Market Research on Vehicle Insurance Adoption Behavior

The client is a US-based Insurance company. They wanted to conduct a consumer research concerning Auto insurance penetration in order to understand the consumer behavior towards insurance adoption and underlying reasons for the same. The sub-objectives of the study included:

• Market share of auto Insurance & its penetration in India
• Major insurance players in India and their market share
• Penetration of third party & comprehensive insurance and findings
• Consumer Behavior – Insurance awareness, perception, adoption, brand preference, buying considerations, reasons for not insuring

  Approach

  • Secondary research was conducted to identify the major insurance players, their market share and auto insurance penetration
  • For Primary research, consumers across various segments were covered like type of vehicle (2-wheelers vs 4-wheelers), vehicle cost, age of vehicle, usage frequency, owner’s age, insurance buyers as well as non-buyers. was conducted to ensure that all types of consumer profiles are covered for 2-Wheeler & 4-Wheeler users
  • Decision makers i.e. vehicle owners (not users) were surveyed rather than vehicle users

  Outcome

  The research helped generate insights around:

  • Present insurance awareness among the consumers regarding the two type of insurance: Third party & fully insurance and their benefits
  • Consumer perception about insurance as a concept
  • Type of insurance that consumers have and the deciding factors behind their insurance purchase
  • Consumer reasons for not insuring their vehicles and issues faced by them because of using non-insured vehicle
  • Consumer reasons for switching their brands and their satisfaction level for the brands
  • Motor insurance market share in India, market share of the major insurance players, incurred claim ratios
  • Motor Insurance adoption for both third party and own damage