According to an analysis released recently by comScore Networks, the total number of auto insurance quotes submitted online increased by 24 percent in 2005 versus the previous year, and insurance policy purchases jumped by 29 percent during the same time period.
Nicolas Tabbal, vice president of comScore's Financial Services division, said "The auto insurance sector grew faster in 2005 than any other financial services category. Purchasing insurance online is more involved than ...paying bills or applying for credit cards. The rapid surge in online auto insurance quotes and purchases... confirms consumers' increased comfort in conducting complex financial transactions online."
Some factors that contributed to the drop in the auto insurer site abandonment rate from 51 percent in 2004 to 44 percent in 2005:
Growth in Online Auto Insurance Activities (% Change 2005 vs. 2004) Total U.S. Home, Work and University Internet Users
Source: comScore Networks
* Aggregators only refer consumers to insurers' sites to complete policy purchases.
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