New Data Sources & Auto Insurance Shopping Greg Flemming Lightspeed Research Financial Services Group

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1 New Data Sources & Auto Insurance Shopping Greg Flemming Lightspeed Research Financial Services Group

2 Car Shopping Isn t What It Used To Be...

3 And Neither is Shopping for Auto Insurance Insurers are not keeping up with rising customer expectations and Some will research need claims to that offer consumers more visit, innovative on average, products and ally with some nontraditional partners to catch up and to keep more digital-savvy firms from stealing their business. 10 sites online and make a purchase decision before contacting an insurance agent or company. (Source: Kevin Brandt, Trusted Choice, in Insurance Journal.) -- Insurance Journal, citing 2015 Accenture study

4 Consumers Value Service, But Many Likely to Shop Around How much do you agree or disagree with each of the following? [Top two box %] Base: 3,506 consumers with auto insurance After I renew my insurance policy, I don't think about insurance until it's renewal time again 66% 71% 76% I tend to renew my auto insurance whenever I get the new bill 60% 67% 68% If an insurance company provides good service and coverage, I don't mind paying a little more 48% 46% 56% I always compare quotes and look for the lowest rates when choosing auto insurance 38% 46% 54% I might be able to get a lower rate with another company but am not interested in switching insurers I have to switch auto insurers from time to time to get the best rate 31% 28% 25% 44% 43% 45% < to < Source: Lightspeed Research Quarterly Auto Insurance Study, Q Question: How much do you agree with the following statements? 4

5 Those Who Buy Direct Likely to Compare Rates More than 40% of consumers buy insurance directly from a company -- and are strongly inclined to compare rates each time they renew. How much do you agree or disagree with each of the following? [Top two box %] Base: 3,506 consumers with auto insurance Purchase channel 35% 45% 20% Company agent Independent agent Direct from company Always compare quotes and look for lowest rates 36% 47% 46% Directly from the insurance company Switch auto insurers from time to time to get best rate Don't mind paying a little more for good service and coverage 25% 24% 34% 46% 42% 53% From an independent agent who sells insurance from multiple companies From an insurance agent that sells insurance from one company Might be able to get a lower rate but not interested in switching 36% 43% 51% Source: Lightspeed Research Quarterly Auto Insurance Study, Q Question: For your current auto insurance policy, did you get it? 5

6 What Impacts Consumer Decisions? Insurance provider sites and agents are top influencers, but more than one-third of consumers say comparison sites are important. Please indicate how much impact each of these sources has on your insurance decisions on the scale. Base: 501 consumers with auto insurance Average rating of influence Top Two Box % Visiting insurance providers websites % Speaking to an insurance agent % Using comparison sites Calling a company over the phone (call center) % 33% Reading marketing materials sent by mail Reading marketing materials sent by % 13% Watching advertisements on TV % Hearing an advertisement on the radio 1.6 3% Watching advertisements online (YouTube, etc.) 1.4 3% Source: Lightspeed Research Quarterly Auto Insurance Study, Q

7 Insurers Recognize Price-Comparison Trend 7

8 Comparison Site Deep-Dive: Insurance.com Lightspeed tracked consumers as they researched insurance quotes on leading comparison sites. Current insurer Number of quotes shown First insurer quoted Quote Second insurer shown Quote Comparison sites do not always pitch lower insurance rates than what a consumer is currently paying. Some comparison sites provide quotes, but others provide names but require consumers to dig further for quotes. 21st Century 2 Esurance $67 Mercury $52 American Family 1 21st Century $140 American Family 1 Hartford $49 GEICO 3 Hartford $52 Esurance $42 Hartford 1 Progressive $38 Nationwide 4 Hartford $160 Travelers $98 State Farm 2 Progressive $36 21st Century $69 State Farm 3 Hartford $41 Esurance $56 State Farm 3 Travelers $53 21st Century $96 USAA 3 Hartford $44 Esurance $84 Source: Lightspeed Research Quarterly Auto Insurance Study, Q

9 What Are Consumers Looking For? Lightspeed FSG asked 3,500 auto insurance customers, Where would you place yourself on the following scale? Here s how they stack up -- by top insurance providers in the U.S Best coverage 1.00 Hartford Safeco Liberty Mutual Travelers Erie Amica American Family Farmers State Farm Nationwide USAA MetLife Progressive Allstate Lowest price GEICO 21st Century Lowest price Highest-quality service Source: Lightspeed Research Quarterly Auto Insurance Study, Q Question: For your current auto insurance policy, did you get it? 9

10 Policy Coverage Selection and Pricing by Segment Lightspeed policy database provides insights not only into where customers go -- but what type of coverage they select. Coverage level: Bodily injury per accident Any drivers ages Any drivers ages Any drivers ages Any drivers ages 50 + < $100,000 13% 22% 18% 13% $100,000 to < $300,000 12% 26% 17% 14% $300,000 to < $500,000 54% 40% 50% 44% $500, % 12% 15% 29% Average monthly premium, by coverage level < $100,000 $84 $83 $69 $56 $100,000 to < $300,000 $82 $61 $67 $61 $300,000 to < $500,000 $86 $61 $63 $60 $500,000 + $80 $65 $53 $62 Source: Lightspeed Research Auto Policy Database 10

11 Most Top Insurers Have Their Share of Switchers Have you ever purchased auto insurance from any other company besides your current insurer? Base: ~200 auto insurance customers of each company American Family Have NEVER switched Don't know Have switched 40% 5% 55% USAA Insurance 38% 1% 61% State Farm 36% 2% 62% Farmers 36% 2% 62% GEICO 34% 1% 65% Progressive 34% 3% 63% Nationwide 31% 8% 61% Allstate Liberty Mutual Travelers 16% 23% 27% 5% 1% 5% 76% 79% 68%! 70% of total insured consumers say they have switched auto insurance policies at least once. Safeco 12% 2% 86% Hartford 6% 2% 91% Source: Lightspeed Research Quarterly Auto Insurance Study, Q

12 This is the percentage who were previously insured by Insurance Switchers: Where Did They Go? Of current Farmers customers who had a different insurer before, 28% say they were previously insured by State Farm, while 17% of current State Farm customers had a prior policy with Progressive. Almost one in four current Progressive customers (with a previous insurer) came to the company from GEICO. Which auto insurance company did you use immediately BEFORE [current insurer]? Base: Auto insurance customers of each company who have switched previously Among those who currently have insurance with: Allstate Farmers GEICO Hartford Liberty Mutual Progressive State Farm Travelers USAA Sample size (N=142) (N=144) (N=151) (N=373) (N=153) (N=161) (N=124) (N=164) (N=130) Allstate -- 17% 13% 12% 7% 7% 11% 6% 7% Farmers 8% -- 3% 8% 4% 2% 6% 5% 5% GEICO 13% 6% -- 9% 12% 24% 12% 7% 24% Hartford 2% 5% 2% -- 7% 2% 1% 8% 2% Liberty Mutual 4% 2% 7% 4% -- 3% 3% 4% 2% Progressive 13% 4% 12% 7% 4% -- 17% 15% 11% State Farm 9% 28% 14% 16% 7% 11% -- 6% 18% Travelers 3% 4% 1% 4% 3% 7% 2% -- 3% USAA 0% 1% 0% 0% 1% 2% 5% 6% -- Source: Lightspeed Research Quarterly Auto Insurance Study, Q Columns will not sum to 100% not all companies are shown here. 12

13 Policy Coverage Selection by Insurer Policy data shows variations in coverage level patterns across top U.S. insurers. Coverage level: Bodily injury per accident < $100,000 Total 19% AAA AllState GEICO Hartford 19% 19% 36% 12% $100,000 to < $300,000 15% 13% 17% 16% 21% $300,000 to < $500,000 42% 44% 44% 39% 39% $500, % 23% 20% 9% 27% Coverage level: Bodily injury per accident < $100,000 Liberty Mutual 11% Progressive Safeco State Farm USAA 34% 5% 16% 17% $100,000 to < $300,000 12% 23% 8% 17% 18% $300,000 to < $500,000 45% 32% 52% 43% 34% $500, % 11% 34% 23% 31% Source: Lightspeed Research Auto Policy Database 13

14 Thank You Greg Flemming Senior Vice President Lightspeed Research Financial Services Group 14

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