Insurance Shopology – The What and Why of Consumer Shopping Behavior

Overview

It’s a challenging time in insurance. The U.S. auto insurance marketplace has become highly competitive, with steady annual revenue growth each year from new consumers entering the market. At the same time, consumers are shopping for auto insurance more than ever before, in large part because carriers have made it easy for them to do so. The end result? In an insurance marketplace plagued with retention woes, it is tough for carriers to attract and retain the best customers.

The leading question is: how can you step ahead of the competition?

LexisNexis Risk Solutions commissioned a study of more than 2,000 current U.S. auto insurance consumers, aged between 25-70 years. Respondents were the primary decision makers and purchasers for auto insurance. Respondents were classified into three groups:

  • Recent Non-Shoppers – had not shopped for auto insurance in the past year
  • Shoppers – had shopped for auto insurance in the past year
  • Switchers – had shopped their auto insurance and switched carriers in the past year

Access the Insurance Shopology white paper to learn more about the what and why behind consumer insurance shopping behavior.