Report highlights the trends directing consumer purchasing behavior
More consumers are beginning to shop online for auto insurance coverage, according to a new report from comScore. The report highlights the trends that are beginning to emerge in the overall auto insurance industry, with these trends likely to play a major role in directing the shopping behavior of consumers in the future. The report is comprised of information gathered from more than 3,000 drivers throughout the United States, with this information being gathered between August and September of this year.
Majority of consumers have shopped for new policies online
The report shows that the number of consumers shopping for auto insurance coverage remained stable at 46%, which is where it was last year. Of these, 71% of consumers reported that they shopped for coverage online, an increase from the 67% that reported shopping online for coverage in 2013. The fact that consumers can shop for coverage via multiple devices, including smartphones, has added to the growth of this trend. The report notes that consumers are particularly interested in receiving multiple quotes in order to find the best coverage with the best premiums.
Price remains one of the greatest factors influencing consumer shopping behavior
According to comScore, the cost of insurance coverage is one of the most important factors influencing a consumer’s interest in policies they find online. The report has found that many drivers consider shopping around for new coverage every year, but the majority do not switch to new policies, either because of cost or because they are satisfied with their current level of coverage. Approximately 66% of those shopping for new coverage have reported that they were looking for lower premiums. In some cases, however, they were unable to find less expensive coverage.
Consumer engagement through digital channels is becoming more important
As more consumers begin to shop online for coverage, insurers may have to change the way they engage drivers. More consumers have been wanting better engagement from their insurance providers, which insurers may be able to accomplish by being more active on digital channels, such as social media. The Internet has allowed insurers to connect with consumers in an unprecedented way, and more consumers are beginning to favor online services over more conventional ways to purchase auto insurance coverage.