Table of Contents
Scope and Themes
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- What you need to know
- Scope of this report
- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- Market innovations
- Insurance product innovations
- Underwriting and claims innovations
- Transportation innovations
- Distribution innovations
- Marketing, advertising and promotional innovations
- Consumer attitudes towards innovations in the insurance industry
- How consumers purchase insurance
- Switching auto insurers
- Consumer attitudes towards insurers
- Attitudes towards specific auto insurers
- Preferred insurance innovations
Insights and Opportunities
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- Online education, improved marketing, and reaching younger consumers
Fast Forward Trends
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- Trend: personalization
- Computerization supports more precise underwriting, marketing and customer service
- Trend: simplification
- Demographic changes drive development of innovative life and annuity products
- Trend: personalization
- Marketers attune product development and marketing to specific demographic niches
Insurance Product Innovations
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- Key points
- Personal property/casualty insurance
- Innovative market segmentation
- Personal auto insurance
- Life insurance
- Return-of-premium life insurance
- Indexed universal life
- Simplified life
- Zero-premium life insurance
- Health insurance
- Corporate wellness programs
- High deductible health plan (HDHP)
- Healthcare consumerism
- Long-term care insurance
- Cash plans
- Annuities
- Disclosure documents
- Inflation protection
- Investment returns
- Other insurance
- Other financial and retirement products
- Pet insurance and pet injury insurance
Underwriting and Claims Innovations
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- Key points
- Technology driven applications
- Automated underwriting
- SEMCI
- Precise underwriting and pricing
- Predictive modeling and multivariate pricing for personal auto
- Mileage measurements
- Predictive modeling and multivariate pricing for commercial auto
- Predictive analytics for fraud detection
- Lifestyle-based analytics
- Genetic testing
- Catastrophes
- New research initiatives
- Catastrophe claims
- Life insurance
- Standard rates for life-threatening diseases
- Greater policy availability for the elderly
- Simplified life applications
- Customer service
Transportation Innovations
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- Key points
- Automotive features
- Road features
Distribution Innovations
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- Key points
- Online comparison shopping
- Streamlining independent agency operations
- New agents
- Minority marketing
- Brokerages
- Pipeline optimization
- Paperless agencies
Marketing, Advertising and Promotional Innovations
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- Key points
- Granddaddy of innovative advertising
- Web 2.0 market
- Banks in the insurance market/insurance in the banking industry
- Innovative campaigns
- Recent innovative advertising from Comperemedia
- Allstate Insurance
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- Figure 1: Allstate Property and Casualty Insurance Company auto insurance incentive, first seen July 2006
- Insurance.com Insurance Agency, Inc.
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- Figure 2: Insurance.com Insurance Agency, Inc., first seen November 2007
- State Farm Mutual Automobile Insurance Co.
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- Figure 3: State Farm Mutual Automobile Insurance Company, first seen November 2007
- Corporate Synergies Group
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- Figure 4: Corporate Synergies Group, Inc. informational postcard, first seen August 2007
- Kaiser Permanente
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- Figure 5: Kaiser Permanente communication to agents regarding selling Choice Solution, first seen August 2007
- Aetna Health Inc.
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- Figure 6: Aetna Health Inc. opportunity for consumers to talk to fitness, nutrition and health experts regarding Medicare related inquiries, first seen May 2007
- Farmers Insurance Group
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- Figure 7: Farmers Insurance Group announcement postcard, first seen May 2007
- State Farm Insurance Company
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- Figure 8: State Farm Insurance Company combined auto and homeowners insurance, first seen May 2007
The Insurance Consumer
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- How consumers purchase insurance
- Switching auto insurers
- Consumer attitudes towards insurers
- Attitudes towards specific auto insurers
- Preferred insurance innovations
How Consumers Purchase…
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- Auto insurance
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- Figure 9: How auto insurance was purchased, by age, May 2008
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- Figure 10: How auto insurance is purchased, household income, May 2008
- Life insurance
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- Figure 11: How life insurance was purchased, by gender, May 2008
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- Figure 12: How life insurance was purchased, by age, May 2008
Switching Auto Insurers
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- Figure 13: have switched providers for auto insurance, by race/ethnicity, May 2008
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- Figure 14: Have switched providers for auto insurance, by region, May 2008
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- Figure 15: Reasons for switching auto insurance companies, by household income, May 2008
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Consumer Attitudes Towards…
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- Auto insurers
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- Figure 16: Attitudes towards auto insurance companies, by race/ethnicity, May 2008
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- Figure 17: Attitudes towards auto insurance companies, by household income, May 2008
- Life insurers
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- Figure 18: Attitudes towards life insurance companies, by age, May 2008
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- Figure 19: Attitudes towards life insurance companies, by race/ethnicity, May 2008
- Customer service by auto insurers
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- Figure 20: companies believed to offer the best customer service for auto insurance, by age, May 2008
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- Figure 21: companies believed to offer the best customer service for auto insurance, by race/ethnicity, May 2008
Preferred Insurance Innovations
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- Figure 22: interest in insurance innovations, by income, May 2008
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- Figure 23: interest in innovations, by number of children in household, May 2008
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Cluster Analysis
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- Disinterested insurance minimalists
- Insurance non-differentiators
- Insurance sophisticates
- Cluster characteristics
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- Figure 24: Insurance user clusters, May 2008
- Figure 25: Thinking about the last time you purchased auto insurance, how was it purchased? by insurance user clusters, May 2008
- Figure 26: Thinking about the last time you purchased LIFE insurance, how was it purchased? by insurance user clusters, May 2008
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- Figure 27: Have you ever switched providers for auto insurance? by insurance user clusters, May 2008
- Figure 28: Which of the following statements concerning auto insurance companies do you agree with? by insurance user clusters, May 2008
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- Figure 29: Which of the following statements concerning life insurance companies do you agree with? by insurance user clusters, May 2008
- Figure 30: Which of the following companies do you feel has the best customer service for auto insurance? by insurance user clusters, May 2008
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- Figure 31: Which of the following innovations would interest you in looking at an insurance product? by insurance user clusters, May 2008
- Cluster demographics
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- Figure 32: Insurance user clusters by gender, May 2008
- Figure 33: Insurance user clusters by age group, May 2008
- Figure 34: Insurance user clusters by income group, May 2008
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- Figure 35: Insurance user clusters by race, May 2008
- Figure 36: Insurance user clusters by Hispanic origin, May 2008
- Cluster methodology
Custom Consumer Groups
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- Key points
- How consumers purchase insurance
- Consumer attitudes towards insurers
- Attitudes towards specific auto insurers
- Preferred insurance innovations
- Women, moms vs. no children in household
- Preferred channel to purchase auto insurance
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- Figure 37: How auto insurance purchased, mothers, May 2008
- How consumers purchase life insurance
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- Figure 38: How life insurance was purchased, mothers, May 2008
- Consumer attitudes towards auto insurers
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- Figure 39: Attitudes towards auto insurance companies, mothers, May 2008
- Men and women, by age group
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- Figure 40: Attitudes towards auto insurance companies, men by age, May 2008
- Consumer attitudes towards life insurers
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- Figure 41: Attitudes towards life insurance companies, women by age, May 2008
- Attitudes towards customer service by named auto insurers
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- Figure 42: companies believed to offer the best customer service for auto insurance, men by age, May 2008
- Preferred insurance innovations
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- Figure 43: Interest in insurance innovations, mothers vs. females with no children, May 2008
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- Figure 44: Interest in general and auto insurance innovations, women by age, May 2008
Appendix: Other Consumer Tables
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- How auto insurance was purchased
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- Figure 45: How auto insurance was purchased, by gender, May 2008
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- Figure 46: How auto insurance was purchased, by race/ethnicity, May 2008
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- Figure 47: How auto insurance was purchased, by region, May 2008
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- Figure 48: How auto insurance was purchased, by number of children in household, May 2008
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- Figure 49: How auto insurance was purchased, by total number of people in household, May 2008
- How life insurance was purchased
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- Figure 50: How life insurance was purchased, by race/ethnicity, May 2008
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- Figure 51: How life insurance was purchased, by household income, May 2008
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- Figure 52: How life insurance was purchased, by region, May 2008
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- Figure 53: How life insurance was purchased, by number of children in household, May 2008
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- Figure 54: How life insurance was purchased, by total number of people in household, May 2008
- Number of times switched providers for auto insurance
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- Figure 55: Number of times switched providers for auto insurance, by gender, May 2008
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- Figure 56: Number of times switched providers for auto insurance, by age, May 2008
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- Figure 57: Number of times switching providers for auto insurance, by household income, May 2008
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- Figure 58: Number of times switched providers for auto insurance, by number of children in household, May 2008
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- Figure 59: Number of times switched providers for auto insurance, by number of people in household, May 2008
- Reasons for switching auto insurance companies
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- Figure 60: Reasons for switching auto insurance companies, by gender, May 2008
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- Figure 61: Reasons for switching auto insurance companies, by age, May 2008
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- Figure 62: Reasons for switching auto insurance companies, by race/ethnicity, May 2008
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- Figure 63: Reasons for switching auto insurance companies, by region, May 2008
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- Figure 64: Reasons for switching auto insurance companies, by number of children in household, May 2008
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- Figure 65: Reasons for switching auto insurance companies, by total number of people in household, May 2008
- Attitudes towards auto insurance companies
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- Figure 66: Attitudes towards auto insurance companies, by gender, May 2008
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- Figure 67: Attitudes towards auto insurance companies, by age, May 2008
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- Figure 68: Attitudes towards auto insurance companies, by region, May 2008
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- Figure 69: Attitudes towards auto insurance companies, by number of children in household, May 2008
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- Figure 70: Attitudes towards auto insurance companies, by number of people in household, May 2008
- Attitudes towards life insurance companies
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- Figure 71: Attitudes towards life insurance companies, by gender, May 2008
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- Figure 72: Attitudes towards life insurance companies, by household income, May 2008
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- Figure 73: Attitudes towards life insurance companies, by region, May 2008
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- Figure 74: Attitudes towards life insurance companies, by numbeer of children in household, May 2008
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- Figure 75: Attitudes towards life insurance companies, by number of people in household, May 2008
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- Figure 76: companies believed to offer the best customer service for auto insurance, by gender, May 2008
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- Figure 77: Companies believed to offer the best customer service for auto insurance, by household income, May 2008
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- Figure 78: companies believed to offer the best customer service for auto insurance, by region, May 2008
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- Figure 79: Companies believed to offer the best customer service for auto insurance, by number of chidlren in household, May 2008
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- Figure 80: Companies believed to offer the best customer service for auto insurance, by number of people in household, May 2008
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- Figure 81: Interest in insurance innovations, by gender, May 2008
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- Figure 82: Interest in insurance innovations, by age, May 2008
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- Figure 83: Interest in insurance innovations, by race/ethnicity, May 2008
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- Figure 84: Interest in insurance innovations, by region, May 2008
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- Figure 85: Interest in insurance innovations, by number of people in household, May 2008
Appendix: Trade associations
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