Online Auto Insurance Quote Submission and Purchasing Activity Maintains Momentum in 2011
RESTON, VA, June 21, 2012 – Comscore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released its 2012 Online Auto Insurance Shopping Report, which provides a detailed analysis of overall industry trends in 2011 and the attitudes and intentions of consumers shopping for auto insurance online. In addition, the study reports on the volume of online quote requests and highlights customer preferences on purchasing channels and key factors driving the decision-making process for shoppers.
The study draws its analysis from Comscore’s research panel of 1 million U.S. consumers and a survey of more than 4,000 U.S. Internet users conducted in February and March 2012. While online auto insurance channels continued to generate a high volume of insurance shopping activity in 2011, consumers are no more likely to consider switching from their old auto insurance providers than two years ago. However, more than a third of respondents now say they are likely to purchase policies online in the future, up 2 percentage points from the previous year.
“In 2011, we saw the auto insurance industry sustain the volume of online quoting activity it had seen in recent years, reflecting consumers’ continued comfort with using the web to shop for and compare various auto insurance policies,” said Susan Kleinman, Comscore director. “But while switching consideration and online quoting have not grown significantly in the past year, consumers continue to show an increasing openness to the possibility of purchasing their future policies online. This bodes well for insurance providers who are able to meet the challenge of growing their online channels and customer acquisition strategies in the current market. Understanding the forces that compel and influence consumers to consider switching policies will be critical for insurance providers hoping to get a leg up on the competition.”
Online Quoting and Purchasing Behavior Maintains Momentum from 2009
While online quote submission saw a dramatic increase in 2009, it has not seen a significant increase in recent years. However, online auto insurance policy sales continue to be on the upswing, growing 6 percent from the previous year to 3.1 million online policy sales in 2011. Despite the slowdown in switching intent and shopping activity, the online channel remains the preferred channel for customers shopping for auto insurance policies. Nearly 70 percent of shoppers reported getting an online quote in 2011.
In 2011, 34 percent of respondents reported being more likely to purchase their auto insurance policies online in the future. Only 22 percent declared they would be unlikely to do so, remaining consistent from 2010. Among those who said they were unlikely to purchase online in the future, 44 percent said that there are features that would increase their likelihood of purchasing online. Having discounts offered for purchasing online, guaranteed site security, and the ability to get a quote by providing only minimal personal information ranked as the top three features that would increase the likelihood of these respondents to purchase online.
About the2012 Online Auto Insurance Shopping Report
The2012 Online Auto Insurance Shopping Reportis a report based on Comscore’s research panel of 1 million U.S. consumers and attitudinal insights gained from a Comscore survey of 4,000 U.S. online consumers conducted in February and March 2011. The report focuses on insights into the competitive landscape of the online auto insurance acquisition market.
To purchase a copy of the 2012 report or all previous Online Auto Insurance reports, please visit: http://www.comscore.com/Auto2012
For additional information on Comscore Auto Insurance solutions, please contact Susan Kleinman at firstname.lastname@example.org.
Comscore, Inc. (NASDAQ: SCOR) is a global leader in measuring the digital world. For more information, please visit www.comscore.com/companyinfo.
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