The State of Social Media
Shopping is Down, but Consumers are Largely Remaining Loyal to their Current Insurers
Reston, Va., October 18, 2013 – Comscore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released its 2013 Online Auto Insurance Shopping Report, which provides a detailed analysis of overall industry trends in 2012 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 of purchasing channels and key factors driving the decision-making processes for shoppers. The study is based on data from the Comscore research panel of one million U.S. consumers and a survey of more than 4,000 U.S. Internet users conducted in July and August 2013.
Insurance Shopping Dips Below 50 Percent for First Time in Five Years
In 2013, for the first time in five years, the percentage of consumers who shopped for insurance in the past year dipped below 50 percent. Despite the fact that shopping for auto insurance was down slightly, the percentage of consumers who seriously considered switching their auto insurance policy remained relatively flat. In addition, respondents were increasingly more open to the idea of purchasing policies online than they were in 2011 and 2012, up 3 percent and 1 percent, respectively.
“As consumer shopping behavior changes over time, it’s critical for auto insurance companies to understand the various factors that motivate consumers to shop for, retain, or change their auto insurance,” said Susan Engleson, senior director at Comscore. “These insights can help insurers develop strategies for effectively influencing consumers before, during and after the shopping process, ultimately giving insurers a competitive advantage.”
While the number of overall quotes submitted fell five percent in 2012, the overall number of policies purchased remained flat at 3.1 million. Fewer people are shopping and obtaining quotes, but the number of shoppers obtaining more than one quote has increased from 2012 to 2013, with 63 percent of consumers who shopped within the past year getting two or three quotes, up from 57 percent in 2012. Obtaining a quote online continues to be the most popular auto insurance shopping method for consumers, with 67 percent of respondents who shopped in the past year saying they obtained a quote online.
“Pay as You Drive” Continues to Gain Awareness
In addition to what can be considered a traditional auto insurance policy, the number of insurers offering their own usage-based insurance (UBI) has increased over the past few years. Awareness of this “pay as you drive” insurance (PAYD) among respondents has more than doubled since 2009, with 40 percent of shoppers aware of the existence of PAYD insurance in 2013, up 23 percent from 2009. While awareness for PAYD insurance increased, adoption of the actual product was much slower. Of the 40 percent of consumers who currently are aware of PAYD, only 9 percent actually have PAYD insurance. A quarter of respondents stated that privacy was “very much a concern” when it comes to PAYD.
About the2013 Online Auto Insurance Shopping ReportThe 2013 Online Auto Insurance Shopping Report is 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 July and August 2013. The report focuses on insights into the competitive landscape of the online auto insurance acquisition market. To purchase a copy of the 2013 report, please visit: http://www.comscore.com/Auto2013
For additional information on Comscore Auto Insurance solutions, please contact Susan Engleson at email@example.com.
About ComscoreComscore, Inc. (NASDAQ: SCOR) is a global leader in digital measurement and analytics, delivering insights on web, mobile and TV consumer behavior that enable clients to maximize the value of their digital investments. For more information, please visit www.comscore.com/companyinfo.
+1 (571) 306-6447 firstname.lastname@example.org