Hispanic Driver s Age Distribution %

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2 Overview BehaviorBase AUTO INSURANCE 2 The Hispanic market continues to grow and many auto insurance companies have taken notice as the number of Hispanic drivers explodes. Within the auto insurance industry the Hispanic market has become a strategically important piece of the roadmap as companies navigate the challenging economic environment and look for revenue growth. Interestingly,, the measurement of sales and marketshare for the Hispanic market (as well as Asian and African American) has always been a challenge for insurance carriers. Insights into the psychographic behavior from point of purchase through claims, customer service and renewal have also been of great interest yet hard to find without custom research. In the first quarter of 2009, Geoscape teamed up with a group of insurance companies to produce an in depth annual study that addresses key areas of interest and through sound data for ROI measurement and actionable insights that fuel an increased focus and effectiveness in field sales, customer service, acquisition, retention and underwriting. Unique Features No other study can accurately quantify Hispanic marketshare to this level of scrutiny Actionable insights that connect with sales, product development, and customer service Representative study of US Hispanic market all language segments % % 8.00% Hispanic Driver s Age Distribution 2009 About 70% of Hispanics are under 40 compared to 51% of Non-Hispanics Majority of Hispanic are young and in their prime driving years. 6.00% 4.00% 2.00% 0.00% Source: Geoscape, American M arketscape DataStream : 2009 Series. % Hispanic % Non-Hispanic Hispanic Median Age: 27 Population 65+ Non-Hispanic: 93% Copyright Geoscape, www. geoscape.c om, 1 (888) Page 1

3 BehaviorBase AUTO INSURANCE 3 Methodology The data for this study was collected through a 20 minute phone interview with Hispanic auto insurance decision makers in the household. Geo-demographically Stratified Random Sampling was used to ensure the sample is representative. This takes into account the definition of target subjects, the geographic distribution, as well as relevant demographic, socioeconomic, and lifestyle attributes. The details of the study are as follows: In field dates were January 27 to March 15, 2009 (Second wave in Q1 2010) United States Contiguous State Region-excluding Alaska and Hawaii. Questionnaire was developed in both English and Spanish to be standardized for country-of-origin neutrality. All interviewers were fully bilingual. All interviews were conducted via telephone with the head of household or person responsible for the insurance purchase decision. There were 45 distinct questions across several key subject areas. Study sample error rate: +/- 2.62%(Each question has its own sample size and error rate so the numbers will vary) There were 1,401 completed interviews in the subjects preferred language (either English or Spanish) and coded with Geoscape s Hispanic Language segments (HL1-HL5). Geoscape Hispanic Language Segments HL1: English Dependent. Identify with home country more so than U.S. Hispanic. Tend to be 3 rd generation or greater. Speak no more Spanish than the average American. Tend to be fully assimilated/acculturated HL2: Bilingual English Preferred. Tend to be 2 nd generation but can be 3 rd. Speak some Spanish but not fluently. Identify to some extent with the Latino culture. HL3: Bilingual Equal. Tend to be 1 st or 2 nd generation. Tend to have grown up in the U.S. Tend to value participating in both cultures. HL4: Bilingual Spanish Preferred. Tend to be 1 st generation. Tend to have grown up outside the U.S. May have lived in the U.S. most of life. HL5: Spanish Dependent. 1 st generation. Recently arrived to U.S. May live in metro densely populated by Hispanics. Cannot read or converse in English

4 BehaviorBase AUTO INSURANCE 4 Key Insights This study is designed to help all auto insurance companies (Preferred, Standard and Substandard) assess strengths, weaknesses, opportunities, and threats in developing and pursuing the Hispanic auto insurance consumer. The national study has marketshare data for industry leaders, as well as competitors, who want to enter the market. The insights factor into the integrated marketing programs that reach sales, product development, underwriting, and customer service. Language segments proved to be important variables as responses were tallied to measure market share, brand awareness, retention and cross selling for other non-auto insurance products. The value of the language measures is evident when comparing companies success at acquiring new customers as well as retaining loyal customers. High Level Insights: Unaided brand awareness for the top six companies ranged in values from 37% on the high end and 10% on the low end. o The top six companies in alphabetical order are AAA, Allstate, Farmers, GEICO, Progressive and State Farm. Marketshare: The top two providers combined have over 25% of Hispanic auto insurance market. The top four companies combined have over 40% of Hispanic auto insurance market share and the remaining named providers make up 42%. Average length policyholder with present provider: 3.9 yrs Average number of automobiles insured per household: 2.1 Average monthly insurance premium payment (for all cars in households): $161 Key Areas Investigated: Internet Usage as it relates to Insurance Purchase Cycle Switching Behavior Time with Auto Insurance Company Number of Autos Insured in Household Average Monthly Auto Insurance Payment Average Yearly Total Household Income Type of Coverage for Auto Insurance. Additional types of insurance (Life, Business, Home/Renter) Key Drivers Another critical question explored: What are the key drivers when purchasing auto insurance? The possible answer choices are listed below and the importance rankings are available for subscribers. Allows you to conduct business & policy maintenance in Spanish Handles all of your insurance needs Has Spanish language ads/promotional material Is a company you can trust Has agents located in your neighborhood/community

5 BehaviorBase AUTO INSURANCE 5 Has helpful agents Has policies designed to meet your insurance needs Is a company that is easy to do business with Has low price Offers insurance products that are a good value Processes claims in a fast, efficient manner Provides more discounts, more options & peace of mind Provides the service you need in Spanish Offers bilingual insurance agents Understands your cultural needs Is widely recommended Repairs or replace your possessions quickly should something unexpected happen Internet Behavior The internet s impact on the purchase cycle for insurance continues to grow as more and more consumers perform their own research and shop online. This study surveyed Hispanics across the following stages: Research for a potential insurance provider Obtain quote for policy/coverage, Buy policy/coverage Manage their policy Pay for their premium online. Switching Behavior Understanding switching behavior is instrumental to both acquisition and as retention efforts. In the study it was found that: Price was the biggest reason. The 2 nd most common reason for switching was related to the customer experience in dealing with the provider. 73% of the English dependent (HL1) respondents claimed they switched because of Price compared to 65% of the more Spanish dependent (HL5) participants. Other reasons such as customer service factored more heavily with Spanish dependent respondents. Level of Coverage The last finding to be discussed in this preview is the type of coverage maintained by the Hispanic carriers. One third of the sample (33%) claim to carry the Minimum Required by Law. Just over half of the participants in the study (52%) claimed to carry Full Coverage in the auto insurance policy they currently have. 11% of the sample claimed to fall in between the Minimum Required by Law and Full Coverage.

6 BehaviorBase AUTO INSURANCE 6 Actionable Benefits An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage - Jack Welsh Too many research projects do not move the needle for sales and marketing. Below is a list of ways that subscribers can implement learnings: Target new segments and defend current customers Before translating Spanish website make sure the right messages are delivered Improve retention with strong customer service and claims support Attack switching behavior Conclusion In 2008 Hispanics spent $14.6 billion on personal vehicle insurance. Whether your company is a mass marketer to the universe of drivers or a specialized provider that targets non-standard policyholders the Hispanic market is a significant and growing part of your business. This study provides answers to questions you may already have, as well as to questions you may not yet have asked that can then help your company better assess, understand and reach this segment. About Geoscape: Geoscape serves its clients by providing business strategy, analytics, databases and automated intelligence systems. The online Geoscape Intelligence System (GIS), the DirecTarget database enrichment system and a variety of geo-demographic, consumer, business and media databases enable actionable insights that lead our clients to gain significant business advantages. Geoscape is a portfolio company of Goldman Sachs, Inc. with principal offices in Miami. Geoscape is proud to have served a large portion of the Fortune 500 corporations over the last several years.

7 BehaviorBase AUTO INSURANCE 7

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