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Changes in Consumer Shopping Behavior in Auto, Home, Health & Life Insurance

Almost overnight, the insurance industry accelerated digital transformations, taking bold steps to embrace technology and adapt to evolving customer behaviors. These trends are something we track here at Jornaya because we have a unique view of consumer shopping behaviors. 

With over 35,000 comparison shopping websites in our partner network, we’re able to tie shopping events to a unique consumer. Based on the data in our network and industry discussions, we’re seeing the following key trends in auto, home, health, and life insurance. We shared these trends on our recent webinar: The Pulse of Insurance, which you can watch on demand. 

Access the webinar on demand to hear more insights from: 

  • Equifax Strategic Marketing Officer Kevin Leslie
  • Verisk Insurance Solutions VP Product Management James Roche
  • Healthcare.com VP of Sales Marianne Liberatore
  • Jornaya GM of Insurance Jaimie Pickles 
  • Jornaya Senior Director of Insurance Jeff Piotrowski 

Below are some high-level takeaways. 

 

Auto Insurance Shopping Trends 

Below we see a 37%-increase in consumers shopping over a 2-week period from end of March to mid-April. With trends like these, will the performance marketing ecosystem be an increasingly important source of new business for auto insurance carriers? Join us on May 18 to discuss this topic during our Journey Summit Pulse Roundtable

 

 

Our data provides state level trends as well. Here is how New England shoppers compare to their nationwide counterparts.

 

Home Insurance 

Homeowners insurance saw a substantial and abnormal increase in shopping activity last year, which we believe this may be tied to falling mortgage rates and an extremely hot homebuyer interest. Below, notice the stark increase in home insurance shopping that occurs alongside home buying season last year. Also note that this is when we saw remarkable increases in auto insurance shopping, which home insurance is often bundled with.

The figure below is a view of consumers in-market for home insurance as a percentage of the state adult population. We wanted to see if any states deviate much from the nationwide average. We weren't too surprised that Florida and Texas were above the national average. 

 

Health Insurance

The increase in consumers in-market for health insurance products officially crossed under where we were last year. This is not a comment on a decline in health insurance interest, more of a statement on how quickly shopping increased last year. By April 2020, unemployment had risen sharply, along with hospitalizations and public awareness of the virus. 

 

Life Insurance 

It was a bit of a roller coaster in life insurance last year where we saw an uncharacteristic in-flux of consumer shopping in March and April, followed by a substantial decline for the entirety of the summer. The Summer was rough but September, which is Life Insurance Awareness Month, mounted a comeback. Notice the increases through the end of the year into January, a particular busy time for life insurance providers.  

 

 

Actionable Data

Jornaya has an expansive view into major purchase shopping activity—enabling unique, aggregate level insights into industry-level trends. Our proprietary network of more than 1,000 publisher partners and 35,000 comparison shopping sites provide this picture of consumer behavior. This actionable data about shopping journeys can help insurance marketers find and appropriately engage with consumers. 

Learn more about these trends in Pulse of Insurance webinar and join us on May 18 at Journey Summit to hear the latest data during our breakout session: Pulse of Consumer Shopping Behavior.  

 

 

 

About the Author

Posted by Jornaya: “Winning teams are those that care deeply about one another.” This is a message that Jornaya Founder Ross Shanken reinforced as he shared lessons from one of his favorite books, "The Boys in the Boat." It's a sentiment we take to heart as we embrace #OneJornaya.

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