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

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  • Stephen G. Fier
  • David M. Pooser

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.

Suggested Citation

  • Stephen G. Fier & David M. Pooser, 2016. "Advertising Effectiveness for Financial Services Firms: Evidence from the Life Insurance Industry," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 39(2), pages 137-168.
    • Handle: RePEc:wri:journl:v:39:y:2016:i:2:p:137-168
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    Cited by:

    1. Chunying Wen & Yingying Wu & Caroline Rosemary Whitfield, 2019. "Measuring the economic effectiveness of place advertising in China," Place Branding and Public Diplomacy, Palgrave Macmillan, vol. 15(4), pages 257-273, December.

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