AUTO INSURANCE DURING COVID-19 Consumer panic subsides · 30/04/2020 · Understanding those who intend to drive less, and why, will create a telematics opportunity—and more engaged

AUTO INSURANCE DURING COVID-19

Consumer panic subsidesReverting to a ‘new mean’ or calm before the storm?

© 2020 J.D. Power. All Rights Reserved.

Kyle Schmitt

Vice President and Global Managing Director

Insurance Intelligence and Solutions

In partnership with:

April 30, 2020


COVID-19 panic may be fading, but shopping pressure still apparentApril 30, 2020

2

Our four key themes continue to take shape as a COVID-19 emotions continue to ebb and flow:

▪ Premium relief actions made a difference with engaged (AWARE) consumers—it’s just that few are engaged during COVID-19

− Of those consumers that are AWARE, satisfaction is similar to pre-COVID… for those UNAWARE it remains down 25% (pg. 13)

− Only 41% of consumers are AWARE of premium relief actions announced after 2 – 3 weeks (pg. 14)

− 30% of AWARE consumers that felt relief wasn’t enough intend to shop, but significantly reduced switching / cancelling (pg. 15)

▪ A potential ‘shopping bubble’ may be forming as panic subsides, but financial pressure remains

− 61% of overall consumers still want COVID-related premium reductions… (pg. 19)

− Switching and cancelling behaviors have fallen sharply, but shopping remains at similar or elevated levels (pgs. 15,16, 20)

− The impact of government stimulus over the past two weeks likely reduced the panic seen in mid-April, but will eventually go away

▪ Telematics is still on consumers minds and may enable a higher engagement model in the future

− 40% of consumers show increased interest in telematics if they believe their miles driven will remain reduced (pg. 23)

− Understanding those who intend to drive less, and why, will create a telematics opportunity—and more engaged customers

▪ Figuring out how and when to engage a distracted consumer will be key to retaining policies as mobility returns

− Even in ‘normal’ times, less than 40% of auto insurance consumers are engaged with their carrier

− Digital carriers tend to have more interactions and more opportunities to demonstrate value, key engagement requirements

− Understanding the unengaged to ensure delivery of relevant message will be critical in the coming months


Thinking longer-term…

…how do consumers view rates if miles driven remain lower?

KEY PREMIUM RELIEF STATISTICSApril 30, 2020

3

36%Amount of lower credit-tier consumers that are aware

of premium relief announcements

55%Think their miles driven will remain lower for a significant

period of time after COVID-19, stable since last week

40%Are aware that their carrier has announced a premium

relief program of some kind

>50%Reduction in likelihood to switch or cancel for those

that are AWARE of premium relief

30%Likely to shop if premium relief was not enough to

ease financial pressure

37%Likely to shop, switch or cancel for those that are

UNAWARE of premium relief

CONSUMER REACTION TO PREMIUM RELIEF AFTER 2 – 3 WEEKS

40%Of those that think their miles driven will remain lower

are interested in telematics programs

41%Think that recently announced premium relief will be

enough to ease financial pressure


Insurance during COVID-19Certain areas have seen infections and hospitalizations rise over several weeks. Throughout our analysis we refer to these areas as ‘hotspots’ and monitor them for changes in consumer sentiment

April 30, 2020

4

Hotspots by Wave States

Wave 1 CA, NJ, NY, WA

Wave 2 MI, FL, IL, MA, LA

Wave 3 CT, GA, PA, TX

Wave 4 CO, IN, MD, OH

Wave 5 MO, NC, RI, TN, VA

▪ Fielding dates:

− W1 03/24 | W2 03/31 | W3 04/07 | W4 04/14 | W5 04/28

▪ Total respondents:

− W1 1,021 | W2 1,006 | W3 1,035 | W4 1,002 | W5 975

▪ Respondent demographics:

− General population

49% 51%

24%37%

20% 19%

50% 50%38%

30%

16% 16%

31%

69%

18%30% 28% 24%

Male Female 18 to 29 30-44 45-60 61+

Wave 3 Wave 4 Wave 5

P&C Demographics

Gender Age Segment

COVID-19 Hotspots Legend

MARKET CONTEXT


13 March

U.S. declares national

state of emergency

Insurance during COVID-19The COVID-19 pandemic is continues to alter consumer attitudes and perceptions of their auto insurance relationships with clear economic anxiety seen across a wide range of consumer groups

April 30, 2020

6

JANUARY FEBRUARY MARCH APRIL MAY

31 Jan

HHS declares the novel

coronavirus a health emergency

U.S. restricts travel to-from

China for all non-residents

U.S. Reported Cases (cumm.) 75 4.6k 53.7k 213k 454k 667k 1,060k

U.S. Reported Deaths (cumm.) 1 85 703 4.7k 16.0k 32.9k 61.5k

11 March

WHO characterizes the novel

coronavirus as a pandemic

14 March

Schengen area travel

restrictions become effective

Source: Johns Hopkins CSSE, WHO, Kaiser Foundation, various news articles

24

Ma

rch

31 Dec

Chinese officials confirmed

dozens of cases of

pneumonia from an

unknown cause

21 Jan

U.S. confirms

first case

24 Feb

DJI falls

1,000 pts

16 March

DJI falls 3,000 pts

San Francisco

issues first shelter-

in-place order

U.S. advises to

avoid gatherings of

>10 people

24 March

DJI surges

2,100+ pts

06 March

Tech firms begin

closing Seattle offices

02 April

Weekly jobless

claims at 6.9m

31

Ma

rch

26 March

Weekly jobless

claims at 3.3m

07

Ap

ril

09 April

Weekly jobless claims at 6.6m

09 April

Fed announces additional

$2.3tn in economic

support programs

14

Ap

ril

15 March

Fed funds rate set

to zero

Carriers announce

$10bn in premium relief

06 April

Allstate and AmFam

announce premium returns

DJI surges 1.600+ pts

27

Ap

ril

16 April

Weekly jobless

claims at 5.2m

30 April

30m+ weekly

jobless claims

in total

23 April

Weekly jobless

claims at 4.4m

30+ U.S. states announce school closures

U.S. Congress introduced $2tn stimulus bill


Economic deterioration continues…Q1 GDP estimates show large Q1 impacts as weekly jobless claims continue. Consumers may be better able to assess their personal financial situation as an ex post ‘new mean’ begins to materialize (at least for now)

April 30, 2020

7

Source: Department of Labor, BEA (April 29, 2020), CNBC.com

Gross Domestic Product, 1st Quarter 2020 (Advance Estimate) 30m+ initial jobless claims since March


Consumers showing early signs of reduced anxiety…As the country begins to show some signs of re-emergence after weeks of stay-at-home orders, personal economic anxiety may be beginning to shift thinking the worst is behind us

April 30, 2020

8

Source: New York Times (April 27, 2020), J.D. Power Financial Services

After weeks of shutdown across the U.S., signs of cautious

re-mergence are beginning to show

5%

25%

55%

14%

13%

24%

40%

23%

The worst is

behind us

The worst is

right now

The worst is

yet to come

Don't know

U.S. economy Your personal finances

Economic sentiment indicates a passing anxiety, but still

thinking that it may impact someone else more

64%Worst is now or yet to

come personally


Economic impacts shifting towards higher incomesWhile the immediate impact and ongoing stress falls most heavily on lower income groups, increasing impacts are being felt by higher income groups as the economy continues to slow

April 30, 2020

9

Source: J.D. Power Financial Services

How has your family’s income changed since the

coronavirus crisis began?

10%

15%

17%

15%

10%

31%

2%

11%

14%

18%

17%

9%

27%

4%

Declined by 75%

or more

Declined by 50-

74%

Declined by 25-

49%

Declined by 10-

24%

Declined by less

than 10%

Has not changed

Increased

Apr 10-12 Apr 24-26

25%Declined by 50% or more

37%

37%

30%

25%

20%

10%

11%

36%

32%

30%

30%

19%

10%

15%

$0 - 10k

$10 - 25k

$25 - 50k

$50 - 75k

$75 - 100k

$100 -

125k

$125k +

Apr 10-12 Apr 24-262

Of those with a pre-COVID-19 income range of [X], what [%]

of that cohort’s income declined by 50% or more

These values are mostly evenly distributed across all 18 to 69 age cohorts

with a slight skew towards the young

For those over 60, only 16% have seen a 50%+ decline

c. 1/3 of consumers

earning < $75k / yr

have seen their

income reduced by

50% or more in the

past several weeks

> $75k cohort still

remains relatively less

impacted. The $125+

cohort does show a 4

pt increase over the

past several weeks


Miles driven still down, but beginning to tick upContinued growth in miles driven nationally as phased re-openings begin to materialize. Continued upticks in Washington state may show national potential as fears ease

April 30, 2020

10

Source: Cambridge Mobile Telematics


US miles driven per day are beginning to see an uptick, up to 67% of early March peak averages

While Georgia begins to re-open, there hasn’t been a big increase in driving—at national average a week ago and still there today


Risky driving continues above pre-COVID eraWhile American’s continue to drive at reduced mileage, their risky driving behaviors remain at elevated levels, likely impacting severity during a reduced frequency period

April 30, 2020

11

Source: Cambridge Mobile Telematics, New York Times (April 29, 2020)

Speeding was at its peak in early April, and while falling recently still elevated compared to pre-COVID

Distracted driving remains elevated as seen last week. Some states are showing an increases in driving-related fatalities


AUTO INSURANCEImpact of COVID-19 on the auto insurance consumer


9%

16%

68%

24-Mar

Do you think that COVID-19 will change your

opinion on auto insurance?

Auto insurance perceptions get a boost… sort ofAs more consumers become aware of their auto insurance carrier’s actions, a boost in satisfaction has materialized. However, large differences based upon general awareness may indicate shopping potential remains under the surface

April 30, 2020

13

2%

82%

16%

3%

78%

19%16%

66%

18%

25%

60%

15%10%

73%

18%

Yes No Don't know

Wave 1 Wave 2 Wave 3 Wave 4 Wave 5

How satisfied are you with how your auto insurance

carrier is living up to their reputation during COVID-19?

Very dissatisfied

12%

8%

13%12%

25%

22%

31%30%

52%64%

44%51%

14-Apr 28-Apr 14-Apr 28-Apr

AWARE population UNAWARE population

Somewhat dissatisfied

Neither satisfied nor

dissatisfied

Somewhat satisfied

Very satisfied

Initial Wave

Premium relief bounce

or easing anxiety?

40% 60%


Consumers awareness low and still digesting impactThe premium relief message still has not been widely received. More consumers ‘don’t know’ if value or timing of relief will make an impact likely resulting from uncertainty around how long financial stress due to COVID-19 will persist

April 30, 2020

14

Has your insurance company announced they will reduce

premiums or provide refunds during COVID-19?

40%

37%

32%

44%

28%

19%

W5

W4

Don’t knowNoYes

Are premium actions enough to help ease financial pressure?

Don’t knowNoYes

AWARE population

Don’t knowNoYes

Will benefits be received in time to make a difference?

Relief not

needed

Note: 1) As of survey date, all carriers captured had announced premium relief programs except for some of the AAA affiliated clubs

UNAWARE population

▪ Only 40% of consumers are AWARE of their carrier’s announced

premium relief as of April 28

▪ Those AWARE of premium relief have had time to digest the news:

− Only 41% believe that action taken is enough to relieve financial

pressure, steady at about 17% of total consumers

− Only 25% believe that action taken will arrive in time to make a

difference, about 10% of total consumers

− Larger carriers tend to have higher awareness levels of premium

relief announcements

▪ While consumers appear ‘satisfied’ with their carriers actions, it isn’t

clear if it will increase loyalty or prevent shopping in a meaningful

way (see pg. 19)

− 60% of total consumers still seek premium reductions

− Uncertainty still remains: how long COVID-19 continues will likely

drive impact on personal finances and ability to remain loyal

41%

57%

34%

31%

25%

11%

W5

W4

25%

46%

19%

23%

35%

24%

20%

7%

W5

W4


10%

8%

3%

5%

1%

15%

10%

8%

2%

3%

30%

23%

16%

9%

4%

Shop for another carrier

Reduce my coverage

Increase my deductible

Switch to a new carrier

Cancel my policy

Baseline Yes, enough OR on time No, not enough OR not on time

Consumer panic subsides, unless relief wasn’t enough..Premium relief appears to have satisfied some engaged (AWARE) consumers. But for those that clearly know it was insufficient,further relief actions continue to be pursued at elevated levels

April 30, 2020

15

Of those AWARE, are you likely to take additional premium

relief actions? (1)

+1.3 – 2.9x

▪ A big shift in engaged (AWARE) consumer sentiment closer to baseline

behaviors, but still elevated

▪ With only 41% of the engaged population clear that premium relief was

sufficient, those without certainty lean towards shopping

− Immediate actions towards switch and cancel have subsided

significantly as consumers have had time to digest premium relief

− Shopping behaviors remain elevated for both groups, but a marked

increase to 30% of those that don’t feel the relief was enough

▪ Interestingly, financial challenges are increasingly felt across all credit

tiers with lower credit tires clearly indicating that relief was insufficient

Note: 1) Baseline for the Aware populations based upon A | B methods (premium reduction actions consumers indicated they would take prior to asking about perceptions of the premium relief actions carriers have taken)

64%54%

46%41%48%

25%

Excellent Good Fair/Poor

14-Apr 28-Apr

Of those AWARE,

are the premium actions enough to help ease financial pressure?

(5)

(4)

3

(21)

(23)

(8)

(16)

(21)

(15)

(10)

(18)

(13)

(8)

(12)

(14)

+1.5 – 3.0x

+2.7 – 5.3x

+0.4 - 1.8x

+3.0 – 4.0x

Change from Apr-14 Change from baseline


45%

35%

29%

44% 37% 36%

Excellent Good Fair/Poor

Aware Apr 14 Aware Apr 28

Reactive panic gives way to passive shoppingEngagement (AWARE) is evening out across credit tiers. For the unengaged (UNAWARE) propensity to switch and cancel, potential panic reactions, have given way to elevated levels of shopping or ‘wait and see’ behaviors

April 30, 2020

16

Who is aware of premium relief announcements?

(by credit tier)▪ Engagement still favors higher tiers, somewhat expected, but shopping is

more evenly distributed amongst tiers compared to pre-COVID

▪ The less engaged consumers (UNAWARE) have shifted away from more

immediate drastic actions of switching and cancelling, but not shopping

− While switching and cancelling behaviors have fallen, they remain

significantly above non-COVID levels (2 – 5x)

▪ Initial panic of ‘must switch or cancel’ has given way to more passive rate

checking—still to be watched as 60% want lower premiums (see pg. 19)

28%23%

15% 14%10%

37%

22% 23%

7%10%

4%

51%

Reduce my

coverage

Shop for

another carrier

Increase my

deductible

Switch to a new

carrier

Cancel my

policy

None of the

above

Unaware Apr 14 Unaware Apr 28

Of those UNAWARE,

premium actions currently taking to ease financial pressure?


Not getting the message out could have consequencesMany consumers are likely hearing from their carrier through mass market channels rather than through direct outreaches. While not necessarily bad, direct outreaches can better solidify loyalty behaviors

April 30, 2020

17

Do you expect your carrier to contact you with

options/updates on how to manage costs and coverage?▪ Still more than 50% of consumers have not heard from their carrier since the

onset of COVID-19

▪ Satisfaction rises and propensity to shop falls dramatically for those consumers

that expect to hear from their carriers and do

▪ Customers that expect to be contacted, but aren’t, continue to show higher

propensity to shop or switch and are much less satisfied (a precursor to

shopping)

41%

49%

39%

36%

34%

38%

23%

17%

24%

4/7

4/14

4/28

Don’t knowNoYes

Don’t knowNoYes

Have you been contacted by your insurer about actions they

are taking to help customers manage costs as a result of

COVID-19?53%

65%

32% 36%

85%93%

75%82%

40%

24% 25%19%

7-Apr 28-Apr 7-Apr 28-Apr

Very satisfied w/ response Less likely to shop Less likely to switch

Shopping / switching propensity by communication

23%

36%

35%

70%

56%

53%

7%

9%

12%

4/7

4/14

4/28

Expected outreach;

Outreach received

Expected outreach;

Outreach NOT received


6.086.21

4.28 4.32

5.31

5.33

5.61

4.48 4.54 5.27

20-Mar 31-Mar 7-Apr 14-Apr 28-Apr

Hotspots All other States

Reverting to a ‘new mean’? Rate sensitivity remains elevatedConsumer memory is not only fleeting but may be reverting to ‘a new mean’. Initial waves of anxiety that drove rate sensitivity are still there, but not as strongly as the mid-crisis panic reaction—finding the ‘new mean’ will be critical for future messaging

April 30, 2020

18

Has COVID-19 changed your opinion of what is most important in your auto insurance?

▪ Since the onset of COVID-19

consumers continue to show a

preference towards PRICE in their

auto insurance

▪ An initial spike in rate sensitivity is

giving way to a status quo of

balanced offerings

▪ Consumers beginning to see some

light at the end of the tunnel and

potentially anticipating a return to

some sense of ‘normal’

▪ Is this COVID-19 weariness,

reversion to a ‘new mean’ or cooler

heads reverting to normal?

(1)

Pri

ce

Qu

alit

y o

f C

overa

ge

(1

0)

6.13

6.38

4.324.41

5.54

5.21

5.35

5.58

4.54 4.495.27 5.31

All other

States

Hotspots All other

States

Hotspots All other

States

Hotspots

Prior to COVID-19 After COVID-19

20-Mar 14-Apr 28-Apr


43%36%

15% 11%19%


Rate pressure continues to grow—policy suspension preferredA clear majority of consumers want to see reduced premiums with preference towards suspending billing or coverage as their preferred methods of managing their auto insurance during COVID-19

April 30, 2020

19

Consumers that said no further action required at this time

31%

27%

13%

8%

8%

6%

43%

46%

35%

28%

15%

13%

12%

15%

61%

27%

29%

10%

5%

7%

19%

Reduce my premiums

Suspend billing / extend due dates

Allow me to suspend/turn off my coverage

for not using my car

Provide information and tools to help

manage my policy

Provide greater access to Agents / Call

Centers for questions

Allow me to cancel my policy without

penalty (e.g., lapse)

None of the above


What action(s) would you like to see from your insurer

during COVID-19? (1) ▪ Consumers continue to want their premiums reduced in large numbers

− This may portend increased shopping activity, but with less immediacy

in switching / cancelling activity seen previously

− Given so few consumers indicate that no further action is required,

only 19%, longevity of economic hardship will likely drive shopping

activity as conditions materialize

▪ Ways to suspend or mitigate low vehicle utilization or job loss is likely to

remain a challenge, especially for the most vulnerable consumers

18%

30%37% 39%

19%26%

40% 40%

22%

36%

51%

62%

25%

34%40%

48%

17%

30%35%

53%

Excellent Good Fair Poor

Wave 1 Wave 2 Wave 3 Wave 4 Wave 5

Suspend billing / extend due data by credit profile


(4)%

(12)%

(8)%

(14)%

The calm before the storm or have cooler heads prevailed?As the initial COVID-19 panic subsides, cooler heads may be prevailing—while 61% still want reduced premiums, they may have developed patience before switching as shopping (rate checking) is now the preferred option

April 30, 2020

20

8%

7%

3%

5%

2%

79%

21%

15%

10%

8%

5%

55%

11%

13%

3%

6%

2%

74%

Reduce my coverage (e.g., collision,

comprehensive)

Shop for another carrier

Increase my deductible

Switch to a new carrier

Cancel my policy

None of the above


81%

78%

77%

70%

49%

39%

41%

34%

78%

69%

71%

60%

Excellent

Good

Fair

Poor


What, if any, methods do you plan to use to manage the cost of your

auto insurance? (1)▪ Most consumers indicate that they will ‘take no action’ at this time,

but given their desire for lower premiums, this may be the calm

before the storm

▪ It will be imperative to ensure that best rates are put forward as

consumers browse, especially for lower credit tiers

− Identifying discounts, providing multiple coverage options and

presenting telematics as an option will help to retain, or attract

Percent NOT taking action to manage auto insurance

costs at this time by Credit History

Change

from W1-W5

Notes: 1) We estimate somewhere around 150m auto insurance policies in the United States. Most of the results in this note are based upon % respondents, therefore 10% = 15m policies

79% 77%

55%42%

74%


Consumers that said they would take no action at this time


We are only a little more than 45 days into COVID-19…As consumers are better digesting their financial situation, confidence is returning in their ability to maintain auto insurance coverage—but with 30m+ jobless claims, crisis longevity will continue to cause volatility

April 30, 2020

21

Due to COVID-19, how concerned are you about making

your next auto insurance payment?

34%

30%

42%

7%

10%

3%

19%

20%

17%

20%

19%

18%

20%

21%

20%

7-Apr

14-Apr

28-Apr

Immediately

How quickly would the loss of your job cause you to

reconsider your current auto insurance?

▪ It remains early days of COVID-19. Given high levels of ‘normal’ shopping,

consumers may find that their current rate is ‘as good as it gets’

− Heavy immediacy skew towards lower credit tiers increases probability

of continued churn in non-standard markets

Weeks Months Yrs Would not reconsider

my current carrier

Excellent 19% 16% 17%

Good 20% 23% 21%

Fair 23% 20% 23%

Poor 33% 17% 11% W3-W5 combined

6%

13%

16%

10%

8%

18%

28%

26%

26%

22%

20%

25%

26%

21%

19%

55%

34%

33%

43%

51%

28-Apr

14-Apr

7-Apr

31-Mar

24-Mar

Very

confident

Somewhat

confident

Somewhat

concerned

Very

concerned

▪ A combination of premium relief, policy adjustments, stimulus checks and

better situational clarity are likely driving increased confidence for now

▪ Crisis longevity will likely cause volatility in confidence as financial

situations ebb and flow


56%

58%

69%

66%

79%

35%

30%

26%

28%

14%

9%

11%

5%

6%

6%

24-Mar

31-Mar

7-Apr

14-Apr

28-Apr

Telematics interest remains above historical interestAround a third of consumers continue to show a willingness to try telematics programs in the future likely driven by continued reduction in miles driven and idle vehicles

April 30, 2020

22

Less than normal More than normalAbout the same

9% 10% 10%20%

8%

12% 14%5%

7%

7%

70% 62%

45%

40%58%

10% 14%

40%33%

27%


I already use UBI

Less willing

About the same

More willing

How has COVID-19 impacted the average number of miles

driven within your household?

How has COVID-19 impacted your willingness to use

Usage Based Insurance (UBI)?Premiums more impacted by your driving behavior and miles driven

2.7x

(1)

Notes: 1) A slightly higher percentage of younger respondents on April 14 showed increased current use.


Telematics interest linked to future expectationsAs consumers digest see the first hopes of a reopening, their optimism begins to lean towards something resembling normal, potentially a ‘new mean’—a majority see ongoing mileage reductions and an interest in telematics

April 30, 2020

23

Do you anticipate any changes to the average number of miles you

drive will remain after COVID-19?

55% Believe their average miles driven WILL

REMAIN LOWER post COVID-19

38%

37%

20%

4%

8%

38%

34%

21%

8%

7%

43%

35%

20%

3%

9%

No, it will likely go back to normal

Yes, likely to reduce time in public

Yes, likely to continue working from home for some

time

No, it will likely increase before public transport

becomes safe

Don't know

7-Apr 14-Apr 28-Apr

▪ The majority of consumers still expect their average number of miles

driven to remain lower post COVID-19

− Some clear optimism that a return to ‘normal’ may be emerging

among certain consumers

▪ Those with less certainty around a return to normal driving show an

increased propensity to try telematics programs

80% 61%

56%

72%

42%54%

15%26%

40%

20%

52%40%

7-Apr 28-Apr 7-Apr 28-Apr 7-Apr 28-Apr

Willingness to use Usage Based Insurance (UBI) by

Expectation for Future Miles Driven

More willing

to try

About the

same

Less

willing

Don’t know what miles

driven will look likeExpect miles driven

to return to normal

Expect to remain

working from home /

spend less time in public


Consumer service expectations reverting as wellAs COVID-19 made its initial impacts, consumer anxiety was at a high point. A ‘new mean’ of expectation is emerging with heightened rate pressure and high service expectations

April 30, 2020

24

2%

6%

4%

3%

7%

5%

6%

6%

6%

6%

6%

6%

3%

6%

5%

82%

73%

78%

72%

64%

74%

72%

62%

76%

76%

63%

76%

70%

64%

73%

16%

21%

18%

25%

30%

21%

22%

32%

18%

18%

31%

18%

27%

30%

22%

W5

W3

W1

W5

W3

W1

W5

W3

W1

W5

W3

W1

W5

W3

W1

Less important More importantThe same

Due to COVID-19, has the importance of your insurance relationship

changed due to any of the following...?

▪ As COVID-19 panic fades, consumers continue to want service

on their terms, but they appear less anxious that they will be able

to access their carrier in such a way

▪ Focus on competitive rates remains high as demonstrated

throughout—an already demanding consumer has high

expectations of their carrier today

▪ Underlying these reversions may be an indication that carriers

have managed business continuity very well in these difficult times

− Almost all carriers have these capabilities during ‘normal’ times

and generally execute on them well

Competitive price

Access to a call

center 24/7

Online access/Self-

service 24/7

Excellent customer

service

Good coverage

options

As initial anxiety fades, consumers continue to expect strong

service from their carriers, but at a better rate

J.D. POWER

Kyle Schmitt

J.D. Power

Vice President and Global Managing Director

Insurance Intelligence and Solutions

Contact Information:

+1 309 826 7958

[email protected]

Tom Super

Head of P&C

Insurance Intelligence

Robert Lajdziak

Senior Consultant

Insurance Intelligence

Ryan McMahon

Cambridge Mobile Telematics

Vice President, Insurance and Government Affairs

Contact Information:

+1 857 366 2167

[email protected]

Documents

AUTO INSURANCE DURING COVID-19 Consumer panic subsides · 30/04/2020 · Understanding those who intend to drive less, and why, will create a telematics opportunity—and more engaged