Advertising Effectiveness for Financial Services Firms: Evidence from the Life Insurance Industry

Stephen G. Fier and David M. Pooser

Journal of Insurance Issues, 2016, vol. 39, issue 2, 137-168

Abstract: Advertising can increase consumer demand for products and services. However, little evidence exists regarding the effectiveness of advertising for financial services firms. Using detailed data from the U.S. life insurance industry, we empirically test advertising’s effectiveness in the financial services sector. We first find that advertising intensity is positively related to increased life insurance sales. The results suggest that the degree of advertising intensity is related to growth in both the number of policies issued and the dollar amount of life insurance issued. Our results also indicate that while advertising can influence demand, the influence is not dependent on the type of consumer targeted by the firm.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:wri:journl:v:39:y:2016:i:2:p:137-168

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