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LexisNexis Risk Solutions Study Reveals Continued Increases in Consumer Auto Insurance Shopping BehaviorATLANTA, Sept. 10, 2019 /PRNewswire/ -- Drivers are shopping and switching auto insurance policies more than ever. Recent analysis of the U.S. auto insurance market by LexisNexis® Risk Solutions has revealed as much as 62% of policies are shopped off-cycle or outside the traditional renewal window. This increase in shopping activity can be credited in large part to how easy it is to shop insurance using carriers' price comparison tools, mobile apps and websites that prepopulate with consumer data. With consumers empowered to shop for a better deal, it's no surprise that 40% of U.S. auto insurance policies were shopped in the past year. "Over the past decade, LexisNexis Risk Solutions has tracked auto insurance shopping behaviors. We've seen growth in the volume of consumers shopping their auto policies quarter, year-over-year," said Adam Pichon, Vice President and General Manager, Auto Insurance, LexisNexis Risk Solutions. "If carriers don't identify these behaviors and adapt their strategy to address these shopping and switching patterns, then they will struggle to retain their customer base." To complement LexisNexis Risk Solutions proprietary market insights, the company recently commissioned a national study of over two thousand auto insurance policyholders in order to better determine motivations for why consumers are shopping. The study respondents were classified into three categories based on their auto insurance shopping habits over the past year – recent non-shoppers, shoppers and switchers. The study found that half of those surveyed have shopped in the past year and one-in-five ended up switching carriers. While there were no significant demographic differences between the respondent groups surveyed for the study, there were shopping differences in how they research and purchase insurance. Shopping Habits During Renewal Windows Price is King and Tops Loyalty "Given the competitive market, how can carriers retain their current customer base? Proactively anticipating upcoming life events can prove to be a key differentiator," said Ian Griffin, Director, Acquisition & Retention, LexisNexis Risk Solutions. "Communicating with customers at the appropriate time with the right information is key to further strengthening customer loyalty." Carriers Need to Anticipate That Life Happens While price is a primary motivation for consumers to shop and switch, carriers have an opportunity to use what they know about a customer's life events to proactively engage and retain valuable customers before they shop. With 65% of consumers expecting a life event to occur within the next one to two years, now is the time for carriers to review their book of business and proactively monitor and anticipate when customers are most likely actively shopping. For more information, download the LexisNexis Insurance Shopology white paper. About LexisNexis Risk Solutions Media Contacts: Mollie Holman View original content to download multimedia:http://www.prnewswire.com/news-releases/lexisnexis-risk-solutions-study-reveals-continued-increases-in-consumer-auto-insurance-shopping-behavior-300914372.html SOURCE LexisNexis Risk Solutions |