Posted on 23 Apr 2009
In a study published by Geoscape, several revealing facts about the auto insurance market came to light. The publication of this 2009 auto insurance syndicated survey database, called "BehaviorBase Auto Insurance," draws upon 1,400 carefully sampled survey respondents across demographic and economic segments nationwide. The first of its kind, this database provides a multi-dimensional view of the large, fast-growing Latino population and its adoption of auto insurance as well as its impressions of the underwriting companies and coverage options.
With the steady resident U.S. Hispanic population reaching 48.6 million this year, insurance companies are looking more closely at where to find policyholder revenue growth. With multiple wage earners and drivers per household along with increasing adoption rates, Hispanics are now an attractive target for insurance companies – particularly auto insurance.
“BehaviorBase Auto has validated some of our hunches and has shed light on behaviors that can help us hone the strategies and tactics within our Latino initiatives…the competitive intelligence was a big eye-opener as we drilled down on language segments,” states Luisa Acosta-Franco, vice president of multicultural marketing for Farmers Insurance.
Among the insights borne within the study is the finding that unassimilated Hispanics focus more heavily on customer service than price, relative to more acculturated Hispanics. Both aided and unaided brand awareness reveals which companies have managed to gain mindshare within the Hispanic community and switching behavior data provides insights to avoiding policy churn.