Auto Insurance Trends and Customer Report

The auto insurance trends and customer report

Digital transformation is reshaping the insurance industry at a time when consumers are expecting more from products and services.

Qualtrics surveyed 800 US auto and renters insurance customers to understand what they expect and identify the emerging trends that will shape the insurance industry experience.

Study Released Summer 2018

Question

Aside from friends and family, the top sources for learning about auto-insurance providers are

Question

The top consideration factors for a new auto policy are:

Question

How many auto-insurance providers made your “short list” being considered?

95%

Question

Why did (didn’t) you consult an agent while shopping for an auto-insurance provider?

The next time you shop for auto-insurance, do you plan to use an agent?

Question

How do you think an auto-insurance provider decides how expensive your rate is?

What consumers think:

What consumers would like:

Question

Which part of shopping for auto-insurance was the most confusing?

Question

What types of claim did you think was covered by your claim but really wasn’t?

Question

What types of claims do you believe your auto-insurance provider didn’t pay out sufficiently?

Question

What would have made your auto-insurance shopping easier?

70%

0%

CLEARER COMPARISONS BETWEEN PLANS

CLEARER PRICING INFORMATION

MORE DETAILED INFORMATION

MORE CONCISE INFORMATION

24/7 PHONE SUPPORT WITH A SALES PERSON

ONLINE VIDEOS EXPLAINING PLANS

MOBILE CHAT WITH A SALES PERSON

ONLINE CHAT WITH A SALES PERSON

Question

Which steps of setting up your new auto policy were the hardest?

Question

How do you prefer to set up your new auto-insurance policies?

Question

Why have you considered switching your auto-insurance provider?

Question

Have you considered switching your auto-insurance provider in the past year?

Question

Which best describes you regarding auto-insurance?

Question

How would you describe your loyalty towards your auto-insurance provider?

Question

Which do you think is more important to your auto-insurance provider?

Question

What could your auto-insurance provider do to provide a better experience?

50%

0%

SIMPLIFY PLANS

EASIER ACCESS TO INFORMATION ONLINE

FASTER CLAIM SETTLEMENT

EASIER ACCESS TO INFORMATION ON MY MOBILE DEVICE

FASTER RESPONSE TO MY QUESTIONS AND CONCERNS

MORE KNOWLEDGEABLE CUSTOMER SUPPORT

ACCESS TO MORE/BETTER SERVICE PROVIDERS

BETTER TECHNOLOGY FOR FASTER CLAIM SUBMISSIONS

Question

What could your auto-insurance provider do to make filing a claim easier?

5x

Question

What would make this easier to understand?

5x

Question

If it reduced your auto-insurance rate, would you be likely to purchase a technology that can diagnose engine problems and call for help if needed?

Question

If it reduced your auto-insurance rate, would you be likely to purchase a technology that can track your driving behaviors and give you safety tips?

Question

How likely are you to recommend your auto-insurance provider to a friend or colleague?

Question

Thinking back to when you most recently decided to go with your auto-insurance provider, what quality did you expect?

How would you rate your most recent experience with your auto-insurance provider?

Question

Which abilities would you most want from an auto-insurance provider accessed online with your computer?

70%

0%

PAY MY BILL

GET A QUOTE

FILE A CLAIM

GET ROADSIDE ASSISTANCE

REPORT AN ACCIDENT

TALK TO CUSTOMER SUPPORT

ADD A DRIVER

SEE POLICY DETAILS

VIEW MY VEHICLE’S HISTORY

CANCEL A POLICY

GET INSURANCE ADVICE

INCREASE LIMITS

Question

Which abilities would you most want from an auto-insurance mobile app?

70%

0%

PAY MY BILL

GET ROADSIDE ASSISTANCE

REPORT AN ACCIDENT

FILE A CLAIM

GET A QUOTE

TALK TO CUSTOMER SUPPORT

ADD A DRIVER

SEE POLICY DETAILS

VIEW MY VEHICLE’S HISTORY

CANCEL A POLICY

GET INSURANCE ADVICE

INCREASE LIMITS

Question

What kind of advice would you most like to hear from your auto-insurance provider?

Question

Which would you be most likely to do to reduce your auto-insurance rate?

60%

0%

BUNDLE AUTO WITH OTHER TYPES OF INSURANCE

DRIVE FEWER MILES

IMPROVE MY DRIVING RECORD

BUY A SAFER CAR

UPGRADE SAFETY EQUIPMENT ON MY CURRENT CAR

BUY A LESS EXPENSIVE CAR

INCREASE MY DEDUCTIBLE

BUY A SELF-DRIVING CAR

DECREASE THE NUMBER OF DRIVERS IN MY FAMILY

Question

How interested would you be in purchasing a self-driving car?

Question

If it reduced your insurance premium, would you purchase a self-driving car?

Question

How safe do you think self-driving cars will be in 5 years?

Question

Which do you think is most likely if you owned a self-driving car?

Question

If it reduced your insurance premium, would you buy auto-insurance with rates based on how many miles you drive?

Question

If you were to consider using your car to earn money with a ride-sharing service (like Uber or Lyft), how much of a concern would auto-insurance be in your decision?

Question

How interested would you be in an insurance plan that lets you connect with others via social media to form your own insurance networks?