There’s never been a more competitive environment for auto insurers in the battle to win and retain business. According to the 2018 U.S. Insurance Shopping Study, a combination of record-low volumes of new insurance shoppers, consistent price competition among insurers and rising consumer expectations have forced auto insurers into aggressive customer courtship mode. In such a competitive environment, 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 Insurance Shopping Study examines the entire auto insurance policy selection process to understand which customers are shopping; what triggers their shopping behavior; their attitudes and perceptions of auto insurance brands; and how they make their final purchase decision. The study provides insights into how insurers can not only continue to improve customer satisfaction with the shopping process, but also how they can develop effective campaigns to maximize their return on marketing investments.