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J.D. Power releases data on insurance customer loyalty
A new data report provides an overview all of auto car insurance and loyalty behavior.
JD Power publishes its quarterly Loyalty Indicators and Shopping Trends (LIST) report.
According data report, conducted in collaboration with the TransUnion company, provides an data overview of all auto car insurance and her loyalty behavior. J D Power Insurance Company
According to data from the first quarter of 2023, auto insurance purchases are on the rise. The ask-price ratio for the full quarter was 12.4% in the first quarter, compared to 12.1% in the fourth quarter of 2022.
According to the LIST report, the slowdown in insurance purchases began in December and lasted through January before accelerating from 11.6% to 12.6% in February.
J D Power Insurance Company Releases Data
JD Power said March purchases continued to rise, up 13.1%, a new all-time high for the data series. The report says insurance purchases are high in April, which could break records again this month.
Quarterly demand rates increased in 3 of 4 regions in the US.
- Northeast: 9.9% percentage in Q4 2022 to 10% percentage in Q1 2023
- Midwest: 11.4% in Q4 2022 to 11.8% in Q1 2023
- South: 13.1% percentage in Q4 2022 to 13.8% percentage in Q1 2023
- West: 12.2% in Q1 2023 from 12.4% in Q4 2022
The overall conversion rate remained strong at 3.9%, down slightly from 4.1% in the fourth quarter.
“Last month’s of data report showed how to tough the industry is. It faces extreme cost pressures, can’t raise rates in some areas, and has less money to spend on advertising,” said JD Power. “Some close acquisition channels. This all happens because consumers may be financially stressed or limited.
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The report highlighted significant changes in the top three private line carriers in the US, with GEICO gradually overtaking GEICO to become the second largest private line maker behind State Farm. It was also the first consecutive quarter in which GEICO was not responsible for the majority of other insurers’ churn.
Insurers Erie, Amica, USAA, NJM and MAPFRE all increased customer loyalty in the first quarter, while Country, National General, GEICO, Progressive and Kemper all decreased loyalty.
JD Power recently ranked Erie Insurance #1 among property and casualty insurers for customer satisfaction. Arie is also number 1 among private insurers. J D Power Insurance Company
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