Would you buy auto insurance from Google? The Kids and auto insurance

The young people account for 20% of of the $180bn US auto insurance market. Here’s some trends in their buying behavior a la a BCG infographic:

Infographic on car insurance buying habits.

Some items:

  • That nearly 40% are willing to buy from Amazon, Google, and others should put traditional insurance vendors in full on freak out mode.
  • Once The Kids start the long (up to two weeks!) research process, they’re 70% more likely to switch than The Olds. So, it’s probably a good idea for incumbents to heavily get involved in research, pointing to native content sponsored “third parties” and providing their own research.
  • As one of our Pivotal customers, Allstate, put it: “Everybody is going to disrupt the insurance industry. It hasn’t been disrupted in eighty-plus years.”

Source: bcg.perspectives – How Digital Switchers Are Disrupting US Auto Insurers

See an overview of our overview of 2015 predictions. Each practice area at 451 has been publishing theirs each week, they run about 20-30 pages. The two that my team did – on Enterprise Platforms (private cloud and cloud management, but also converged infrastructure and good old fashioned systems management and virtualication) and Development, DevOps, and Middleware – aren’t out yet, but you can bet I’ll put links to them here when they are.

Meanwhile, enjoy the infographic!