If your company is a leader when it comes to online shopping, then the chances are good that you’re also seeing premium growth, according to the J.D. Power 2016 U.S. Insurance Shopping Study.
The study measured auto insurance shopping, purchase behavior and satisfaction for customers who had recently purchased insurance online. Satisfaction was determined by price, distribution channel and policy offerings.
SNL Financial found that direct premiums written for the personal lines and auto markets increased 4.7% in 2015 to $199 billion, with growth attributed to new business created by direct writers. “Direct writers have invested heavily in digital channels to increase the functionality and ease of using their websites, which has clearly created an advantage for direct distribution relative to traditional agency distribution in some respects and has supported agency distribution in others,” said Greg Hoeg, vice president of U.S. insurance operations at J.D. Power.
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