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Auto, property insurance shopping booms in third quarter 2024

Thirty-eight percent of consumers who shopped for insurance in the past six months switched carriers.

By Joe Toppe | November 13, 2024 at 12:00 AM
Credit: Dilok/Adobe Stock

Consumer shopping for auto and property insurance rose big over the third quarter of 2024, according to a report by TransUnion.Compared to the same time in 2023, auto insurance shopping is up 19% while property insurance shopping is 16% higher. At the same time, auto insurance shopping increased across generations, with Baby Boomers shopping at a 34% higher rate, Gen Z up 23%, Gen X 18% higher and Millennials at an 8% increase.Meanwhile, property insurance shopping was up for both homeowners and renters.“It’s important to note that consumers are also switching at significant rates,” said Patrick Foy, senior director of strategic planning for TransUnion’s Insurance business. “This should serve as a reminder to insurers that marketing and digital experiences matter for acquisition.”Key insights from the report include:

  • Thirty-eight percent of consumers who shopped for insurance in the past six months ended up switching carriers. (Those who do not find better deals will often adjust their current policy by raising deductibles or opting into a telematics program to lower their premiums.)
  • Policy premiums have caught up with and recently exceed loss costs in the auto market. Predictably, insurers are beginning to reinvest in marketing.
  • National TV spending by property and casualty insurers dropped 15%, while online display skyrocketed with a 346% increase. Similarly, spending on social media rose 81% and online video advertising 55%.

“The focus on marketing through digital channels is encouraging, but it has to be optimized with a robust identity-based approach,” said Foy. “It is critical that insurers partner with a trusted solution provider who can ensure that their ads consistently target the right audiences and measure impact across channels.”See also:

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