Press Releases

April 12, 2007

comScore Reports 58 Percent Annual Growth in Auto Insurance Policies Purchased Online in 2006

65 Percent of All Auto Insurance Customers who Use the Internet Would Consider Purchasing their Next Policy Online

RESTON, VA, April 12, 2007 – comScore, Inc., a leader in measuring the digital world, today released the results of a study of online auto insurance activity, which revealed that 2006 represented a tipping point in the adoption of the Internet for auto insurance purchases. The Internet channel has been critical in supporting insurance research during the past few years, with price-conscious consumers submitting more than 70 million auto insurance online rate quotes from 2004 to 2006. However, the actual purchase of policies online had been slower to gain traction, until recently. The comScore analysis showed that in 2006, auto insurance policies purchased online increased 58 percent versus the previous year, while the total number of auto insurance quotes submitted online increased 15 percent.

Growth in Online Auto Insurance Activities
2006 vs. 2005
Total U.S. Home, Work and University Internet Users
Source: comScore, Inc.
Auto Insurance Activity Percentage Change
Quotes Submitted 15%
Policies Purchased 58%

“Consumers continue to migrate toward conducting complex financial transactions online,” said Kevin Levitt, vice president of comScore Financial Solutions. “The automobile insurers are supporting this shift with more efficient Web sites and clearer communication of the value proposition for purchasing policies online. The substantial growth rate in online policy purchases reflects an important transformation in the dynamics of the online auto insurance market.”

Strong Outlook for Online Purchases of Auto Insurance Policies in 2007

The online auto insurance market has extended the strong growth it saw in 2006 into the first two months of 2007. During January and February, the number of auto insurance quotes submitted online increased 29 percent and the number of policies purchased online increased 45 percent compared to the corresponding time period in 2006.

Growth in Online Auto Insurance Activities
Jan/Feb 2007 vs. Jan/Feb 2006
Total U.S. Home, Work and University Internet Users
Source: comScore, Inc.
Auto Insurance Activity Percentage Change
Quotes Submitted 29%
Policies Purchased 45%

A recent survey conducted by comScore among Internet users with auto insurance showed other positive signs of continued growth for online purchasing of auto insurance, with 65 percent of these consumers claiming they would consider purchasing their next auto insurance policy online. Of those who indicated they would not purchase policies online, 69 percent said they would prefer to speak to or meet with an insurance professional, while 53 percent said they did not want to submit personal information on a Web site. Information security was clearly a primary consideration for those hesitant to purchase policies online, as more than half (58 percent) of consumers said that guaranteed site security would increase their likelihood of purchasing online.

Additional analysis and survey results are available in the 2007 comScore Online Automobile Insurance Report.

About comScore’s 2007 Online Automobile Insurance Report

The 2007 comScore Online Automobile Insurance Report leverages comScore’s proprietary panel of more than two million online consumers. Additional information was gathered through a survey conducted among 2,043 U.S. online consumers from March 1-8, 2007 to further understand their insurance relationships, attitudes, and intentions.

comScore’s 2007 Online Automobile Insurance Report includes:

  • Quarterly online auto insurance visitation statistics
  • Attitudinal insight into why customers prefer either the agent or direct channel for purchasing
  • Channel preferences for servicing, billing, and payment
  • Importance of features in auto insurance coverage plans
  • Factors that impact switching across insurance carriers
  • Insights into why customers would not purchase online and features that would increase the likelihood of online purchase

Sites included in the analysis of online quoting and purchasing are: aigdirect.com, allstate.com, answerfinancial.com, comparisonmarket.com, driveinsurance.com, esurance.com, geico.com, insweb.com, insureme.com, nationwide.com, netquote.com, progressive.com, and statefarm.com

Insurance industry professionals and members of the media may request comScore’s 2007 Online Automobile Insurance Report by visiting www.comscore.com/auto_insurance_report.

comScore, Inc. is a global leader in measuring the digital world. This capability is based on a massive, global cross-section of more than 2 million consumers who have given comScore permission to confidentially capture their browsing and transaction behavior, including online and offline purchasing. comScore panelists also participate in survey research that captures and integrates their attitudes and intentions. Through its proprietary technology, comScore measures what matters across a broad spectrum of behavior and attitudes. comScore analysts apply this deep knowledge of customers and competitors to help clients design powerful marketing strategies and tactics that deliver superior ROI. comScore services are used by global leaders such as AOL, Microsoft, Yahoo!, Verizon, Best Buy, The Newspaper Association of America, Tribune Interactive, ESPN, Fox Sports, Nestlé, MBNA, Universal McCann, the United States Postal Service, Merck and Expedia. For more information, please visit www.comscore.com.

Contact:
Andrew Lipsman
comScore, Inc.
+1 312 775 6510
press@comscore.com



 

Tags: Finance