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D2C Insurance Market

Goals

To analyze the D2C (direct to consumer) insurance market in Rhode Island, Oregon, and Texas to establish a market baseline and develop a strategy for a new business pitch. Research should address the following specific data points: 1) How is this market expected to grow and change in these specific regions? 2) Who are the main players in this space?

Early Findings

A search of proprietary databases yielded no paid reports detailing the D2C insurance market in Rhode Island, Oregon, or Texas. However, initial research indicates that there is publicly available information regarding the D2C insurance market. Much of this information discusses specific geographical regions that include Rhode Island, Oregon, and Texas.

RHODE ISLAND

  • The top four D2C auto insurance companies in Rhode Island based on public perception are Amica, Allstate, Progressive, and Liberty Mutual. A second consumer survey includes Geico as a fifth addition to this list.
  • Likewise, the top five D2C homeowners insurance companies in Rhode Island are Amica, Allstate, Liberty Mutual, Nationwide, and UPC Insurance.
  • State Farm is testing an automation technology called HiRoad on policy holders in Rhode Island. HiRoad is an app that can help insurance companies with automation of the following processes: policy issuance, small claims, data solutions, and brand positioning. Although it is presently limited to auto insurance in the area, State Farm hopes to expand its use to homeowners and travel insurance policies as well.

OREGON

  • The five top D2C auto insurance companies in Oregon based on public perception are State Farm, Allstate, Progressive, Farmers Insurance, and Liberty Mutual.
  • The top five D2C homeowners insurance companies in Oregon are State Farm, Liberty Mutual, Allstate, Farmers Insurance, and USAA.
  • The average expenditure for auto insurance in Oregon between 2012 and 2016 was $877.09 which makes it 21st out of all 50 states in terms of auto insurance expenses.

TEXAS

  • The top five D2C auto insurance companies in Texas based on public perception are State Farm, Allstate, Farmers Insurance, Progressive, and USAA.
  • Likewise, the top homeowners insurance companies in Texas are Allstate, State Farm, USAA, Liberty Mutual, and Farmers Insurance.
  • Homeowners insurance is a highly competitive market in Texas in large part due to the "severity of catastrophic weather" in the region.
  • One opportunity for growth in the Texas area is in the private flood insurance market.

Proposed next steps:

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