From Crisis to Opportunity: CMT's New Report Details Changing Consumer Needs
Building a product strategy for 2021 is not going to be business-as-usual. 2020 has changed drivers’ perspectives on how they use their vehicles and how they should be insured.
From Crisis to Opportunity: Charting Auto Insurance Innovation in 2021 is the new report from CMT, the first of a series, providing data on customer demand for quote and buying channels, pricing models, and value-added services.
The study is the follow up of last year’s U.S. Connected Insurance Solutions report and is based on a new survey of 2,000 U.S. drivers, conducted in January 2021. As a result, it provides an accurate illustration of the evolution in drivers’ demand before the pandemic, and after its onset.
The report starts with an analysis of the change in behavior seen in 2020. It shows that while 66% of those surveyed said they drove less last year, 19% of the young urban drivers were driving more. Young drivers are now also paying 6% more in premium and drivers in rural areas are paying 5% less.
Download the report to see how this impacts drivers’ demand for new pricing models and value propositions.
The series will have three more publications throughout the year.