Progressive dominates the American auto insurance market

 In Case Studies, Competitive Analysis, Consumer Behavior, conversion trends, E-commerce Marketing, Featured, Popular, Site Analysis, Tech News, Traffic Sources, Trends

With recent increases in auto insurance rates, we decided to look into the auto insurance market to see who leads the U.S. for consumer quotes. We analyzed the path-to-quote funnels of the five leading domestic insurance providers to assess each provider’s performance and relative market share. We found that Progressive dominates the market for both quote conversion rates and overall share of quotes, accounting for 65 percent of the auto insurance quote forms submitted. Read on for our full auto insurance analysis.

Auto insurance path-to-quote analysis

We analyzed three months of Americans’ online auto insurance journeys on Progressive, Geico, Farmers Insurance, Allstate and State Farm, to measure the performance of each website in pushing visitors through the auto insurance path-to-quote. We found that while Allstate and Farmers Insurance might believe their sites are optimized with an impressive 40 percent quote completion rate, Progressive and State Farm’s astonishing 70 percent completion rate prove there is still room for improvement.

A deeper look into our Site Analysis data for Progressive reveals the site outperforms the competition in every step of the path-to-quote funnel, from a quote initiation rate that is 10 times the competition’s average, to a conversion rate that is nearly 20 times that of the competition. Our data also indicated that Progressive’s strongest advantage is in motivating mobile visitors to complete auto insurance quote forms at a rate that is 32 times higher than the competition.

Here’s a full breakdown of our auto insurance findings:

Quote Initiation Rate Quote Completion Rate Conversion Rate
Company Desktop Mobile Desktop Mobile Desktop Mobile
Progressive 75.31% 66.52% 70.62% 58.39% 53.18% 38.84%
Geico 9.62% 6.27% 10.99% 6.87% 1.06% 0.43%
Farmers 8.74% 1.71% 39.21% 31.31% 3.43% 0.54%
Allstate 8.08% 7.99% 39.88% 30.29% 3.22% 2.42%
State Farm 5.39% 2.05% 77.44% 64.44% 4.17% 1.32%

It’s interesting that while State Farm had the second highest conversion rate, it still falls far behind Progressive, due to its low quote initiation rate. State Farm should focus its efforts on getting more visitors to enter the auto insurance quote funnel to increase conversions and close the gap with Progressive.

Auto insurance market shares

While a domain specific analysis lets us compare each website’s performance in pushing consumers down the funnel, a market share analysis gives us insights into the auto insurance market as a whole. We analyzed the share of traffic and quotes for the leading five insurance providers in the U.S. throughout Q2 2016, and found that while Geico attracted the most visitors, bringing in 35 percent of the visitors on desktop and 39 percent of the mobile visitors, Progressive still led the auto insurance market, with a whopping 63 percent of quotes on desktop and 78 percent of the auto quotes on mobile.

State Farm takes second place for both share of traffic and share of quotes, attracting 30 percent of the visitors and successfully converting 17 percent of them. This is overshadowed by State Farm’s lingering quote initiation issue though, as it only got 12 percent of the desktop visitors and 5 percent of the mobile visitors to initiate quotes. State Farm should focus its attention on pushing visitors, especially those on mobile-browsers, to enter the quote funnel to boost performance and market share.

Share of Traffic Share of Quote Initiations Share of Quotes
Company Desktop Mobile Desktop Mobile Desktop Mobile
Geico 34.94% 38.98% 26% 23% 5.55% 3.62%
State Farm 29.79% 27.76% 12% 5% 18.69% 7.90%
Allstate 20.21% 18.57% 12% 14% 9.78% 9.70%
Progressive 7.79% 9.32% 45% 57% 62.24% 78.15%
Farmers 7.27% 5.37% 5% 1% 3.74% 0.62%

Bottom line: We analyzed the American auto insurance market, focusing on individual insurance providers’ website performance and relevant market shares, and found Progressive and State Farm overwhelmingly led the pack. While Progressive outperforms by far, State Farm can shift resources and invest in motivating prospects to enter the auto quote funnel.  

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