Consumers are interested in auto insurance shopping and switching, according to the latest loyalty indicator and shopping trends
The Q2 2024 results show a shopping/quote rate of
Stephen Crewdson, senior director, insurance intelligence at J.D. Power, told Digital Insurance via email:
“GEICO is back to winning new customers. Customers switching from Allstate, Progressive and State Farm were most likely to switch to GEICO,” Crewdson said. “It has been 6 months since GEICO was the leading destination for any company’s switchers.”
Read more: Digital Insurance reported on the Q1 2024 results in May.
Crewdson added: “Technology is certainly helping consumers shop for auto insurance. A larger share are quoting insurers directly through mobile apps than before. It is interesting to see consumers installing a mobile app on their phone from an insurer they don’t do business with just to get a quote.”
The report suggests that increasing rates are pushing consumers to shop around. Property insurance shopping is also elevated.
“The increases in insurance shopping were greatest among the ‘highest value customers’ – those who have auto and homeowners insurance (most bundle with the same carrier) and have multiple vehicles and drivers in the household,” Crewdson said.
The Q2 2024 results show the carriers with the highest consumer loyalty including NJM, Amica, USAA, MAPFRE and Erie Insurance.
As previously reported,
