“This [findings] suggests that when a customer becomes dissatisfied with their incumbent carrier, they are more motivated to shop and switch,” said Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates. “In contrast, while many shop to verify they are getting a competitive price, this group is less likely to switch insurers.”
The study also identified the stages consumers go through in the shopping process: awareness, requesting a quote and purchase decision. “By increasing performance in brand awareness, the number of quotes issued or close rates, a carrier can focus attention on the specific competitive issues that impact their growth,” said Mr. Bowler.