CHICAGO, Feb. 18, 2025 – According to recent research from TransUnion (NYSE: TRU), both auto and property insurance shopping experienced a 20% year-over-year increase in the fourth quarter of 2024. The report, however, highlighted uneven profitability across these insurance sectors.
While auto insurance has largely achieved rate adequacy, the property insurance market faces constraints due to limited rate increases and losses from natural disasters, including major events like Hurricanes Helene and Milton. Furthermore, the start of 2025 has already brought significant challenges, with wildfires in southern California expected to cause substantial losses for insurers. The primary driver for increased shopping in both auto and property insurance continues to be consumers seeking lower rates.
These findings and more are detailed in TransUnion’s latest quarterly Insurance Personal Lines Trends and Perspectives Report.
“The current market offers considerable opportunities for acquisition,” stated Patrick Foy, senior director of strategic planning for TransUnion’s Insurance business. “Insurers can best secure high-quality prospects by leveraging data segmentation to target the most promising potential customers.”
Traffic Court Data: An Indispensable Tool
Driving record information remains a critical predictive variable throughout the insurance policy lifecycle. Traditional methods, such as referencing state motor vehicle records (MVRs), often present gaps and limitations while also incurring significant costs. Traffic court records provide a less expensive alternative and offer a more comprehensive view of a driver’s violation history.
For example, TransUnion estimates that 11% of drivers have ratable violations captured in traffic court records that are not present in MVRs. Insurers who utilize solutions such as TransUnion’s TruVision™ Driving History solutions suite can enhance the quality of leads and improve customer lifetime value by accessing this data. These solutions can be integrated at any point in the policy lifecycle.
Additionally, understanding generational preferences can help insurers optimize their strategies across various communication channels. Younger consumers often favor a seamless digital experience, while Baby Boomers often express a preference for discussing policy details over the phone. TransUnion’s TruAudience® suite of marketing solutions can aid insurers in areas such as identity resolution, audience building, and performance measurement.
Read the latest Insurance Personal Lines Trends and Perspectives Report.
About TransUnion’s Insurance Personal Lines Trends and Perspectives Report
This quarterly publication provides insights into the personal lines insurance industry, examining trends in shopping behavior, migration patterns, violation data, and the stability of credit-based insurance. The report’s research is primarily based on TransUnion’s internal data and analysis. It includes information on insurance shopping transactions from July 2023 to December 2024. However, the report excludes data from insurance customers in California, Hawaii (auto), Massachusetts (auto), and Maryland (property), where credit-based insurance scoring is not used for insurance rating or underwriting.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with more than 13,000 associates operating in over 30 countries. The company facilitates trust by ensuring reliable representation of individuals in the marketplace, using a comprehensive “Tru™ picture” of each person. Through acquisitions and technology investments, TransUnion has developed solutions that extend beyond its core credit services to encompass areas like marketing, fraud detection, risk assessment, and advanced analytics. This allows consumers and businesses to transact with confidence. TransUnion’s mission is to provide Information for Good®, which leads to economic opportunity, positive experiences, and individual empowerment for millions worldwide.
http://www.transunion.com/business
Contact
Dave Blumberg TransUnion [email protected] 312-972-6646
