The Role of Search in the Online Auto Insurance Market
Written by Mike Perlman (contact - e-mail) -- June 30th, 2009 |
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Compete recently held a webinar in which we analyzed the role that search plays in consumers’ online research for auto insurance. The study revealed some interesting findings about just how prevalent search is within the consumer buying cycle. Some of the key findings from this webinar include:
- Online auto insurance shopper volume has increased and price is the key driver of consumer choice
- 90% of those looking to replace an existing policy cite price as the reason

- Most consumers apply online and search is the second most used resource in the shopping process trailing only issuer websites
- 56% of online auto insurance shoppers, who ultimately apply, do so online

- Shoppers use search frequently with application rates increasing with number of queries
- 57% of shoppers perform multiple search queries

- Shoppers utilize both brand and non-brand search terms with non-brand driving better conversion
- Non-brand terms convert at ~2x the rate of brand terms

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Search is used throughout the consumer shopping cycle
- 50% of search referrals occur outside of the conversion session, thus indicating that consumers leverage search at the very early stages of their shopping process when they might not yet be ready to transact

In sum, despite the current economic recession we have actually seen online auto insurance shopper volume increase with price being the key driver leading consumers to look for new insurance. We also found that consumers not only use the online channel for auto insurance shopping, but are also most likely to choose this channel to ultimately apply. Finally, our data indicates that search plays a significant role in consumers’ online research for auto insurance. Auto insurance shoppers use search frequently and at multiple stages of their research process.
Please note that a replay of this webinar can be viewed at the following link: http://compete.na3.acrobat.com/autoinsurreplay/
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June 30th, 2009 at 3:20 pm
It would be interesting to see how the online auto repair insurance is coming along online. I am seeing these commercials everywhere now.
July 1st, 2009 at 4:47 am
Thanks for sharing so detail form. Search is used throughout the consumer shopping cycle is very useful for me.
July 1st, 2009 at 10:17 am
90% are looking for a lower price? Be interesting to find out how many out of that 90% actually manage to find a lower price, and how many actually make the switch.
August 20th, 2009 at 11:28 pm
Your article was very well written, I am very like it, I wish you
happy every day!
October 23rd, 2009 at 8:37 am
Excellent analysis on The Role of Search in the Online Auto Insurance Market. Quit interesting that 90% customer are looking for a lower price? I think it is also interesting to findout how many percent customer inquire about the Online Auto insurance, from which geographical regions.