CSAA Uncovers Key Insights About Auto Insurance Shopping Behavior

You Have to Know Your Customers to Keep Your Customers – LexisNexis® Active Insights Can Help
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By accessing LexisNexis® Active Insights, CSAA increased retention more than 3%

Customers now have more opportunity than ever to easily shop for insurance. And shop they do. It’s estimated that 75 percent of any insurance company’s customers have shopped for insurance at least once over the past five years, and 40 percent have shopped in the past year. In addition, previous LexisNexis® Risk Solutions analysis has shown that up to 35 percent of policies among higher-tenured customers – those six years older or more – end up going to a new carrier after a shopping event.

Those statistics concerned CSAA Insurance Group, which offers AAA-branded automobile, homeowners, and other personal lines of insurance through AAA Clubs in 23 states and the District of Columbia, which collectively serve approximately 17 million AAA members. CSAA was very interested in learning more about its customers’ shopping behavior and what that could mean to their business. After all, customer acquisition is very expensive ― and every business wants to retain its most profitable customers.

 

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