Consumers Submitted Requests for Over 32 Million Rate Quotes Online
RESTON, VA, March 12, 2008 – Comscore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released a study of online activity for the auto insurance market in 2007. The results show that consumers submitted requests for 32 million online quotes and purchased a record 2 million policies online in 2007. The number of quotes requested online increased by 15 percent, and the number of auto insurance policies purchased online increased by 37 percent from 2006 to 2007. It’s clear that the Internet has become an important factor in the auto insurance industry during the past few years, with consumers requesting more than 100 million auto insurance rate quotes between 2004 and 2007.
Growth in Online Auto Insurance ActivitiesTotal U.S. – Home/Work/University LocationsSource: Comscore, Inc.
Auto Insurance Activity
Transactions (000)
2006
2007
Percent Change
Policies Purchased
1,566
2,145
37%
Requests for Quotes Submitted
28,061
32,353
15%
Consumers originally turned to the Internet to educate themselves about auto insurance and compare prices but were slow to begin completing the purchase transaction online. Beginning in 2006, however, the industry experienced a shift in consumer behavior, resulting in an increase in the number of policies purchased online.
“Consumers are demanding the freedom to choose their method for interacting with their auto insurer – whether online, by phone, or in person,” said Kevin Levitt, Comscore vice president. “The rapid growth of the Internet demonstrates the importance of a multi-channel approach that includes the ability to request quotes, purchase policies and service accounts online.”
Growth in Customer E-Servicing Yields Cost-Savings to Auto Insurers
In addition to online customer acquisition, the auto insurance industry experienced growth in online policy and account management. E-servicing is particularly appealing to both insurers and consumers because it represents potential time- and cost-saving opportunities.
To evaluate consumer changes in e-servicing, the study compared the number of e-servicing visits to seven leading auto insurer sites in 2007 versus 2006. Total e-servicing visits grew by 15 percent, with the increase driven by a 20-percent increase in visits to policy management sections of the sites, indicating consumers’ growing comfort with completing more complex transactions – such as adding cars to policies – online.
Growth in E-Servicing Visits*Total U.S. – Home/Work/University LocationsSource: Comscore, Inc.
Section of Web Sites
Total Visits (000)
Payment Section
47,256
51,734
9%
Policy Management**
57,245
68,836
20%
Total e-Servicing
104,501
120,571
** Policy management includes viewing and changing coverage, adding or removing a driver, adding or removing a car, and changing an address
“Consumers appreciate the freedom and flexibility of being able to manage their policies online,” continued Mr. Levitt. “Meanwhile, insurers benefit by reducing costs incurred in their offline channels and communicating more effectively and efficiently with consumers, thereby enhancing the lifetime value of the relationship.”
About Comscore Auto Insurance SolutionsComscore Auto Insurance Solutions provides insight into online quoting, purchasing and servicing activity. Comscore’s products include competitive benchmarking, source of traffic analyses, abandonment studies, site usage analyses, search marketing, audience profiling and segmentation, surveys and online focus groups, and the measurement of advertising effectiveness.
About ComscoreComscore, Inc. (NASDAQ: SCOR) is a global leader in measuring the digital world. For more information, please visit www.comscore.com/boilerplate.