Is the internet beginning to dramatically impact the distribution of auto insurance? One industry specialist, Keynote Systems (see here), thinks so. According to Dr. Bonny Brown, director of research and public services for Keynote, “the Web has caused dramatic shifts in the way consumers research and buy auto insurance.” Keynote performed two studies on consumers buying habits and reported the following findings and conclusions (see summary here; also here and here):
- More online consumers obtain auto insurance quotes online (68%) than over the phone (55%)
- Some auto insurance sites are providing superior online quote and research processes, putting them in a position to capture more business
- About 87% of auto insurance consumers visited insurer’s online sites to obtain a quote, and 58% were willing to purchase policies online.