Direct premiums written (DPW) in the personal lines auto insurance market in the United States were $190 billion in 2014. This marked the second consecutive year of strong premium growth—an increase of 4.8%, which surpasses the exceptional growth rate in 2013. In a mature industry such as property and casualty insurance, where the growth of one insurance company typically comes at the expense of another, it is imperative that insurers understand why customers are shopping and switching to certain companies and not to others.
The J.D. Power 2017 U.S. Insurance Shopping StudySM provides an in-depth look at the entire auto insurance policy selection process to understand which customers are shopping; what triggers their shopping; their attitudes toward and perceptions of auto insurance brands; and how they make their final purchase decision.
The study explores the most critical drivers of winning new customers looking at various differentiators in the marketplace:
- Insurer business models
- Sales channels (agent, website, call center, aggregators)
A study subscription provides access to the insights and tools needed to gain a comprehensive, in-depth understanding of how your company is performing and to identify key areas needing improvement.
Study deliverables include:
- Customized executive presentation and in-person discussion that includes data-driven, actionable recommendations for achieving such strategic goals as closing performance gaps with key competitors and/or top performers in the study
- Competitive survey data and industry reports created by J.D. Power
- Analytical tools for performance insights and peer comparisons
- Ongoing thought leadership, including white papers and access to webinars on vital industry topics
- Bain Certified NPS® by J.D. Power: This independent and Bain certified measurement of NPS which includes the brand level Net Promoter Score® and verbatims, a NPS rank chart and verbatim text analytics. More advanced analytics are available at an additional cost. Contact your J.D. Power representative to learn more, or visit jdpower.com/nps
The 2017 study focuses on the following five key components of the auto insurance shopping and purchase process:
- The Shopping Process: Which customers are shopping? What are they shopping for and why?
- Closing the Sale: How do a company’s quote and conquest rates compare to competitors’ rates? How do a company’s distribution channels perform? Why do avoiders, considerers, and quote/lost shoppers decide not to do business with an insurer?
- Onboarding Satisfaction: How do the profiled insurers rank in the overall Purchase Experience Index? What drives customer satisfaction with the purchase experience? The study provides a broad understanding of how insurers can improve the purchase experience across three key touch points: Policy Offerings; Price; and Distribution Channel (Agent; Call Center Service Representative; and Website)
- Brand Image: Is a company’s brand recalled, recognized, or unknown? How do customers view a company’s brand? Has that view changed over time?
- Retention and Defection: Which customers are at risk of defection? Which retention strategies are most effective? What motivates defectors to leave the incumbent insurer and purchase from a new insurer?
What’s New in 2017?
New for 2017, subscribers will have access to the following:
- VoX 3.0: This study is available on our newly enhanced interactive interface, VoX 3.0. The platform has been upgraded with several new features, including a crosstabulation tool.
- Bain Certified Net Promoter Score® by J.D. Power: This independent, trusted, and Bain certified measure of NPS® provides brands with accurate scores they can use with confidence as they seek ways to improve the customer experience, assess their competition, increase brand advocacy, and ultimately deliver positive financial results. To access it, you must subscribe to the respective J.D. Power syndicated study. Learn more at jdpower.com/nps
- Dynamic Digital Reports: Charts and Tables will be available on our new VoX 3.0 platform to allow for dynamic filtering and printing of customized reports for your internal stakeholders.
- NPS® Analytics Package*: J.D. Power’s NPS Analytics Package helps brands more fully understand the drivers of the Net Promoter Score and how those results fit within the framework of the overall customer experience. Deliverables include a dynamic simulator, analyst briefing, and client case study.
Net Promoter System®, Net Promoter Score®, NPS® and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.
*Only includes data from waves three and four. This offering requires an additional subscription.