Walmart Works with AutoInsurance.Com to Bring Customers First-of-its-Kind Comparison Service
BENTONVILLE, AR--April 30, 2014: Attention drivers! Online comparison shopping for auto insurance just got much easier. To help answer the question, “How do I know I’m getting a great deal on auto insurance?” Walmart is working with AutoInsurance.com to bring customers a first-of-its-kind auto insurance comparison service that helps drivers quickly buy and save significantly on policies.
“We want to make comparison shopping for auto insurance much simpler and faster for everyone who wants to save money on their premiums. We believe strongly in the power of comparing. It’s how you know you got a great deal on auto insurance.”
AutoInsurance.com provides customers with multiple quotes from many of the leading national insurance carriers, including Progressive, Esurance, Safeco, The General and others within minutes. The service is available immediately in Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, Pennsylvania, Tennessee and Texas, with plans to be offered nationwide in the coming months.
The launch of this service stems from a successful pilot that took place in Pennsylvania last year, in which customers who purchased policies from AutoInsurance.com and reported their savings reduced their annual insurance costs by $1,168 on average.
“Our business is driven by a commitment to taking products and services that are complex and pricey and making them easy and affordable,” said Daniel Eckert, senior vice president of services for Walmart U.S. “Our customers too often have to settle for auto insurance policies that aren’t the best fit and cost more than they want to spend. With AutoInsurance.com, we're helping our customers save money on one of their largest household expenses in a new, quick and easy way.”
“Today, nearly 90 percent of people comparison shop online for products and services like airline tickets, but our survey data shows that only one in five comparison shop for auto insurance,” said Joshua Kazam, founder of AutoInsurance.com. “We want to make comparison shopping for auto insurance much simpler and faster for everyone who wants to save money on their premiums. We believe strongly in the power of comparing. It’s how you know you got a great deal on auto insurance.”
One-Stop Shopping for Auto Insurance
Unlike a lead generator, AutoInsurance.com brings quick and easy access to the auto insurance shopping experience by allowing customers to compare and buy real policies all in one place. Here’s how it works:
When customers log on to the website, all they have to do is provide their name, address, date of birth and contact information. They can then opt-in to have the site retrieve their current auto insurance policy. This allows AutoInsurance.com to automatically fill in most of the necessary coverage information and provide a direct apples-to-apples comparison. In just minutes, the customer is provided multiple quotes from leading carriers. They can customize their coverage, including deductibles, and see those choices immediately reflected in the quotes. They can choose to either purchase the policy online immediately, speak with a licensed agent at 800-700-7500, or save their information and make the purchase later. There is absolutely no cost or commitment to use the service. Customers will only be contacted in the future by AutoInsurance.com or the carrier of the policy they purchase.
“Providing our customers with access to a broad assortment – from groceries to tires – at low prices and in one location is what we’re known for. We’re bringing the same one-stop shopping mentality to the insurance industry with AutoInsurance.com,” added Eckert.
How it Started
AutoInsurance.com, which is operated by a licensed property and casualty insurance agency, was created after Walmart had the idea that there needed to be a better way for customers to compare, buy and save on auto insurance. As the exclusive retailer and marketing partner of AutoInsurance.com, Walmart customers will be able to access the service directly from its website at Walmart AutoInsurance.
Existing Barriers and Savings Opportunities for Younger Consumers
According to a national survey commissioned for AutoInsurance.com, which polled over 5,000 drivers, nearly half of respondents felt that they overpay for insurance – including health and auto – more than any other recurring monthly expense.
The same survey also uncovered that auto insurance premiums take a particularly big toll on the finances of millennials who use the internet effortlessly and account for a large portion of online shoppers.
One in five millennials – compared to only one in eight baby boomers – spends 10 percent or more of their monthly income on auto insurance. Millennials especially face hurdles to shopping for a new policy. The survey found that 42 percent of millennials say they lack confidence in making their auto insurance purchasing decision compared to 81 percent of baby boomers who do feel confident.
And when it comes to the time it takes to shop around, more than half of respondents don’t feel the savings would justify the effort.
“Every consumer deserves the opportunity to be able to save money on their auto insurance,” said Kazam. “What we’re doing is bringing transparency and simplicity to the shopping process and experience.”