TransUnion Enters Online Auto Insurance Marketplace with the Launch of Quote Exchange
TransUnion (NYSE: TRU) announced today the launch of Quote Exchange, a dynamic insurance marketplace where carriers buy and sell real-time online quotes using enriched TransUnion data for precise segmentation and decisioning.
Quote Exchange is a marketplace for both carriers who are seeking new policyholders, and for those whom cannot provide policies for consumers, but would like to provide them with other options.
“As more consumers use the internet to obtain auto insurance quotes, TransUnion is in a position to align carriers with prospective customers during the online shopping process. With Quote Exchange, carriers are now able to target highly qualified leads online and offer consumers a better shopping experience by reducing shopping time and providing quotes that match them to their best fit carrier.”
Early adopters of Quote Exchange have already been successful in using TransUnion data sets to get their quotes in front of consumers at the right time and at the right price.
“We are excited to be an early participant in the TransUnion Quote Exchange,” said Rick Williams, director of eCommerce, Direct General Insurance Company. “The approach as well as the technology TransUnion is integrating with the Quote Exchange makes this a very unique and promising program that we expect to be substantially more successful than traditional aggregator programs.”
Quote Exchange is different than other comparison platforms in that it offers carriers:
- Access to consumers with high purchase intent – Shoppers are engaged as they complete a quote directly on a carrier’s website.
- An enriched view of the consumer – TransUnion data assets (e.g. credit, fraud, violation data) are utilized by carriers to allow them a full view of the consumer prior to buying a lead and providing the consumer with a quote.
- Maximized ROI – Selling carriers can earn maximum value on contributed traffic because of transparency into enriched quotes. TransUnion data enables buying carriers to efficiently spend advertising dollars when consumers match their defined lead criteria.
- Insights through reporting – Market basket analysis allows carriers to gain insight into broad market statistics.
The Quote Exchange can also help carriers build loyalty with consumers by offering insurance to shoppers who may not qualify for a policy with them. “If consumers do not qualify for a policy with one carrier, they have the benefit of knowing Quote Exchange can offer them a quote from another carrier who is a better match for them,” said McElroy.
Additional benefits to consumers include:
- Easy shopping experience – Consumers can receive multiple quotes without having to re-enter their information and compare and purchase a policy in a single session.
- Flexible purchase options – The site can mimic consumer shopping behavior – allowing them to shop online and bind through the consumer’s desired purchase channel (e.g. online, call center, or agent).
- Positive brand experience – Consumers may associate a positive shopping experience with both selling and quoting carriers.
For more information about Quote Exchange, please visit https://www.transunion.com/product/quoteexchange. For additional insight, see our recent blog post: Too Big to Disrupt? Three Lessons for Online Insurance Marketplaces.
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
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