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With $40 billion in auto insurance premiums up for grabs in the last year, Acxiom?’?® Corporation (Nasdaq: ACXM) has conducted a unique and proprietary survey to provide precise insights for how insurance providers can determine consumers’ potential needs, recognize shopping and carrier relationship preferences and know how those consumers want to be approached with offers, among many other findings.

“Acxiom’s first-ever survey for our latest Insurance Consumer Dynamics Study dives deep into the needs and preferences of auto insurance consumers,” said Holly Marr, Acxiom’s senior executive responsible for the insurance industry. “This valuable information, never available before, tells auto insurance marketers how to create strategic approaches for attracting new customers and increasing loyalty by understanding their needs and expectations.”

Acxiom worked with BIGresearch on a nationally projectable survey in February about auto insurance customer views on auto insurance covering a range of questions.

Insights from the study will help insurance marketers create strategies for attracting prospects most likely to convert and growing them into long-term profitable customers by:

Identifying quality leads and improving conversion

Finding best opportunities for customer growth

Maximizing media usage

Utilizing real-time insights for successful engagement

Understanding channel and content preferences

“After we created our unique segmentation model of auto insurance consumers last year, we knew that switching providers was mainly about price,” Marr said. “Now, we can tell insurers how customers feel about their providers, how a carrier can influence them to switch, or how to keep and grow the business they have.” In total, 9.2 percent of those surveyed changed providers within the last year. One in four current customers shopped for auto insurance within the last 12 months, and a third of those customers ended up changing providers.

When it comes to costs, the survey uncovered two definable categories. Those who were willing to change providers to save money were considered “More Likely to Shop” and represented 62 percent of the respondents. The more than one-third who were likely to just renew were considered “Less Likely to Shop.”

“More Likely to Shop” were willing to switch for lower savings — 59 percent of more active shoppers would consider switching for annual savings of less than $300. “Less Likely to Shop” consumers tended to need an incentive greater than $300 before they would consider switching providers.

Customers willing to change for $300 or less in annual savings were more likely to be younger and with their primary provider for a shorter period of time.

But even when the insurance cost itself wasn’t a major factor, consumers still wanted more information, particularly tips about car maintenance and care that would help them save money and extend vehicle life. And they were specific about how they wanted to receive the information, whether through direct mail, email, phone calls, in person or over the Internet.

“Cost savings may be an attention-getting promotional tool, but auto insurance consumers consider other factors in their shopping process — starting with the decision to even shop in the first place,” Marr said. “Marketers who take a media mix optimization approach can create a strategic advantage and achieve improved conversion at a lower cost per acquired customer.”

Acxiom unveiled its unique segmentation model of auto insurance consumers last year. This year, by filtering the survey through these segmentation results, Acxiom uncovered insights that can help insurance marketers find the most receptive segments. For instance:

Stretched Singles — This group of middle-aged singles trying to make ends meet appear to be the most aggressive shoppers of all the segments as well as being the most likely to have changed providers.

Price Isn’t Primary — Senior suburban couples who share a single vehicle are most likely to stick with their current provider.

Full House — Families with three or more adults and three or more vehicles and a range of incomes are more likely to have shopped for insurance and changed providers.

For a copy of the study and to learn more about the methodology of the survey, visit www.acxiom.com/insurancecd2. For more information on Acxiom products and services, call 1-888-3ACXIOM or visit www.acxiom.com.

About Acxiom

Acxiom is a recognized leader in marketing technology and services that enable marketers to successfully manage audiences, personalize consumer experiences and create profitable customer relationships. Our superior industry-focused, consultative approach combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies.Acxiom leverages over 40 years of experience of data management to deliver high-performance, highly secure, reliable information management services. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves clients around the world from locations in the United States, Europe, Asia-Pacific and the Middle East. For more information about Acxiom, visit Acxiom.com.

Acxiom is a registered trademark of Acxiom Corporation.