Auto Insurance For The Digital Age - Online On Demand
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
Auto Insurance for the Digital Age: Online and On Demand
Summary
The rise of the Internet has revolutionized the auto insurance industry, creating a robust online marketplace. Companies like Progressive, eSurance, and Geico have thrived by primarily selling insurance online and over the phone. In May 2006, Yahoo recorded nearly four million searches for "car insurance," highlighting the growing demand.
Online Insurance Platforms
Numerous popular websites offer multiple quotes from standard insurance companies without involving agents. These platforms typically pass the sales baton to the selected insurance provider. By 2004, Forrester Research reported that 30% of Americans used the Internet to research auto insurance, and by 2005, 16% were completing their purchases online.
Industry Insights
Despite extensive online research, completing an auto insurance purchase online remains somewhat complex. Many people prefer to finalize their transactions over the phone, allowing insurers to quickly verify driving records in real-time. While all major insurance companies provide online quotes, only a few finalize contracts online.
A Shift in Strategy
Companies like Geico have capitalized on the Internet to become major players in the auto insurance market. eSurance, among others, benefits from reduced costs by avoiding agent commissions and storefront expenses, focusing instead on website maintenance and call centers.
Leading Online Insurance Platforms
Websites such as Insurance.com offer quotes from multiple reputable companies. These platforms rely on extensive content and online advertising to attract traffic, providing valuable industry insights, shopping advice, and expert columns. While insurers also provide content, multi-bid sites must integrate diverse features to generate traffic and referrals.
Advertising Strategies
Geico and eSurance invest heavily in television advertising. Geico, with its significant market presence, airs commercials during expensive prime time slots. eSurance, utilizing its cartoon avatar Erin, opts for frequent ads on more affordable shows.
Market Trends
Recent reports suggest a drop in auto insurance prices due to fierce competition and the influence of online providers. Online auto insurance is now a major market force, even if some transactions conclude offline. As technology advances, online purchases will become as seamless as online research.
By embracing digital advancements, the auto insurance industry continues to evolve, providing consumers with convenient, cost-effective options for purchasing coverage.
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