Pathways To Market Role of the Internet in Car Insurance?

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Pathways To Market Role of the Internet in Car Insurance?

US Experience, Australian Expectations

Simon Lindsay Progressive Direct, Online Car Insurance

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Progressive: 1937

? Established in 1937

? Progressive Mutual Insurance Company

? Car insurance sold door to door

1937 Lincoln Zephyr V12

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Progressive: 2010

? Fortune 500 Company ? Auto Insurance Specialist ? Insure 10 million + vehicles ? Internet highest growth channel

IRV (Immediate Response Vehicle)

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US Multi Channel Distribution

Channel

Share of U.S. Auto Insurance

Companies in Channel

Direct Sales

21%

Vs. Australia: 67%+

Captive Agents

47%

Independent Agents

32%

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Structural Shift to the Direct Channel

Estimated Share of PPA Market (% of DWP), by Distribution Channel, 1992-2009

60% 55.1%

40% 34.7%

20%

Captive Agency

47.1%

Independent Agency

31.7%

Direct-to-Consumer

21.2%

10.2%

0% 1992 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

Source: Highline Data, Progressive analysis

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