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UK Insurance Aggregators 2017

UK Insurance Aggregators 2017

  • April 2017
  • 46 pages
  • ID: 3375734
In this report:
Additionally, a review has been conducted of the group's online marketing capabilities, and the group has since sought to establish a new brand position as a car savings specialist to improve acquisition costs and continue to grow its customer base.
Gocompare.com's marketing expenditure has been in persistent decline since 2012, with 2016 marking a distinct drop.
BGL Group, which also owns the LesFurets.com and BeagleStreet.com brands, has reported a ##% rise in turnover for the first half of its 2016-## financial year.

Summary

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UK Insurance Aggregators 2017

Brief

Aggregators remain a main 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. Increase 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 principal 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 additional 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 consumers - Aggregators need to provide consumers with better confidence in their purchases by superior clarifying the info 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 clients find products suited for their individual needs and requirements.

The market research "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. On top of, this industry report offers the main factors that will influence the sector over the upcoming years, including regulation and additional technology and explains distinct approaches of advertising.

Overview

- The principal 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 additional 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.

Great reasons to purchase

- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.

- Ensure you remain ambitious as additional innovations revolutionize the consumer purchasing journey.

- Be informed of how additional technology could impact the aggregator channel over the next few years.

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