Welcome!

News Feed Item

TransUnion Finds Insurance Shoppers Are Three Times More Likely to Shop Again the Following Year

TransUnion Launches New Auto Insurance Shopping Index

CHICAGO, IL -- (Marketwired) -- 01/29/14 -- According to a new TransUnion Auto Insurance Shopping Index, consumers who shop for insurance and receive a quote are 350% more likely to shop again in the next year than policyholders who did not receive a quote. The TransUnion report also found that more than half (55%) of policyholders who shop receive two or more quotes in an annual period.

"More than a billion dollars are spent each year on auto insurance advertising, most of which urges consumers to switch their policies to another carrier," said Mark McElroy, executive vice president of TransUnion's insurance business unit. "Our proprietary data is able to track actual trends in new business auto insurance since 2009, improving the industry's access to strategic information on auto insurance shopping."

Shopping rates for auto insurance are down about 4% in the 12 months ending June 2013 relative to the full year of 2012 and down about 7% relative to a year earlier. While 15.1% of the credit-active population shopped for new auto insurance policies in the 12 months ending June 2013, this was down from 15.7% for the full 2012 year and 16.2% for the 12 months ending June 2012.

TransUnion's proprietary data provides insight into the characteristics of auto insurance shoppers and what motivates them to shop. Among other characteristics, the data show that younger people tend to shop for auto insurance more frequently, and auto insurance shopping peaks at age 25 for both men and women.

Younger women (ages 25-40) are more active auto insurance shoppers than younger men, but that trend reverses at mid-life. After age 40, the percentage of women who shop for new policies declines, while the shopping rate among men stays relatively stable.

While auto insurance shoppers tend to be younger, those who are in the process of, or have recently changed their place of residence also tend to be heavy shoppers. Compared to non-movers, consumers who move residences are 200% more likely to shop for auto insurance before their move; 130% more likely during the month of their move; and 60% more likely one month after the move.

"In the competitive auto insurance market, data and analytics can mean the difference between winning and losing, as a result of low retention and adverse selection," McElroy said. "TransUnion's auto insurance shopping data help insurers understand how their company is faring among insurance shoppers. Among other things, our data can tell insurance companies if their customers are shopping more than the general market, which customers are quoting most often and when they are likely to shop."

Other findings of TransUnion's Auto Insurance Shopping Index include:

  • Shoppers in previous years are much more likely to shop in the current period (350% and 300% higher shopping rates one and two years after their original shopping year, respectively).

  • Higher risk auto insurance customers -- those with lower credit-based insurance scores --shop most frequently. Consumers with the highest insurance scores are less likely than the general population to shop for new auto insurance.

  • On average, auto insurance shoppers solicit two quotes (2.04); nearly half (45%) of auto insurance shoppers solicit only one quote.

  • Spring months are the most active for auto insurance shopping, while December is the least active month.

About the TransUnion Auto Insurance Shopping Index
The TransUnion Auto Insurance Shopping Index is derived from TransUnion's extensive database of credit data, which includes information on more than 430 million auto insurance shopping transactions from 2009 to 2013. The Index focuses on the credit population, highlighting TransUnion's unique data. It also explores for a subset of the full data shopping rates for insurance policy holders. The Index excludes data from auto insurance customers in California and Massachusetts, where credit-based insurance scoring information is not used for auto insurance rating or underwriting. For more information on the TransUnion Auto Insurance Shopping Index, please visit: http://transunioninsights.com/autoshopping.

About TransUnion
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 33 countries around the world on five continents. www.transunion.com/business

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2506251

Add to Digg Bookmark with del.icio.us Add to Newsvine

Contact:
Dave Blumberg
TransUnion
E-mail: Email Contact
Telephone: 312 985 3059

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.