During the past year, consumers continued a migration pattern to the five largest auto insurance companies, J.D. Power found, which noted those five companies account for 60% of all auto insurance premiums. A lack of brand awareness, which has gone unaided, is propelling this trend, according to the data analytics and consumer intelligence company.
Another trend that emerged during the past year was the insurance industry's relief efforts. Despite best efforts to make the public aware that the industry had returned $18 billion in auto insurance premiums, roughly 7% of total sector premiums, 43% of shoppers said they were unaware of any industry changes stemming from the pandemic.
As the power of word of mouth and online reviews continue to gain importance — 93% of consumers turn to such reviews before buying a product or service — maintaining an exceptional customer experience becomes even more vital. Overall, the midsize auto insurance segment has an average customer satisfaction score of 858 (based on a 1,000-point scale).
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
