There are 168 hours in a week, and according to a 2018 study, the average American spends 24 hours of their week online; a number that has nearly tripled since the 2000 average of 9 hours per week.
As more people spend their time online, more businesses do as well. E-commerce sales continue to rise every year, consistently overtaking a larger percentage of total sales in the U.S.
The online marketplace of 2019 provides consumers with quick options and readily available information in almost all aspects of the transaction, from selection to payment. One notable exception is online auto insurance.
The Auto Insurance Challenge
While the percentage of car insurance purchased online increases each year, it still is increasing more slowly than overall online retail and continues to fall second to buying from an agent.
How can we make this better? And how can we put competitive online insurance options at the fingertips of auto dealers?
That’s a challenge that QuotePro has spent the last decade perfecting with their proprietary Bind-Online (BOL) technology that sold over $1 billion dollars in auto insurance premiums in 2018 alone. We offer the unique ability to quote and sell multiple carriers with our BOL technology. “Insurtech” is a relatively new term but it is something we have been offering for decades.
Since we also specialize in self-service payment kiosks for auto dealers, we quickly identified the need to help auto dealers offer insurance at the time of sale, which is when it is needed most.
The Importance of Insurance at the Point of Sale
Auto dealers tell us that today it can take several hours for customers to finalize an auto insurance purchase using a traditional process. And in many states, a vehicle cannot leave the lot unless it is insured. Whenever a potential buyer has to leave the dealership to find insurance, either online or through an agent, that is a potential to lose the sale altogether. And while some dealers already offer insurance, there is usually only one carrier to choose from and the purchaser may not believe they are getting the best rate compared to what they might be able to find online.
The best solution is to enable dealerships to offer competitive quotes featuring multiple carrier options while the customer is still in the showroom.
Buying Online Insurance is Anything But Easy Today
A quick Google inquiry into how to buy car insurance online reveals a long list of articles from third party websites. Most provide lengthy details delving into the intricacies of car insurance and why it is necessary. The average person does not want to sift through articles on how to buy car insurance. They want fast, simple auto insurance that meets their needs – and lets them drive home in their new car.
A large percentage of consumers who attempt to buy car insurance online still eventually turn to an agent. In a survey conducted by ComScore, up to 80% of consumers who received an online quote still purchased from an offline agent. The ease of selection that exists in online retail sales is not available yet for online car insurance. Our goal is to change that!
A Whole New Approach to Auto Insurance at the Dealer Coming Soon
Soon we will be introducing a simpler system that could make the processes of buying insurance, making payments, reporting claims, and renewing policies easier for auto dealerships of all types.
Stay tuned or email me at firstname.lastname@example.org for a sneak peek.