Auto insurance is a big market in the United States. 270 million cars are on the road (and counting). Auto insurance is the safety net drivers need with the sheer number of drivers out there. According to the market research firm Statista, drivers tally over three million car accidents per year. According to our recent survey, 93% of drivers have their own automobile insurance policy . That’s more than homeowners who have insurance (85%) or the percentage of adults who have health insurance (91%).

Auto insurance is a big market in the United States. 270 million cars are on the road (and counting). Auto insurance is the safety net drivers need with the sheer number of drivers out there. According to the market research firm Statista, drivers tally over three million car accidents per year. According to our recent survey, 93% of drivers have their own automobile insurance policy . That's more than homeowners who have insurance (85%) or the percentage of adults who have health insurance (91%). 

A lot goes into premium costs such as your car and desired level of insurance. And there are also big regional differences, where states—like Michigan—have premium prices 85% more than the national average.

Underneath the real variances in insurer cost, the perception of cost also matters. We find differences in the perception of cost by insurance providers, which differ by the actual cost differences. This introduces a problem statement for providers: how can they set expectations, so perceptions of cost are more aligned with actual monthly payments?

Source: ProductLab consumer survey of 2,665 drivers from February 2022

“Which of these companies offers the most affordable automotive insurance?”

These results come close to real figures. Bankrate reports that USAA actually has the lowest rates. But it’s tough to make apples-to-apples comparisons of average premiums by provider, as customer bases change. For instance, Geico takes on a larger share of “high-risk” customers, and Allstate provides coverage to those with custom modifications to their cars. In fact, Allstate has nearly double USAA premiums, but many customers swear by the former insurer.

Source: Bankrate reported data based on the average annual full coverage auto insurance premium of a 40-year-old driver with a clean driving record and good credit.

Average Annual Premium by Automotive Insurance Carrier

Our survey results show that some providers are doing a great job of moderating perceptions of affordability. Even though Allstate is generally considered the most expensive insurer, among those with Allstate, more are likely to believe that Progressive and Geico are more costly than their insurer. Interestingly, more respondents believe that State Farm is the more expensive insurance provider than Allstate. 

Affordability is only one piece of the puzzle. It may have an outsized impact on customer satisfaction, but customer service, mobile apps, and the versatility of coverage options also play a role. 

One in three consumers don’t use a major auto insurance carrier—is there something they’re getting from an “off-brand” that the major brands aren’t providing? Some of the best-ranked auto insurers aren’t available in every state, such as Erie and Clearcover offer nuanced plans that many consumers like.

But our data shows a different picture. While the average auto insurance consumer chooses coverage that exceeds the state limit, those who prefer a non-name brand may be looking for coverage at state requirements. Those with “other” insurance were the most likely to say their range only meets state requirements, and those with State Farm were the most likely to have a plan that substantially exceeds their state requirements.

Brands can do a lot to win new customers beyond the competition for lower prices. Auto insurance consumers are very autonomous—brands must reach them without face-to-face interactions, either online or in person. In fact, 52% of auto insurance consumers say they’d prefer to buy insurance without any agent or salesperson interaction. Progressive’s iconic character “Flo” has been on the air for nearly 15 years, and name recognition is one component of consumers’ purchasing decisions. Marketing, social media impressions, and online information are key for a consumer base that wants to do things themselves.

“If you were purchasing automotive insurance today, which method would you prefer?"

As you can see, there’s a lot that goes into how consumers gauge affordability. And what consumers think can at times differ from reality. For an extremely-online and autonomous customer base, auto insurance providers must find innovative ways to get ahead of consumer impressions.

Curious to know more? Reach out to us to tap into our fully permissioned consumer audience panel ready to provide ground truth insights on what is happening in the world. 

Is Geico Really the Best Deal in Auto Insurance?

As prices rise with little relief in sight, many consumers find ways to get creative and make those big buys this holiday season.  In comes “Buy Now, Pay Later” (BNPL) for the consumer and merchant win-win.

As prices rise heading into the holiday shopping season, many consumers find ways to get creative and make those big buys.  In comes “Buy Now, Pay Later” (BNPL) for the consumer and merchant win-win.  

The BNPL service is a short-term point of sale loan allowing consumers to make a purchase with an initial payment and subsequent payments at future installment dates, usually interest-free.  This BNPL arrangement is quite popular for online shopping in addition to in-store purchases.

Nearly half (46.6%) of consumers indicated use of the BNPL service in the last year

Over half (54.9%) of those who have not are either interested or very interested in the BNPL arrangement

While 65.7% of those utilizing BNPL in the last 12 months are of the two younger generations, Millennials make up the vast majority of this group (53.6%).

Source: ProductLab consumer survey of 580 U.S. consumers from August 2022

Nearly half of consumers used a “Buy Now, Pay Later” service to make a purchase within the last year

Over half non-users indicated they were at least interested in using this type of service

Likeliness to continue use of BNPL service increases among existing users

About a third (30%) of consumers stated they are very likely to make purchases from retailers online and in-store if they could utilize the buy now, pay later service.  If you look at individuals that have already used the service in the last year, this number jumps to almost two thirds of the group (64.5%).

Likelihood to make BNPL purchase

Likelihood to become a BNPL loyalist

The concept of buy now, pay later is that the consumer can get the things they need immediately at a variety of online or brick-and-mortar retailers and give themselves the flexibility to pay over time with usually no interest.  The idea is appealing if it fits within their budget and allows for the consumer to space out an otherwise potentially cost prohibitive bill. Our audience has weighed in on their use, propensity to use, and who they are and it's safe to assume this financing option will remain and evolve as we continue to dive deeper and learn more.

Curious to know more? Reach out to us to tap into our fully permissioned consumer audience panel ready to provide ground truth insights on what is happening in the world.

Will Shoppers “Buy Now, Pay Later” this Holiday Season?

The healthcare landscape is changing fast. COVID-era subsidies for virtual health are ending in many states, and providers are struggling to keep up under a paradigm where the great resignation hit the healthcare industry harder than most. With a focus on high-impact areas for consumers, providers have the opportunity to balance virtual health with existing service options.    

Virtual is not new, but it is only now going mainstream. Without the ability to see doctors in-person during the pandemic, many turned to virtual alternatives. Our recent survey found that over half of respondents used virtual health for the first time during the pandemic. 

The results are in—virtual consults have a place in the future of healthcare, but there are big opportunities for improvement. 

With so many trying virtual health for the first time, are they happy with their experience? Our results show that virtual health can improve, and virtual consults are inappropriate for all visit types. However, three-quarters of those who used virtual health recently are satisfied with their consultation.

Most want virtual health to be part of their healthcare going forward. But where do consumers see the greatest value? 

Source: ProductLab survey of 732 virtual health patients from May 2022

What do you like MOST about virtual health?

We’re starting to uncover what works with virtual health. Over half of respondents say what they like most is convenience. Further, there’s no commuting, it saves time, and the technology doesn’t seem to be a problem. Some actually say it’s easier to schedule virtual health visits than in-person ones. Most use smartphones for their visit, which is important for providers to note. Where wait times can be a problem for in-person consultations, the check-in process for virtual visits is easy.

Healthcare is expensive, and virtual health may be one salve. About 1 in 3 respondents say virtual health is cheaper than in-person visits. On the other hand, cost-effectiveness may mean consumers aren’t getting a “lesser product.” Many report that shorter consults are what they like least about virtual health, and with less time with the doctor, some feel shortchanged.

What do you like LEAST about virtual health?

Interestingly, more consumers cite privacy than technology as a leading issue. Less than 10% of people say that the technology was hard to use, but about 1 in 6 respondents say virtual health doesn’t feel private. Given that users must disclose sensitive information in scheduling and initiating a virtual consultation, providers have an opportunity to help patients feel more safe and secure.

This is all new to many, and virtual health is still up and coming. The option to have a virtual visit is still unavailable to all who need it. One in 5 people say that virtual health is not offered by the healthcare providers they need to see.

If virtual health is to find its way in the healthcare marketplace, providers should focus on the consult types that matter most to patients. Although some say that privacy is an issue, mental health consultations are the most popular service type for virtual health, followed by routine check-ups and pharmaceutical consultations.

Is the Future of Healthcare Virtual?

HIGHLIGHTS

- Almost a third of the workforce considers themselves a "Quiet Quitter"
- Despite considering themselves quiet quitters, over 90% of this group expressed some level of satisfaction in their 
   employment
- Gen Z and Millennials are highly educated, nearly three quarters of the group, and are heavily in favor of the 
   movement

Those that consider themselves "Quiet quitters" make up at least 30% of the contributors, Productlab finds.

If you’re on social media and keeping with current events, you’ve likely noticed a trend that began to gain traction and spiral towards virility over the last several weeks.  This term, “Quiet Quitting”, essentially refers to the idea of not actually quitting, but quitting the idea of going above and beyond only to deliver the basic minimum to execute your job description.

Source: ProductLab consumer survey of 707 U.S. consumers from September 2022

Almost a third of the workforce considers themselves a "Quiet Quitter"

Research shows us that the average American isn’t for being a fully engaged employee, nearly a quarter of contributors have indicated they are strongly for “Quiet quitting” and those that are actively quiet quitting, actually express some level of satisfaction still in their employment.

"Quiet Quitters" ironically satisfied with their employment.....

We’ve also found overall the majority of quiet quitters have higher education and fall into Generation Z and Millennial generations.  These age groups are at some level favorable to this trend in workplace productivity (or lack thereof), with an impressive 26.1% strongly in favor of the movement.  A common theme for this movement is the experience of workplace burnout, where over half of of these two generational groups are finding themselves.

Gen Zers and Millennials strongly in favor of the movement

Many are familiar with the initial workplace trend that occurred since the start of the pandemic, coined “The Great Resignation”, followed by the current trend of “Quiet Quitting” in mid-2022, so what’s next you ask?  We could be staring in the face of a new workplace event, less affectionately known as “Quiet Firing”, which unlike the employee taking a stand doing the bare minimum - the employer now willfully provides their employees with their bare minimum in terms of a compensation package to encourage an early departure.

Is Quiet Quitting For Real?

As travelers take to the skies once again, which airlines are most popular? Travel has returned to near pre-pandemic levels, and while new variants and regional spikes will create hiccups, the airline industry is on a steady, positive trajectory. But for US customers, which airlines are we most likely to choose—and which ones garner the highest net promoter scores?

Talk abounded after the pandemic began about the impact of travel. Airlines requested bailouts as the lockdowns began and flights across the United States were grounded. At the time, you would be hard-pressed to find those tell-tale white streaks across a blue sky that passengers were on their way to a new destination. But in the holiday season a few months ago, things were closer to normal than they had been in a long time: over 100 million Americans traveled for the holidays.

Today, Southwest, American Airlines, and Delta are the three most popular airlines in the United States. While Southwest focuses nearly entirely on domestic travel, our data suggests they’re capturing a share of American passengers on par with their peers who offer more expansive options. Another standout on this list is Spirit—12% of our survey respondents say they’ve flown with Spirit, but they offer fewer routes than any other airline of our survey. Spirit is a relatively new player on the stage of US travel, known for cheap fares and no-frills flying.

Our results show that airlines should look beyond COVID-19 to provide a great customer experience. Here’s one interesting finding from our survey: NPS and airline usage percentages don’t differ much between those who know someone who has become seriously ill or died because of COVID-19. That means that precautionary steps to make customers feel safe are only part of creating a great customer experience.  

Source: Recently flown based on ProductLab consumer survey of 1,351 consumers from March 2022.

Top Airlines By Popularity and Routes

Net Promoter Scores (NPS) are nothing to write home about for the airline industry—but Southwest leads the way. Southwest could be capturing more market share because of the simple fact that customers are happier. On the other hand, United may offer more routes than any other airline in our survey, but they capture less market share because customers are not as happy.

Spirit ranks the lowest (by far) on our NPS list, and for those paying attention to the headlines, this may not come as a big surprise. But it also appears as if some are willing to forgo a better experience for a cheaper ticket with the budget airline. After having problems with flight cancellations and poor customer reviews, Spirit has announced a path to creating better customer experiences, merging with Frontier Airlines and opening new destinations.

Source: ProductLab consumer survey of 1,351 travelers from March 2022. NPS scoring based on responses from former passengers of each airline.

Net Promoter Score (NPS) of Major Airlines

Our results do show a relationship between NPS and customer choice—but that doesn’t tell the whole story. Customer preferences are more than the right destination at the right price point. The airlines that provide the most routes capture the most market share, but customers may still go out of their way to choose an airline that provides a great customer experience. 

Which Airlines are Most Popular in 2022?

Streaming services have taken over TV—but where do they rank by subscriptions and customer satisfaction? Americans spend about half of their leisure time watching TV. With a global pandemic that kept us indoors, “binge-watching” became the household norm.

We love talking about our guilty pleasures or the new release of our favorite TV series. These conversations, however, concern individual shows. So which streaming services are most popular? Our panel-based survey results show that Netflix tops the most-subscribed list. This may not surprise many, as Netflix has offered streaming services longer than any competitor.

Source: ProductLab consumer survey of 592 U.S. consumers from February 2022

"Which of these streaming services do you currently use or subscribe to?"

But we also found some interesting variations by demographic groups. Notably, women subscribe to every platform more than men—except for HBO Max. The Bureau of Labor Statistics American Time Use Survey shows that men actually watch more television than women—by nearly 20%. Our results don’t question how much time people spend watching tv but show that women are more likely to subscribe to every platform except HBO Max.

The provider launched the trend toward prestige television—with shows like Sopranos, the Wire, and Six Feet Under, and they are still known for “serious” and award-winning series such as Games of Thrones and Succession. Men may prefer these shows over other popular shows that have entered the cultural zeitgeist, such as Emily in Paris and Grey’s Anatomy.

"Which of these streaming services do you currently use or subscribe to?" by gender (Female = Light Blue / Male = Dark Blue)

Beyond gender, we found more nuances in provider preferences. There were few variations by race, but we did find that respondents who identified as Asian were less likely to subscribe to all streaming services. Further, those whose primary language is not English were more likely to subscribe to Netflix but less likely to subscribe to every other service—from Disney+ to HBO Max.

Finally, parents (or those who say they have dependents living with them) are 8% more likely to subscribe to Disney+ than those without any children. That means that while Netflix has a head start, some subscribers may be winning with specific segments of the population. As new players enter the market, we may find that they choose to provide tailored content that captures population segments.

Our survey results show that Net Promoter Scores (NPS) align with subscription preferences. Users are satisfied with Netflix more than any other provider. Some providers that are newer to the streaming market—like Apple TV and Paramount—are struggling. But Disney+, launching in November 2019, ranks second behind Netflix.

Streaming Services Net Promotor Score (NPS)

While preferences are not monolithic, Netflix captures the most subscribers and ranks highest by NPS. While “prestige” shows garner more and more attention across most platforms, streaming services may be able to catch up by tailoring their content to specific segments of the population.

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