Porsche Financial Services, Inc. (PFS) and Mile Auto, Inc. announced the launch of Porsche Auto Insurance to deliver tailored insurance rates to Porsche drivers. Among the benefits pitched to prospective customers are the vehicle manufacturer’s collision repair certification program and the use of OEM parts. The insurance program limiting costs to actual miles driven, plus […]
J.D. Power Reports Auto Insurance Customer Satisfaction at Record High Levels
With a quarter of auto insurance customers adopting direct-to-consumer auto insurance models, superior digital interaction improves customer experience. The last decade of seemingly non-stop direct-to-consumer advertising and heavy investment into digital self-service technologies have driven roughly one-fourth of auto insurance customers to adopt direct distribution models that bypass agents in favor of do-it-yourself tools. According […]
Tesla Plans to Launch Insurance Product Next Month
In response to a question during its quarterly earnings conference call, Tesla founder Elon Musk explained that the electric vehicle manufacturer was planning to launch an insurance product for Tesla owners. Last year, Tesla began opening its own collision repair centers. When asked if Tesla was considering creating an insurance program to simplify the ownership […]
J.D. Power Reports Direct Sales and Independent Agents Best Positioned to Support Auto Insurers’ Battle for Market Share
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 […]
Collision Claims Declined in Fourth Quarter
Auto physical damage indicators influencing the collision repair industry declined during the fourth quarter of 2018 compared to the previous year. Growth in collision insurance coverage slows. According to the latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS), private passenger collision claims decreased in the U.S. during the 12 […]
AM Best Report Personal Auto Insurers Combined Ratio Improves
Severity continues to increase, but frequency growth has leveled. The U.S. private passenger auto segment has experienced a turnaround after weakened performance in 2015-2016, as rate actions and underwriting initiatives resulted in a 3.8-point year-over-year improvement in the sector’s combined ratio in 2017, as well as a 4.7-point loss ratio reduction through third-quarter 2018, according […]
Just 3 of the Top 10 Largest Auto Insurers Grew Market Share During 2018 in the U.S.
Overall market share of 10 largest private passenger auto insurers in the U.S. slightly down compared to 2017. For the first time in six years, the 10 largest private passenger automobile insurers saw their market share decline slightly in 2018 compared to the previous year. The top 10 insurers accounted for 72.17 percent of premiums […]
U.S. Auto Body Repair Price Growth Higher than Inflation in December
U.S. auto body repair prices in December were up both month-on-month and year-on-year. The most recent government figures on inflation through December 2018 indicate the rate of growth of auto body repair prices has started to increase again after slowing somewhat during the first several months of the year. While general inflation declined at the […]
Auto Physical Damage Insurance Underwriting Profit Up in 2017
The latest statistics from the National Association of Insurance Commissioners indicates that the private passenger auto physical damage insurance returned to profit in 2017. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2017, released this month, showed some improvement in private passenger auto physical damage (APD) […]
S&P Market Intelligence Report Sees US Auto Insurance Industry Benefitting From Higher Premiums, Lower Losses
While changing technology is a longer-term disruptive threat, rate increases will drive growth in the near term, according to S&P Global Market Intelligence report Auto insurance has accounted for more of the U.S. property and casualty (P&C) industry’s premium volume in recent years, with several rounds of loss-fueled rate increases accelerating premium volumes in the […]