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Despite all of the shopping activity in the marketplace, survey respondents overwhelmingly agree that they are loyal people. However, this affirmation of loyalty doesn't translate to insurance shopping behavior as 50% of shoppers expect to shop again in the next year. (Credit: Shutterstock) Despite all of the shopping activity in the marketplace, survey respondents overwhelmingly agree that they are loyal people. However, this affirmation of loyalty doesn’t translate to insurance shopping behavior, as 50% of shoppers expect to shop again in the next year. (Credit: Shutterstock)

Insurance customer expectations have evolved over the years as the power in the buyer-seller relationship has shifted toward buyers. As new carriers have emerged and more established ones look to maintain their market share, insureds have more options than ever before — making price and convenience just as important as brand loyalty.

This dilemma is especially true in the U.S. auto insurance market. In February 2019, LexisNexis Risk Solutions commissioned a consumer study of more than 2,000 auto insurance consumers between the ages of 25 and 70 who were the primary household decision-makers and insurance purchasers. Each respondent had owned an auto insurance policy for at least the past year.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected]

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