
20
2,700
state farm insurance phone number
35
2,700
compare car insurance rates
54
2,700
This is a list
of keywords that could be of interest to someone looking to start a
website in the insurance affiliate marketing niche.
The first
keyword, “health insurance nc”, gives an indication of a niche that
could be targeted. Location based health insurance is worth considering.
As you can see, the competition is not very high and there is good
search volume. Along the same lines, “auto insurance near me” is also local affiliate marketing.
The
keywords “iphone insurance” and “earthquake insurance” are examples of
the diversity of subjects in the insurance industry. It seems like if
you can think of it, there is insurance for it. This provides two
opportunities.
The first of these would be to choose a very specific insurance niche or a group of closely related types of insurance.
The
second option is, to promote insurance as an additional product within
your niche. For example, here at Authority Hacker, it might make sense
to promote “best gadget insurance for digital nomads” or “best business
insurance for small businesses”.
What this does is create an additional revenue stream rather than have insurance as your core offering.
Keywords
like “what is renters insurance” or “state farm insurance phone number”
provide opportunities to create great content. For example, you could
create a resource page targeting “state farm insurance phone number”.
The page could list all of the customer service contact details of the
top insurance firms. This could generate a lot of traffic to your site.
What Kinds of Offers are Available?
The vast majority of affiliate programs in the insurance space are lead generation affiliate programs.
This simply means that you get paid when someone you refer requests a quote.
The advantage of this is that you get paid every time someone requests a quote. They do not need to buy anything.
The disadvantage of this is that you will receive a flat fee instead of a % of the sale.
You can see an example of a program for eHealth Insurance in the image below.
In this
program, you will get paid if someone completes the application. This
person will not necessarily buy insurance. But, they have requested a
quotation.
As you can see, the “commission” is quite small.
Especially when you consider a small business, for example, may end up
paying tens of thousands of dollars worth of premiums each month.
In order to make meaningful sums of money from this program, you will need to have a lot of traffic.
What are the Best Insurance Affiliate Marketing Offers Out There?
TABLE
How to Display the Offers
It
is possible to display complex information that is tailored to the
customer in your posts. Many of the larger websites do this.
They
do this by asking users to enter their zip code so that they can
identify the insurance organizations that serve their area.
You do not have to do this. It is possible to make money by keeping things simple.
The insurance niche fits the best x for y content format well.
Simple
articles, such as “best car insurance for young adults”, are
commonplace. In these articles, you will often find the offer displayed
in the same manner.
In both
examples, you can see a blurb and a simple button to “Get a quote”. This
is the basic way to display the offers. Although it is not very
glamourous, it obviously works. That is why it has been used so widely
across a number of websites.
It is possible to get more creative when displaying offers. In the insurance niche, tables work well.
There are so
many options when it comes to insurance. Having a long list with every
insurance company in that area can become overwhelming.
It helps to summarize the information in a simple format.
Insurance
can also be difficult for the customer to get their heads around. It’s a
complicated subject. This is where the star ratings work well. The star
rating takes something multifaceted and reduces it to a single number
that the reader can understand.
More Complex Offers
As I’m
sure you know, health insurance is extremely complex. The coverage you
can receive depends on where you live. That is why you will often see
sites dealing in health insurance asking users to input their zip code.
This is
obviously more complex than a simple affiliate link. A system like this
requires development. Unless you have significant resources at hand, it
is not possible to replicate this immediately.
What you may want
to do in the health insurance niche, is target a single state. Once this
state is generating revenue, you can begin to expand to cover more
states. This would give you a great starting point with a solid growth
strategy.
Otherwise, you can just add simple links to companies
that cover large areas of the country. This strategy also applies to the
other types of insurance.
Who is Doing Insurance Affiliate Marketing Well?
I have already mentioned sites making millions of dollars in the insurance industry.
But, not all sites have to be like Go Compare or The Zebra.
In fact, there are a number of sites out there making lots of money in the insurance industry without making millions.
1. NerdWallet
What it sells: Auto, life, home and health insurance.
Here is an example of one of their landing pages promoting car insurance for teens.
What it sells: Wide range of financial services including credit cards, loans and insurance
Here is an example of a MoneyUnder30 landing page where they have created a guide to health insurance.
3. ValuePenguin
Here is an example of one of their landing pages. In this example, they are targeting local traffic.
One of the biggest opportunities in insurance is that there are different ways to segment the market.
This
can be by industry, age group, sex, product use, location or a
combination of all of these. It is possible to go as narrow or as broad
with this niche as you like.
However, a caveat to that would be, make sure that you do not box yourself into a niche that you will quickly exhaust.
When choosing a niche, it is important that you leave yourself enough room to grow the site.
What are some of the Pros of Insurance Affiliate Marketing?
Massive Customer Base: I
have already given all the facts and figures. There are lots of people
that needs insurance that covers lots of different needs or situations.
Reputable Companies: Lots
of the companies you will be affiliated with are highly respected,
household names. People like Geico, Allstate, Progressive and State
Farm.
Lots of Sub-Niches:
Insurance is such a broad market. You can target “best travel insurance
for students”, “best home insurance in Montana” or “best car insurance
for women over 50” to find areas with less competition.
Complex Industry: Lots of people need help choosing their insurance. If you can offer clear and simple advice, you can win a lot of fans.
Repeat Business: People
need to renew insurance regularly. They also buy lots of different types
of insurance. There are opportunities for repeat business if you can
build trust.
Lots of Competition for SERPs:
The insurance companies themselves will target similar keywords. On top
of that, companies like The Zebra have huge resources. It may be
difficult to beat all this competition.
Content can be boring to create: If the topic is boring it can make it more difficult to work through the hard times.
Requires Knowledge: The
insurance industry is complex. It will take time and effort to
understand it. You will also need to be able to explain it in simple
terms to your audience.
Lead Generation Model: Get paid a flat fee for each request for a quote rather than a percentage of the sale.
Is Insurance Marketing Worth Your Time?
Yes.
There is potential in the insurance niche.
Be careful, though. This niche will require patience. It will probably be a case of slowly building out from a small niche.
My
advice would be to start small. Brand your site in a way that will
allow you to grow out from your small niche to a larger one as the site
becomes more successful. Whether that be in terms of location, age group
or whatever way you have to decide to segment the market.
There
is a lot of money to be made in the insurance niche. If you can find the
right niche within insurance, combine it with great content and a solid
link building strategy then there is the opportunity to build a very
successful site.
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Danny McLoughlin
Hey, I’m Danny! I write full-time for Authority Hacker. I came from a
background of more traditional marketing before I started work for a
large affiliate marketing site a couple of years ago. Now I travel the
world, write, market and watch sports!
My Author Page
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