LexisNexis Insurance Demand Meter Reports Growth in U.S. Auto Insurance Q4 Shopping Activity
ATLANTA, Feb. 23, 2021 /PRNewswire/ -- To help carriers understand the ever-changing market and offer benchmark insights, LexisNexis® Risk Solutions released its latest Insurance Demand Meter, reporting on Q4 U.S. auto insurance shopping activity, as well as 2020 year-end trends. The Meter shows that both shopping and new business policy volumes increased overall in the fourth quarter, and that despite the ups and downs throughout the year, 2020 ended relatively strong. The year concluded with an annual shop rate of 41%, which, while consistent with each quarter in 2020, is the highest since we began collecting the data.
Shopping activity is hot, but conversion appears tricky
"Considering all the events that shaped 2020, the fact that the market had some growth is a great benchmark for 2021," said Tanner Sheehan, associate vice president of auto insurance at LexisNexis Risk Solutions. "We're already starting to see patterns emerge when it comes to stimulus check distributions, and we look forward to seeing how correlations like that continue to play out in the year ahead."
Gap remains between insured and uninsured shopping
Additional key insights from Q4 inclde:
"It's promising for the industry to see that the latest round of stimulus checks are enabling Americans to get back on the road and we're cautiously optimistic that as the COVID-19 vaccines are more broadly administered a return to normalcy may be possible. With early discussion of additional stimuli, we look forward to continuing to examine the trends and identifying new opportunities of U.S. auto insurers in the year ahead," Sheehan said.
About the LexisNexis Insurance Demand Meter
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About LexisNexis Risk Solutions
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SOURCE LexisNexis Risk Solutions