Analysis of Internet Auto Insurance Purchasing Behavior

Over the last decade, insurance companies have become immersed in applications of predictive modeling. One application of predictive modeling that has received a lot of attention but has not been implemented widely as of yet is an analysis of customer conversion, or the likelihood of writing a customer once they contact you and receive a quote. There are a number of challenges to this type of analysis, including availability of data, breadth of data, and the difficulty in measuring elements that are key to the analysis.

To begin to address these difficulties, Comscore, Inc. and Pinnacle Actuarial Resources, Inc. have embarked on groundbreaking research to develop models that predict the likelihood of converting insurance customers that receive quotes on the internet. This webinar discusses early findings from this research and will other planned areas of analysis.

Topics discussed include:

• Examples of factors that drive differences in predicted conversion
• Discussion of how price differences impact customer purchasing behavior
• Application of text mining to the analysis of conversion
• Comparison of characteristics of those that are shopping on the internet to those of the general population