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How Digital Switchers are Disrupting US Auto Insurers

Digitally adept consumers, or DIGITALS, are already 20% of the $180 billion US auto insurance market and are growing rapidly

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How Digital Switchers are Disrupting US Auto Insurers

  1. 1. Digital switchers are less motivated by price alone… 69% 84% 34% 18% Cite price as a motivation Are motivated by a multipolicy discount or loyalty program Phone Agent DIGITALS ARE LESS LOYAL AND MORE COSTLY TO SERVE THAN NONDIGITALS They switch insurers more frequently and also take more time to decide… Research switching in the first 9 months of buying a policy Switch after starting to research 14% 7% 70% 47% 2.5xless likely to make a same-day switching decision, taking up to 2 weeks to decide Their switching process is more complex, involving more channels… … and they heed more — and different — influencers 21% 6% 10% 3% 30% more active across all channels 3xas likely to take broker or agent recommendation 3xas likely to take employer recommendation Online Especially price comparison sites (35% of digitals vs. 25% of nondigitals) How Digital Switchers Are Disrupting US Auto Insurers Digitally adept consumers, or DIGITALS, are already 20% of the $180 billion US auto insurance market and are growing rapidly digitals nondigitals MEET THE DIGITALS They represent the trend toward simplified, “fair” insurance 65% 45% Inclined to switch to a usage-based (pay-as-you-drive) program DIGITALS LEAD THE SHIFT TO ALTERNATIVE PROVIDERS AND CHANNELS Today, digitals are more willing to buy insurance from: 38% 17% 18% 8% 42% 24% $ Banks Online services and channels, such as Amazon and Google Household services companies, like telcos and home security firms And in 5 years, the fight for digitals’ wallets will escalate: Expect to purchase insurance directly from a carrier 77% 52% Turn digitals’ longer decision times to your advantage by making targeted counteroffers Appeal to less cost-conscious digitals with policy bundling and multipolicy offers BCG 2016 research on auto insurance switching trends in the US; BCG 2015 online survey of U.S. auto insurance consumers’ decision-making behavior and preferences when switching insurers. SOURCES WHAT INSURERS MUST DO Challenges Opportunities Insurers’ advertising and brand expenses are rising, while digitals are pushing lifetime values lower Insurers aren’t equipped to sell to multichannel digitals in a cost-efficient way, making it harder to counter disruptive providers Reevaluate ad, technology, and agency costs to identify true differentiators Enlist brand advocates among existing customers, and tap broker/agent relationships to convert and retain digitals $ Inclined to switch to a provider offering a fully online buying and service platform $ A multigenerational wave of technology adoptors that’s growing faster than millennials and represents… 33% 25% 5% of millennials of 31- to 54-year-olds of those 55 or older Read BCG’s latest insights, analysis, and viewpoints at bcgperspectives.com © The Boston Consulting Group, Inc. 2016. All rights reserved. To find the latest BCG content and register to receive e-alerts on this topic or others, please visit bcgperspectives.com. Please direct questions to socialmedia@bcg.com.