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UK Insurance Aggregators 2017

  • April 2017
  • -
  • GlobalData
  • -
  • 46 pages

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UK Insurance Aggregators 2017

Summary
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, pet insurance, and SME cover in turn. Growth is expected in the number of consumers turning to these platforms for cheap policies - although their popularity is closely tied to the ebb and flow of rate movement driving shop-around behavior.

Aggregators are expanding beyond the dominant lines of motor and home insurance, but the offering of commercial products on these platforms is trickier, with the need for a broker a persistent requirement for more complex risks. More direct commercial propositions need to be established before these products migrate to price comparison sites.

- The four main 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.

Critical success factors
- Better transparency for customers - Aggregators need to provide consumers with greater confidence in their purchases by better clarifying the information surrounding their policies.
- Reconsider marketing strategies - A subtle approach may be the best course of action in some instances, in order to avoid causing offence thought eccentric advertising.
- Individualizing the customer journey - Redesigning the initial application question set for quotes would help customers find products suited for their individual needs and requirements.

The report “UK Insurance Aggregators 2017” explores consumer purchasing behavior through price comparison sites and how it is changing and discovers what is most influential to customers when selecting a policy through the channel and reveals the brand strategies of the four leading sites. Additionally, this report provides the key factors that will influence the market over the coming years, including regulation and new technology and explains distinct approaches of advertising.

Scope
- 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.

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