Online Auto Insurance Report

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1 Online Auto Insurance Report April 2009 FOR FURTHER INFORMATION, PLEASE CONTACT: Susan Engleson comscore, Inc comscore, Inc.

2 Contents Introducing comscore Online Auto Insurance Report... 3 Overview of the Online Auto Insurance Industry... 3 Consumers Research Insurance and Quote Online... 3 Insurance Shopping Slow in Second Half of Consumer Response to the Economic Climate... 7 Consumers not Willing to go Without Insurance... 7 Affordability a Limiting Factor for the Uninsured... 9 Consumers Not Actively Shopping for New Insurance during Downturn Consumers Conscious of Insurance Pricing Policy Prices Important, not Sole Determinant of Insurance Choices Bundling Presents Consumers with Potential Savings Consumers Unaware of Pay-As-You-Drive Status of Online Shopping and Purchasing Growth in Online Shopping Consumers Prefer Online Shopping, Offline Purchasing Online Policy Management Preferences Payments Most Popular E-servicing Activity Consumers Still New to Mobile Servicing Conclusions Consumers Not Changing Policies Despite Weak Economy Consumers Prefer Agents for Purchasing Online Servicing Exhibits Growth; Mobile Servicing Not Yet Gaining Traction Table of Figures About comscore, Inc PAGE 2

3 Introducing comscore Online Auto Insurance Report The comscore Online Auto Insurance Report presents a detailed overview of the online auto insurance market with insights into overall industry trends, the competitive landscape, and key areas influencing online consumers decision-making process. Primary areas of focus include the effect of the weak economy on the industry, the volume of online quote requests and policy purchases, attitudinal insights into customer preferences about agent versus direct channel purchasing and channel preferences for policy management. The study analyzes the online behavior of comscore s passively-observed panel of 1 million U.S. consumers, as well as attitudinal insights from a comscore survey of more than 2,000 U.S. online consumers conducted in February/March In order to demonstrate shifts in the industry, the findings from this study were compared to results from the 2007 and 2008 comscore Online Auto Insurance Reports, which each included surveys of more than 2,000 respondents and were conducted in March 2007 and March 2008, respectively. Additionally, results from other previously-published comscore studies are included in this report to provide further industry perspective. Overview of the Online Auto Insurance Industry Over the past several years, the Internet has fundamentally changed the relationship between customers and their auto insurance carriers. Prospects are increasingly turning to the Internet as a primary source for research and price comparison, while existing customers go online to pay bills and make updates to their policies. Many insurers understand the importance of the online channel, crafting marketing and retention strategies that recognize the growing likelihood of their customers shopping and servicing online. Consumers Research Insurance and Quote Online Since 2007 there have been significant increases in the percentage of consumers who have ever used the Internet to find information about auto insurance. According to the survey, in 2009 nearly threequarters of consumers said they had used the Internet to find information about auto insurance at some point in time, versus two-thirds who had done so the previous year (Figure 1). PAGE 3

4 Figure 1 Do you, or have you ever used, the internet to find information about auto insurance? 39% 33% 27% 61% 67% 73% No Yes = change significant at a 95% confidence level Online quoting has given consumers the power to quickly and easily compare prices across insurers, and this shopping activity has gained traction in recent years. In 2008 consumers submitted 32.1 million quotes online across both insurer sites and aggregator sites (sites that compare multiple insurer quotes). A vast majority of those who submitted online quotes use insurer sites to shop, with 84% of all online quotes being submitted on an insurer site (Figure 2). Of the 16% of quotes submitted on an aggregator site, Insurance.com had the highest market share at 35% (Figure 3). GEICO led the insurer group with 32% of quotes submitted, followed closely by Progressive at 31% (Figure 4). PAGE 4

5 Figure Annual Online Quotes Submitted by Site Type Total Online Quotes Submitted: 32.1 MM 16% 84% Aggregator Insurer Figure 3 Figure 4 Aggregator Quotes Submitted GEICO Insurer Quotes Submitted 32% Insurance.com 35% Progressive Esurance 14% 31% NetQuote 29% Allstate 9% AIG/21st 5% Insweb 22% The General 2% InsureMe 7% The Hartford Nationwide 2% 2% AnswerFinancial 7% State Farm Liberty Mutal 2% 1% Source: comscore, Inc. Online Auto Insurance Insights, 2008 PAGE 5

6 Insurance Shopping Slow in Second Half of 2008 Although the Internet is a growing channel for the auto insurance industry, the year 2008 particularly the second half was weakened due to the economic downturn. The number of annual quotes submitted continuously increased until 2008, when the growth rate began to taper off. The first half of 2008 grew just 1 percent versus the corresponding time period a year earlier, while the second half of 2008 actually saw a 2% decline (Figure 5). Figure 5 Annual Online Auto Insurance Quotes Submitted (Millions) Y/Y % Change +30% +15% +15% -1% % % % Q3/Q4 Q1/Q % Source: comscore, Inc. Online Auto Insurance Insights, 2008 The total number of online policies purchased in the second half of 2008 declined 3% from the same period the previous year, the first such decline on record (Figure 6). PAGE 6

7 Figure 6 Annual Online Auto Insurance Policies Purchased (Millions) Y/Y % Change +35% +58% +37% +7% 1.2-3% % % % 1.2 Q3/Q4 Q1/Q Source: comscore, Inc. Online Auto Insurance Insights, 2008 Consumer Response to the Economic Climate With the second half of 2008 and first part of 2009 representing a severely dampened economic climate, consumers have been seeking ways to reduce discretionary spending. Many in the auto insurance industry have wondered whether insurance is an area where consumers might look to scale back. Consumers not Willing to go without Insurance Although the recent economic decline led consumers to alter their spending habits, auto insurance was not particularly impacted. Despite tighter household budgets, consumers indicated they are unlikely to go without insurance. Three-quarters (75%) of respondents said they were not at all interested in going without automobile insurance due to the poor economy, while only 6% of respondents indicated that they were extremely likely to go without insurance (Figure 7). PAGE 7

8 Figure 7 How likely are you to go without insurance due to the current state of the economy? Not at all likely Neutral Extremely likely 75% 19% 6% These low levels of intent to drop insurance persist despite the fact that most respondents are unaware of the negative consequences of an insurance lapse. Only 13% of respondents stated that rates would increase if they were to let their policies lapse for a month, while 72% didn t know. Of those who stated their rates would increase, two-thirds thought that they would increase 20% or less, although according to Insurance.com 1, prices could increase from 25-50% (Figure 8). Figure 8 If you were to decide to end your current auto insurance policy and reinstate it in a month or so, would your insurance company increase your rates? How much do you think your rates would increase? 11% 6% Not sure 15% 72% 13% 15% 35% 31% or more 21-30% 11-20% No Not Sure Yes Sources: comscore, Inc. Auto Insurance Survey 1 32% 1-10% PAGE 8

9 Consumers are currently not letting their policies lapse despite of being unaware of the consequences. However, insurers can still educate consumers about the impact of letting a policy lapse to help prevent future rate increases for their customers. Affordability a Limiting Factor for the Uninsured Only 4% of respondents said that they currently do not insure their automobiles (Figure 9). The incidence of uninsurance does not appear to be a reaction to recent economic downturn, as most respondents indicated they did not drop their insurance in recent months. Of consumers who do not currently have insurance, a majority (61%) have not had insurance for more than two months, while an additional 21% have never had auto insurance (Figure 10). Figure 9 Figure 10 Automobile owners - Do you have insurance on your vehicle? How long have you not had auto insurance? Has insurance I have never had insurance 21% 96% Does not have insurance 8 weeks or more 4 weeks to less than 8 weeks 9% 61% 2 weeks to less than 4 weeks 3% Less than 2 weeks 6% 4% The main reason that consumers go without auto insurance is the cost. More than half (51%) of uninsured respondents state being currently unable to afford auto insurance as the reason for going without it and 30% said that auto insurance is too expensive (Figure 11). PAGE 9

10 Figure 11 Why do you not have insurance? I am currently unable to afford auto/motorcycle insurance 51% It is too expensive My coverage ended and I have not renewed my policy I do not see the value in insuring my vehicle (it is old, not worth much, etc.) I am trying to cut back on expenses due to the economy I am not required to have auto/motorcycle insurance I am transitioning from a parent or spouses insurance policy 3% 20% 14% 13% 11% 30% 0% 10% 20% 30% 40% 50% 60% Two-thirds (67%) of respondents who don t currently have auto insurance do plan on either buying or rebuying it in the future, indicating that even those who don t have insurance are not interested in simply going without (Figure 12). Figure 12 Do you plan to purchase auto insurance coverage in the future? Yes 67% Not sure 22% No 11% 0% 10% 20% 30% 40% 50% 60% 70% PAGE 10

11 Consumers Not Actively Shopping for New Insurance during Downturn Not only are most consumers unwilling to go without insurance due to the current economy, but they also do not consider the state of the economy a reason to shop around for different insurance. 37% of all respondents were completely neutral in their insurance shopping behavior as it relates to the economy, while 30% of respondents indicated that the economy made them more likely to shop around and 33% of respondents indicated they were less likely (Figure 13). Figure 13 Have the current economic conditions made you more or less likely to shop for insurance? More likely Less likely 10% 8% 12% 9% 7% 17% 37% 0% 5% 10% 15% 20% 25% 30% 35% 40% Some consumers, however, have examined their current policies to reduce the cost of insurance, with 11% of respondents indicating they had changed their auto insurance policies due to the economy (Figure 14). Of those who did change their policies due to the economy, 41% lowered their coverage, 38% asked about discounts, and 31% increased deductibles in order to lower payments (Figure 15). PAGE 11

12 Figure 14 Figure 15 Have you changed your policy due to the current state of the economy? Which of the following changes to your policy have you made? Lowered my coverage Asked about all available discounts 41% 38% Increased my deductibles 31% No, 89% Yes, 11% Dropped full coverage (i.e. dropped comprehensive or collision) 19% None of the above 7% 0% 10% 20% 30% 40% 50% Though the economy has not caused many consumers to drop or make changes to their existing policy, insurers still need to be aware of price-consciousness and other factors affecting consumers who may be shopping for alternatives. Consumers Conscious of Insurance Pricing Price, not surprisingly, factors prominently in the consumer decision-making process when considering purchasing insurance. Nearly half (45%) of respondents indicated that price was the most important factor when purchasing insurance, more than double the percentage of consumers who said that asset protection was most important (18%) (Figure 16). PAGE 12

13 Figure 16 What is most important to you when purchasing insurance? Price Protecting my assets/possessions Having a real person who I can visit with or call Customer service Company Convenience Referred by a family member/friend Other (Please specify) 6% 3% 3% 1% 12% 11% 18% 45% 0% 10% 20% 30% 40% 50% Consumers are especially price-conscious with respect to upfront costs, with more than one-fourth (26%) of respondents indicating they were not at all likely to purchase an insurance policy requiring a down payment of more than one month (Figure 17). Figure 17 Not at all likely 1 How likely would you be to purchase an insurance policy that required you to pay more than one month as a down payment? 26% 2 14% 3 9% 4 19% 5 13% 6 Extremely likely 7 9% 10% 0% 5% 10% 15% 20% 25% 30% Price is also the most common reason for consumers to shop for insurance. A majority (52%) of respondents who shopped for auto insurance in the past year were looking for a lower price than their current policy (Figure 18). PAGE 13

14 Figure 18 Why were you shopping for insurance? I was looking for a lower price 52% I just bought a new/used car/motorcycle Not happy with the service from my current insurer I saw a commercial on TV I saw an ad in a magazine/newspaper I just got married I was dropped from my current insurer I am recently separated/divorced I just retired 10% 6% 4% 3% 3% 2% 2% 20% 0% 10% 20% 30% 40% 50% 60% Consumers frequently shop around for multiple quotes in order to get the best price. Nearly two-thirds of respondents said they received more than one quote, with 47% receiving between two and three quotes the last time they shopped for auto insurance (Figure 19). Submitting multiple quotes is even higher among respondents who purchased their current policy online, with more than 80% of these consumers stating they received more than one quote. PAGE 14

15 Figure 19 How many quotes did you get when you shopped for insurance most recently? (crossed by method most recent policy was purchased) 34% 15% 14% 17% 4 or more 47% 46% 47% 2 or 3 49% 17% 38% 40% 36% 1 Online Toll Free Number Local Agent Total Most Recent Method of Purchase Price is also playing an increasing role in consumer loyalty towards their insurers. In 2009, significantly fewer respondents (46%) indicated that they were happy with their current insurance and are not considering changing compared to 2008 (50%). The number one reason for consumers to consider a change in insurer is a rate increase, with 29% of respondents selecting this reason. In 2008, only 25% of respondents reported that an increase in rates would cause them to consider changing their insurance company (Figure 20). PAGE 15

16 Figure 20 How often do you seriously consider changing your auto insurance policy? I am happy with my auto insurance company and am not considering changing. 50% 46% When my rates increase 25% 29% When the policy is up for renewal 19% 19% When I may be eligible for a discount (for example, on a birthday or 3 years after an accident) 10% 10% 2008 Every time I see an ad that says I ll save money When cars or drivers change 5% 4% 11% 10% 2009 When I file a claim 3% 3% When damage to the car occurs and I do not file a claim 2% 1% = change significant at a 95% confidence level 1% Other 1% 0% 20% 40% 60% Although some consumers indicated that they seriously consider changing auto insurance policies whenever rates increase, consumers are frequently unaware of changes in price once they have a policy. When receiving renewal notices, nearly half (46%) of consumers stated that there was no change in price, and an additional 13% said they did not know because they never compared the prices (Figure 21). Since most policies are re-rated before renewals, the percentage of consumers who actually receive changed policy prices at renewal is most likely higher. PAGE 16

17 Figure 21 When you received your most recent renewal notice, did you notice a change in your policy? Yes, the price decreased, 19% Yes, the price increased, 22% Not sure I didn t look at the price/compare to prior price, 13% There was no change in price, 46% While consumers don t scrutinize price heavily once they ve bought an insurance policy, price still plays a critical role during the shopping process. Therefore, insurers should focus on providing the most accurate price quotes upfront for consumers. Policy Prices Important, not Sole Determinant of Insurance Choices Although price plays an important role in choosing auto insurance, it is not the only important feature to consumers. Price loses its ability to sway consumers when sacrifices in coverage are made more explicit. Only 13% of respondents are most interested in a policy with lower coverages and low prices versus 18% who are most interested in a policy with higher coverages and high prices. A majority of respondents fall somewhere in-between, preferring a moderately-priced policy with moderate coverage levels, skewing slightly towards higher protection (Figure 22). PAGE 17

18 Figure 22 Which type of insurance are you most interested in? Higher Price/Maximum Protection Lower Price/Minimum Coverage 7% 11% 11% 5% 8% 25% 33% 0% 10% 20% 30% 40% While consumers rate price-related features as most important in an insurance coverage plan, many nonprice factors also play a role. Although 65% of respondents chose a safe driver discount as important and 55% rated a low deductible as important, respondents rated a well-known, trustworthy brand as the third most important feature in an insurance policy, with 48% indicating that it was important (Figure 23). PAGE 18

19 Figure 23 What features in auto insurance coverage plans are important to you? Safe Driver discount 65% Low deductible 55% A well-known, trustworthy brand Full replacement value for a new car that gets totaled Rental car coverage Accident Forgiveness Roadside Assistance Free windshield glass crack repairs Personalized service Guaranteed rate for 12 months 48% 46% 42% 42% 41% 41% 38% 38% Premium claims service High coverage limits Coverage to pay the remainder of a lease if car gets totaled Member organization discount 28% 24% 22% 19% Good student discount 14% None of the above 5% Other 1% 0% 20% 40% 60% 80% More than half of respondents stating that full replacement value of the vehicle and coverage to pay the remainder of a lease if a car gets totaled were important said they would be willing to pay more for these features. Consumers indicated they were even more likely to pay for many features in 2009 than they had indicated the previous year, including a well-known, trustworthy brand and a guaranteed rate for 12 months (Figure 24). Interestingly, consumers were willing to sacrifice on service, with only 30% indicating they were willing to pay for premium claims service, down from 35% in 2008 (Figure 24). PAGE 19

20 Figure 24 Would you be willing to pay more for auto insurance that offered the following benefits? Full replacement value for a new car that gets totaled Coverage to pay the remainder of a lease if the car gets totaled High Coverage Limit Roadside Assistance Rental car coverage Low Deductible A well-known, trustworthy brand Accident Forgiveness Free Windshield Glass Repair Guaranteed rate for 12 months Premium Claims Service Personalized service 26% 30% 35% 30% 29% 30% 37% 42% 35% 36% 40% 43% 39% 40% 47% 50% 45% 47% 44% 45% 54% 55% 54% 53% % 10% 20% 30% 40% 50% 60% = change significant at a 95% confidence level Bundling Presents Consumers with Potential Savings One way consumers can lower the price of their insurance policies is through bundling multiple insurance products through a single provider. A majority (69%) of respondents who have primary residence insurance said they used the same insurer as their auto insurance, yet nearly 1/3 (31%) do not (Figure 25). PAGE 20

21 Figure 25 Do you have insurance on your primary residence? Do you use the same insurance company for your primary residence and auto insurances? No 22% 31% No Yes Yes 78% 69% The method of auto insurance purchase influences whether a consumer uses the same insurance company for both primary residence and auto insurances. Among consumers with primary residence insurance, those who purchased their policy through a local agent were most likely to have the same insurer for both residence and auto insurance. More than three-quarters (76%) of these consumers had both policies with the same insurer. Consumers who purchased online were least likely to have both policies under the same insurer, with only 48% doing so (Figure 26). PAGE 21

22 Figure % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Are Home and Auto Insurance Policies with the Same Insurer (by Original Purchase Method)? 24% 76% Local Agent 31% 69% Through Work/Other 41% 59% Toll Free Number 52% 48% Online 31% 69% Grand Total No Yes This difference might be explained in part by the fact that online purchasers are often more price-sensitive than consumers who purchase through other means. 60% of respondents who originally purchased their auto insurance policies online chose price as the most important feature when purchasing. Those who purchased through a toll-free number chose price as most important 52% of the time, and those who purchased through an agent only chose price as most important 41% of the time (Figure 27). PAGE 22

23 Figure 27 What is most important to you when purchasing auto insurance (crossed by original purchase method)? Price Protecting my assets/possessions Customer service Convenience 3% 4% 5% 19% 18% 14% 12% 11% 10% 41% 52% Agent Toll-free Number 60% Company 6% 7% 5% Online Having a real person who I can visit with or call 6% 3% 16% 0% 10% 20% 30% 40% 50% 60% 70% Additionally, online quoting for property insurance is only 6% the size of quoting for auto insurance and integration between auto quoting and property quoting is limited across the competitive set (Figure 28). Improving the online shopping experience for property insurance and promoting multi-line discounts represents an opportunity for insurers to turn their auto prospects into multi-product customers. Figure 28 Online submitted quotes for year ending Dec 2008 (Millions) Auto Insurance Quotes Source: comscore, Inc. Online Auto Insurance Insights, 2008 Property Insurance Quotes PAGE 23

24 Among those who use the same insurer for property and auto insurance, the top reason for bundling is because of discounts for using the same company for both lines. Although nearly a third (32%) of respondents chose this option, the number of consumers stating this option dropped significantly from 2008 (38%). The response my local insurance agent recommended using the same company was the only option to increase in comparison to 2008, with 20% of respondents choosing this option in 2009 (Figure 29). Figure 29 For what reasons do you use the same company for both your auto and primary residence insurance? 40% 35% 38% 32% = change significant at a 95% confidence level 30% 25% 20% 15% 21% 23% 25% 21% 14% 20% 10% 5% 7% 6% 5% 5% 0% I get discounts by using the same company I got the best price on both types of insurance. It is easier for me to have both from one company. My local insurance agent recommended using the same company. I know and trust the company. My insurance company offered me other insurance policies For consumers who do not use the same company for auto and primary residence insurance, the top reason chosen was price. One-third (33%) of respondents who do not bundle their auto and residence insurances utilized different providers because it was less expensive to purchase the coverages separately (Figure 30). PAGE 24

25 Figure 30 For what reasons do you choose not to use the same company for your auto and primary residence insurance? 40% 35% 38% 33% % 25% 20% 15% 20% 20% 19% 15% 13% 12% 10% 7% 8% 5% 0% It was less expensive to purchase separately. I did not think about using the same company. The insurance company I use to insure my car/motorcycle does not offer primary residence insurance. I require specialized coverage for my primary residence that is only offered by a limited number of companies. The insurance company I use to insure my primary residence does not offer auto/motorcycle insurance. Respondents who chose not to bundle their insurance policies because of cost, however, said they could be persuaded to switch to the same company if a discount is offered for multiple lines. More than half (51%) of these respondents indicated that they would be interested in bundling insurance if they were given a discount (Figure 31). PAGE 25

26 Figure 31 How interested would you be in bundling your auto insurance with your primary residence insurance if you were given a discount? Interested 51% Neutral 34% Not interested 15% 0% 20% 40% 60% Insurers hoping to entice customers to switch to their brand for multiple lines of coverage can highlight potential bundling discounts for consumers in order to increase interest in multi-line policies. Consumers Unaware of Pay-As-You-Drive Pay-as-you-drive, a policy based on how many miles a consumer drives, is another option for consumers to potentially lower their insurance costs. However, a vast majority (83%) of consumers has never heard of it (Figure 32). PAGE 26

27 Figure 32 Have you heard of payas-you-drive insurance? How interested would you be in purchasing pay-as-you-drive insurance? Definitely purchase 17% Probably purchase 25% No, 83% Yes, 17% Not Sure Probably not purchase Definitely not purchase 12% 18% 28% 0% 10% 20% 30% Figure 33 Although pay-as-you-drive is relatively unheard of by consumers, it is well-received by those who have heard of the concept, with 40% of those who have heard of it expressing interest in purchasing that type of policy (Figure 33). As a starting point, Insurers can increase consumer interest in purchasing pay-asyou-drive through additional education and marketing efforts. Status of Online Shopping and Purchasing Although the economy has caused a slight decrease in recent online shopping and purchasing, the Internet is still an important channel for auto insurance shopping. Though consumers more readily shop online than use the channel to actually execute a purchase, both areas exhibit growth opportunities into the future. Growth in Online Shopping Of the 52% of respondents who have shopped for auto insurance in the past 12 months, the Internet was the top channel for obtaining quote prices, with 63 percent of respondents indicating they utilized that channel. Agent-based shopping (in aggregate) was not far behind, however, with 26% calling or visiting local agents who represent one insurance company and 25% shopping through local agents who represent multiple insurance companies (Figure 34). PAGE 27

28 Figure 34 Have you shopped for auto insurance within the past 12 months? In which of the following ways did you shop/obtain price quotes when you shopped most recently? (Select all that apply) I went online to quote 63% I called/visited local agents who represent one insurance company 26% No 48% I called/visited local agents who represent multiple insurance companies 25% Yes 52% I called a toll-free number for quotes 18% Other 3% 0% 10%20%30%40%50%60%70% Among people who have used the Internet to get information about insurance, 53% of respondents have submitted a quote online. This percentage increased significantly from 2008 (48%), highlighting the continued growth in the number of insurance shoppers turning to the online channel for price comparison (Figure 35). PAGE 28

29 Figure 35 Have you ever received an auto or motorcycle insurance quote online? 52% 47% 48% 53% No Yes Quick Fact: In 2009, 73% of all respondents who used the Internet to find out information about auto insurance received a quote online = change significant at a 95% confidence level Advertising also wields the potential to fuel continued growth of online insurance shopping, as most consumers said they would turn to online sources to find out more about an auto insurance company after seeing an advertisement. The most common method of seeking information is visiting the website specified in the ad, which was chosen by more than a quarter of all respondents (Figure 36). Figure 36 If you wanted more information about a particular auto insurance company after seeing an advertisement, what would you most likely do? Visit a website specified in the ad 26% Use a search engine to find a website for the company Visit the company website to find the name and phone number Look online at a site other than the company website for the 9% 20% 19% Online Options Call a toll-free number in the ad 9% Look offline for the name and phone number of a local agent 6% Not Sure 11% 0% 10% 20% 30% PAGE 29

30 The second most common method of finding out information about an insurance company after seeing an ad is through search. This method of driving consumers to a website is a critical channel for conversion, and has grown in importance over the past several years. In Q4 2008, referrals from both natural and paid search made up more than one-third (34%) of all submitted quotes, the highest percentage of quotes from search observed since late 2005 (Figure 37). Figure 37 40% 35% 30% 25% 20% 15% 10% 5% Share of Industry Online Quote Submissions From Search 31% 31% 28% 24% 23% 24% 24% 25% 26% 24% 26% 22% 34% 0% Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Source: comscore, Inc. Online Auto Insurance Insights, 2008 Consumers Prefer Online Shopping, Offline Purchasing Although quoting online is the most popular way to get quotes, offline methods specifically agent-based methods are more popular when it comes to actually purchasing policies. However, this trend is changing over time as consumers become more willing to purchase a policy without a face-to-face interaction. Though nearly half (49%) of respondents originally purchased their current policy in person with a local agent, this represents a four point drop in share from last year. The method that increased in response in 2009 was purchasing through a local agent over the phone (up 3 percentage points to 18%), which suggests that some form of personal interaction is still an important part of the purchase process (Figure 38). PAGE 30

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