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
  
• 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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