The State of Social Media
Overall Shopping Remains Steady, but Percentage of Consumers Likely to Purchase Auto Insurance Online in the Future Grows Each Year
Reston, Va., November 13, 2014 – Comscore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released its 2014 Online Auto Insurance Shopping Report, which provides a detailed analysis of overall industry trends, and the attitudes and intentions of consumers shopping for auto insurance online. Additionally, the study provides insight as to how, why and where consumers shop for auto insurance. The study is based on data from the Comscore research panel of one million U.S. consumers and attitudinal insights from a Comscore survey of more than 3,000 U.S. online consumers conducted in July and August 2014.
Insurance Shopping Remains Flat, Yet Consumers Shopping for Insurance in the Future are More Likely to Do So OnlineIn 2014, just 46 percent of consumers shopped for auto insurance in the past year, compared with 48 percent who shopped in 2013. That said, despite insurance shopping remaining relatively flat, 71 percent of those shopping in the past year obtained a quote online in 2014, a 4 percent increase from 2013.
Furthermore, the percentage of consumers indicating that they would be likely to purchase auto insurance online in the future continues to grow each year. In 2014, 37 percent of consumers indicated they would be likely to shop for insurance online, up 5 percentage points from 2011. Price remains the most important factor for consumers when they are looking to purchase auto insurance – regardless of the channel they use to purchase that insurance – with 44 percent of consumers indicating that this is the most important attribute they consider when shopping for policies.
“As consumer shopping behavior changes over time – and as Internet usage on both desktop and mobile devices continues to grow – auto insurance companies must understand why, where and how consumers prefer to shop for and purchase auto insurance policies,” said Susan Engleson, senior director at Comscore. “Companies that understand these consumer trends and preferences, as well as implement strategies based on them, will gain a competitive advantage.”
Convenience of Other Channels Drives Some Consumers to Reconsider Purchasing Through Agents While the agent channel continues to be the top overall method for purchasing insurance, those shoppers who purchased via a different channel cite convenience as the main driver for doing so. For example, 30 percent of respondents said they found it more convenient to use a website or toll-free number.
Quoting and purchasing insurance policies via mobile devices is also beginning to emerge. In 2014, just fewer than 10 percent of consumers quoted or purchased an auto insurance policy via a smartphone or tablet. Nine percent received a quote via a tablet, with 7 percent actually purchasing a policy. Similarly, 8 percent quoted via smartphone, with just 6 percent purchasing a policy through this same device. Most insurers allow shoppers to receive quotes on their mobile-enabled websites, with slightly fewer allowing consumers to actually purchase a policy on a mobile device.
About the2014 Online Auto Insurance Shopping ReportThe 2014 Online Auto Insurance Shopping Report is a report based on Comscore’s research panel of one million U.S. consumers and attitudinal insights gained from a Comscore survey of more than 3,000 U.S. online consumers conducted in July and August 2014. The report focuses on insights into the competitive landscape of the online auto insurance acquisition market. To purchase a copy of the 2014 report or all previous Online Auto Insurance reports, please visit: http://www.comscore.com/Auto2014
For additional information on Comscore Auto Insurance solutions, please contact Susan Engleson at firstname.lastname@example.org.
About Comscore Comscore, 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.
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