• February 28, 2021

J.D. Power Launches Real-Time Auto Insurance Customer Loyalty Tracking Capability - Odessa American: Business

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J.D. Power Launches Real-Time Auto Insurance Customer Loyalty Tracking Capability

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Posted: Tuesday, February 16, 2021 7:02 am

TROY, Mich.--(BUSINESS WIRE)--Feb 16, 2021--

The last decade of aggressive advertising, steadily rising premiums and expansion of direct-to-consumer offerings has eroded auto insurance customer loyalty. According to recent data 1 from J.D. Power, 77% of auto insurance customers say they are either actively shopping for a new carrier or have experienced an adverse event that triggered shopping activity. Against this backdrop of rapid-fire swings in customer sentiment, J.D. Power has developed an industry-first solution to provide daily metrics on auto insurance customer shopping activity at a brand level. The new J.D. Power Auto Insurance Loyalty Indicator & Shopping Trends (LIST), fueled by SurveyMonkey Market Research Solutions, offers the industry’s most current, comprehensive view of auto insurance customer shopping behaviors at the national and state level.

“It’s never been easier for auto insurance customers to shop and switch brands in a matter of minutes, making it critical for carriers to monitor up-to-the-minute trends in the behavior of their existing customers and those of their competitors,” said Kyle Schmitt, vice president and managing director, insurance intelligence at J.D. Power. “With Auto Insurance LIST, carriers receive detailed data on who the active shoppers are, where they are shopping and which brands they are considering on a daily basis. This allows insurers to track performance of new campaigns; anticipate and adjust to changing market conditions down to a metropolitan statistical area; and understand the effects of operational changes on the end consumer.”

J.D. Power Auto Insurance LIST delivers daily data and monthly trends in auto insurance shopping behaviors across the top 25 auto insurance brands at the national and state level. The solution tracks a range of key metrics developed by the J.D. Power insurance intelligence team to spotlight where brands are winning and losing in customer acquisition, primary drivers of shopping behaviors and detailed shopper profiles. Underlying data for J.D. Power Auto Insurance LIST is drawn from daily surveying of 500-1,000 auto insurance customers sourced by SurveyMonkey’s market-leading platform.

Following a six-month pilot with a select group of national auto insurance carriers, J.D. Power Auto Insurance LIST is proving to be an invaluable resource for gathering competitive intelligence, assessing the effects of exogenous market conditions such as catastrophic events or regulatory changes in a particular region, tracking the performance of marketing campaigns and evaluating the performance of operational changes.

For more information about J.D. Power Auto Insurance LIST, visit

https://www.jdpower.com/business/loyalty-indicator-shopping-trends.

To view the online press release, please visit http://www.jdpower.com/pr-id/2021053.

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.

About J.D. Power and Advertising/Promotional Rules:www.jdpower.com/business/about-us/press-release-info

1 J.D. Power 2020 U.S. Insurance Shopping Study

View source version on businesswire.com:https://www.businesswire.com/news/home/20210216005025/en/

CONTACT: Geno Effler, J.D. Power; West Coast; 714-621-6224;media.relations@jdpa.com

John Roderick; East Coast; 631-584-2200;john@jroderick.com

KEYWORD: UNITED STATES NORTH AMERICA MICHIGAN

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT AUTOMOTIVE TECHNOLOGY OTHER AUTOMOTIVE INSURANCE

SOURCE: J.D. Power

Copyright Business Wire 2021.

PUB: 02/16/2021 08:00 AM/DISC: 02/16/2021 08:02 AM

http://www.businesswire.com/news/home/20210216005025/en

© 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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