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Tuesday, 25 April 2017
Market Report Focused on UK Insurance Aggregators 2017
UK Insurance Aggregators 2017 is a new market research publication announced by Reportstack. This report explores consumer purchasing behaviour through price comparison sites and how it is changing. It discovers what is most influential to customers when selecting a policy through the channel and reveals the brand strategies of the four leading sites. Their distinct approach to advertising is also highlighted, as well as key factors that will influence the market over the coming years, including regulation and new technology.
Aggregators remain a prominent route to market for private motor cover (the insurance product primarily established in the aggregator space) and to a lesser extent home insurance, travel insurance, and pet insurance and SME cover in turn. Growth is expected in the number of consumers turning to these platforms for cheap policies - although popularity is closely tied to the ebb and flow of rate movement driving shop-around behavior. As per our General Insurance Consumer Survey, aggregators are losing share of personal lines product distribution and are being utilized less for other purposes, such as research. However, the number of customers opting to switch provider at the end of a policy is increasing, and it is these consumers who would be most inclined to resort to aggregators to find a different policy.
- The main four aggregators have reported an improved year-on-year financial performance. - Aggregators are receiving less web traffic despite continued investment in promotional activities. - The big four have all launched new marketing campaigns despite their advertising expenditure continuing to fluctuate across the board. - Over half of pet insurance customers now purchase through a price comparison website.
Reasons to buy
- Adapt your distribution strategy to ensure it still meets customer purchasing behavior. - Ensure you remain competitive as new innovations revolutionize the consumer purchasing journey. - Be informed of how new technology could impact the aggregator channel over the next few years.
Moneysupermarket.com Confused.com Gocompare.com Comparethemarket.com Travelsupermarket.com BGL Group LesFurets.com esure Admiral Group Competition and Markets Authority Financial Conduct Authority Worry+Peace Brolly PolicyGenius Knip Trov