The ability to bring these value-added services to policyholders ultimately drives more consumers to download an insurer's mobile app and engage with them on a more frequent basis. (Credit: PHOTOBUAY/Shutterstock.com) The ability to bring these value-added services to policyholders ultimately drives more consumers to download an insurer's mobile app and engage with them on a more frequent basis. (Credit: PHOTOBUAY/Shutterstock.com)

Price will always be an important competitive factor for insurance companies, regardless of their distribution model or value proposition. Today, auto coverage rates are steadily rising, driven by factors ranging from annual increases in vehicle miles traveled to skyrocketing costs for damaged vehicle transport, storage and repair, which are all influencing claims expenses. As such, it will become increasingly competitive — and more difficult — for insurers to win the hearts, minds and wallets of new policyholders.

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