Auto insurers are moving along swimmingly in the digital channel. And comScore Inc. suggests property insurers look to them as a model for how to achieve growth within the channel. Results from the company’s “2010 Online Property Insurance Report” show that while online property insurance quote volume is currently modest in size, the industry is well positioned for growth among increasingly engaged digital consumers.
According to the report, which is based on behavioral data from comScore’s 1-million person U.S. panel, and a survey of more than 2,000 U.S. Internet users, purchasing property insurance online is still in its infancy compared to the auto insurance industry. In the first half of 2010, there were 20.2 million online auto insurance quotes submitted. In comparison, there were 500,000 homeowner insurance quotes and 400,000 renter insurance quotes during the same time period. Although online property insurance quotes are equivalent to just 5% the volume of auto insurance quotes, the opportunity exists to increase property insurance quotes and purchases among both homeowners and renters.
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