With just 2-3 percent of new customers entering the personal lines auto insurance market each year, insurers have only one option when it comes to growing their business: taking market share from competitors. According to the J.D. Power 2019 U.S. Insurance Shopping Study, success in driving new customer acquisition comes down to having a strong brand and meeting customer expectations of convenience and competitive price—for which direct and independent agents are best positioned. Meanwhile, insurers who are largely reliant on exclusive agents for new business growth are facing headwinds. The trend is evident in recent auto insurance market share data
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.