What a year 2020 has been for the Insurance industry! We’ve had a front row seat for trends in the insurance consumer buying journey as they develop. As witness to over 1 billion online comparison shopping events for Major-Life Purchases (like insurance and consumer finance products) every quarter, here are the trends in 2020 across Insurance that will shape 2021.
Auto: Consumers were more budget conscious and drove less, which flooded the auto insurance market with shopping activity, marking 2020 one of the largest land grab opportunities in recent memory for auto insurers.
Home: With mortgage rates at historic lows, consumers fleeing cities for suburbs, and the interdependent shopping activity in auto, home insurance shopping also skyrocketed.
Health: Shopping topped Open Enrollment levels throughout the year, with record unemployment and concerns about adequate plan coverage being large drivers for the activity. Coupled with less visits to the doctors, and profitability was OK in Health (though it remains to be seen what ramifications will come in ensuing years as a result).
Life: COVID fears at the beginning of the pandemic piqued consumer interest in life insurance products above normal levels, extending the busy season. Life insurance was the only insurance line of business that experienced year-over-year decreases in shopping activity this summer. Since September, however, we’ve seen positive growth and in November, we saw a 19% increase in consumers shopping for life insurance products.
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