Auto insurance has become a commoditized product that will increasingly be dominated by the direct writers, and as the leading direct insurer, GEICO might be “uncatchable” in the market share race while competitor Progressive faces formidable challenges.
Those are among the observations of a new report from Nomura Equity Research. The firm also notes that technology is playing a key role in the commitdization of auto insurance and the growth of direct insurance in the market. Consumer mindset has changed with regard to online shopping,” says Clifford Gallant, managing director at Nomura Securities and a co-author of the report. “It’s not just buying a pair of socks online anymore; people are comfortable buying things that are more complex like insurance,” Gallant says.
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