Earlier this month, comScore, Inc. released its 2011 Online Auto Insurance Report, the results of which pointed to the stabilization of online auto insurance activity by consumers in 2010 after the big growth that was seen in the sector in 2009.
From 2008 to 2009, there was tremendous growth in consumer auto insurance activity online, as consumers submitted 21 percent more auto insurance quotes online and purchased 22 percent more policies year-over-year in that span. From 2009 to 2010, the same level of growth was not seen, the comScore report noted, but the higher volume of activity seen from the previous year was sustained.
From 2009 to 2010, the number of auto insurance quotes submitted online actually decreased slightly (3 percent) but the number of policies purchased remained basically even, showing a 1 percent increase year over year.
“The 2011 Online Auto Insurance Reports show the online auto insurance industry sustaining the dramatic increase in online shopping activity seen in 2009, indicating that the previous year was not merely a temporary gain in activity,” Susan Kleinman, comScore director, said in a statement.
In addition, this latest comScore analysis saw a notable change in consumer sentiment regarding taking part in future insurance-related activities online. In 2009, 39 percent of respondents who had not purchased auto insurance online said that they were unlikely to purchase online in the future. In 2010, 22 percent of respondents said the same.
This significant 44 percent year-over-year decrease in consumers responding that they are “unlikely to purchase online in the future” is a strong signal for continued growth of the online auto insurance sector, comScore noted.
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