Reveal Local Socioeconomic Issues in Brazil for insurance.

Brazil insurance

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Search engine data are really powerful to size the potential of emerging markets & reveal local trends – even at a city scale.

Let’s consider Brazil, a huge market with a 213 million population and a very disparate density.

File:Population density Brazil 2020.svg - Wikimedia Commons

Brazil: a country hit by multiple crises

With limited governmental measures to counter the Covid-19 pandemic, Brazil has recorded a significant amount of deaths compared to other developed & emerging countries.

While the population went divided, Brazil also registered a huge political crisis in March 2021 when Brazil’s highest military officials resigned in response to President Bolsonaro’s attempts to politicize the armed forces.

Pandemic, rampant economic issues & increased political instability drove inflation & even brought recession.

After a year of respite in 2020 due to lockdown, murders have surged again – especially in Brazil’s northern states. In June 2021, Manaus authorities even shut down schools and suspended public transportation, following the death of a cartel leader.

Hit by Covid-19, inflation & growing criminality, Brazil has faced major uncertainty over the last years. A recession of -4% has been recorded in 2020, while growth should remain below 1% in 2021.

While hit by these multiple crises cast darker shadow over their future, Brazilians hopefully do not give up. In 2021 they have proved their extreme resilience with a record of job creation & private social initiatives. That’s how we saw the emergence of a new stock market … owned by favelas community leaders!

Search data revealed a surge for private insurance in 2021

We used our search listening platform to record a surge in demand for insurance policies in all largest states & cities, in the wake of the economic crisis. Showing that citizens tend to look for private safety nets when their State is not seen as efficient enough to provide support and protection.

We took a look at more than 200 search queries revealing interest for insurance products:

  • seguro de caro
  • seguro cellular
  • seguro viagem
  • seguro residencial

All these expressions were found by scanning all websites from major Brazilian insurance companies.

Then we grouped all similar search queries to analyse search trends over time for each insurance market segment (car, cellphone, residential…). It revealed that car insurance is the mostly searched insurance product in Brazil (36%), before residential (22.1%) and cellphone (16.6%).

Global market analysis shows there are +27.1% of search volume for the top-10 insurance products, between May and November 2021.

We did not consider ‘travel insurance’ to get these market figures, as that segment naturally re-emerged when lockdown went off.

Not all insurance policies are benefiting from the crisis: our search listening platform computed the growth rates for each segment – over the last 6 months.

Truck & bicycle insurance are generating fewer interest in November 2021 compared to June 2021, despite the southern summer time.

Sure thing is that 3 sub-markets are particularly growing:

  • Pets
  • Moto
  • Cellphone

When search goes local: the example of cellphone insurance

Search data are provided at multiple geographic layers: country, region, department, city and even sometimes district.

We considered all Brazilian states to unveil local affinity, which is the amount of searches for 100k population. Using local affinity is useful to spot territories with very specific expectations or in our case bigger issues.

When considering local affinity for cellphone insurance, we notice that Rio de Janeiro comes first, just behind Sao Paulo – though there are twice more search queries for cellphone insurance in Sao Paulo. But of course there is also a much larger population – which explains why the local affinity (search volume for 100k population) is lower than in Rio de Janeiro.

Another sad example with funeral insurance

Search data are great to compare local affinity for multiple products and reveal very local consumer insights.

By looking closely at results for local affinity by segment, we can notice a few local outliers:

  • Funeral in Rio de Janeiro
  • Travel in Federal District
  • Pets in Sao Paulo
  • Car in Espirito Santo
  • Rural in Parana

So there is a much bigger demand for funeral insurance policies in Rio de Janeiro: +140% compared to national average.

Learn by yourself with search data

The case of Brazil is just one example to illustrate that socioeconomic issues can be revealed from search engines, when looking at online search trends for related markets – such as insurance.

Good thing that search data are geolocated, as it can provide local socioeconomic indicators almost in real-time – KPIs that can be quite costly to get when running traditional surveys.

You want to learn more about a country or a specific region? Please let us know 🙂

In the meantime, you can also sign up to our demo platform revealing insurance trends in Brazil. Data are even updated every month!

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