I promised a cold-eyed view of what’s happening to our industry. Here’s Part III. If you’ve missed Parts I and II, I’m keeping them “live” on the blog. On to “Big Ugly Truth #2.” What’s happening on the Internet – and why you need to pay attention. If you missed the interview I had with Susan Engleson of comScore, allow me to review some of the highlights. This information is far, far too important to miss. (Comment from QC Member, Byron Yankou: “Michael Jans, my congratulations on delivering a tremendous call yesterday with Susan Engleson. The information on the slides literally blew me away with the trends in buying Auto Insurance Online. How in 5 years time the numbers of web quotes sought for auto insurance has gone up so dramatically.”)
First of all, how does comScore know so much? Because one million people have given them 24/7 permission to passively monitor every web activity they perform. With those numbers, we can assume this stuff is as real as the paper you’re holding right now. 10 of the top 12 auto insurers are their clients. (Most of what we’ll review here covers AUTO insurance – but please don’t be naïve enough to think these very trends won’t affect you if you’re not a personal lines junky. Yeah, the entire quote process may be tougher to wrangle on some other insurances – but lead gen, positioning, follow-up – it’s all possible and other marketers are getting smarter, smarter, smarter.) A few key points you CANNOT ignore:
1. 73% of consumer do use or have used the internet to find information about auto insurance. That’s up from 61% two years ago, 67% last year. A 6% yearly jump. That’s huge.
2. Big disconnect between the traditional major players and internet savvy. Progressive seems to be the only exception. State Farm, for example, has 17.5% of the auto market. 2% of online insurance quotes. Farmers, 5.5% of the market. Completely clueless on how to get internet quotes. GEICO, Progressive and esurance combine for a whopping 74% of internet quotes.
3. 65% of the population declares, “The internet is slightly or very important to me to help me make buying decisions.” Just as important to you: that importance is up rated 50% over last year.
4. 52% of the population shopped for insurance in the last 12 months. 63% who did, did it online.
5. A 725% jump in online auto insurance purchasing in 5 years(!). NOW do we have your attention? A full 29% of online consumers who bought auto insurance in the past year, bought online. Compare to 4% who did it five or more years ago. Youch.
Michael
PS: Here’s precisely what the most successful agents in North America are doing this October to make sure they build income and wealth in the rocky year(s) ahead. (And I’m wondering why you would possibly want to be left out or left behind on this uniquely powerful opportunity.) If you DON’T know your 2010 Survival Plan, check this out.
PPS: Kudos to comScore for the great information. If you want a copy of my interview with Susan – a VERY sharp and insightful professional – call my office and ask for VIP Services. (800)606-0477. Extension 11. Shipping is on me. So is the CD, which I should be selling for tons of money. But, hey, if you get some value out of what I’m sharing, buy me a beer next time I see you.