As an agent, what are you doing to stay ahead of the competition?
In addition to knowing and following industry best practices, tips, processes, and systems, one item can set you apart: data. Analyzing your target markets and understanding the trends can provide insight into the most effective ways to turn your prospects into long-term clients. In this new data-driven report, we’re diving into insights gleaned about the habits of auto and home insurance buyers.
All the data in this insurance consumer report comes from proprietary User Research Learnings from EverQuote’s Consumer Team for both auto and home insurance. Instead of simply presenting the raw data, we’ve highlighted key takeaways and tied them to the specific actions that insurance agents and producers can implement from the research.
Use research to improve your sales process and better understand your prospective customers.
- Data helps EverQuote, and our partner agents and producers, understand the needs, goals, and behaviors of consumers who come to us to find insurance. The more we understand our consumers’ concerns and shopping behaviors, the more we can create better products and experiences for agents to connect with them.
- When we introduce consumers to our agents who have used data to better understand their concerns and shopping behaviors, they are more likely to build successful long-term relationships.
2 Key Research Findings & Takeaways For Agents
1. Who and what consumers trust affects their insurance buying journey.
We identified three types of consumers from our research:
- Deep Divers: Deep divers trust themselves and their ability to make decisions. They trust their own ability to perform research, find accurate information, and use it to help them purchase insurance. Deep divers often consider 10 or more insurance options. 41% of respondents fall into this category.
- Gut Shoppers: Gut shoppers trust their own ability to make decisions but also rely on trusted carriers. They trust and will consider one to three companies in whom they have high confidence and will then “go with their gut” to make a purchasing decision. 35% of respondents fall into this category.
- Advice Seekers: Advice seekers don’t trust themselves to make a purchasing decision alone. They trust carriers and experts, relying on them as guides through the process of purchasing insurance. Notably, advice seekers tend to skew older in age, averaging over age 50. 24% of respondents fall into this category.
Agent Takeaway: Each type of consumer—deep divers, gut shoppers, and advice seekers— is affected by who and what they trust, and your approach to selling insurance will often need to change depending on the type of consumer.
2. Consumers want to see “all” their options—but “all” has a different meaning to different consumers.
Consumers’ perception of the meaning of “all options” changes depending on who and what they trust. While most consumers define the overall value of each option as “purchasing quality insurance at a reasonable price,” they can measure value differently as they progress through the insurance buying journey.
- Deep divers will extensively research insurance options, often considering 10 or more companies. They compare different companies and dedicate time engaged in research to determine which companies will offer them what they perceive to be the best value for their money.
- Gut shoppers tend to favor insurance companies who they perceive as putting in the work and effort to earn their trust; therefore, they consider just those one to three companies who have earned that trust. If these consumers have home insurance through a company they trust, they are more likely to trust (and purchase) other products, such as auto insurance. They also often recommend the companies they trust and already work with to their network of family and friends.
- Advice seekers fall back on price as a proxy for value, especially with options they don’t understand. It’s not easy for these consumers to measure the true value of an insurance policy.
Agent Takeaway: Understanding the type of consumer with whom you’re speaking can help you prepare for the number and type of insurance options you need to earn their business.
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