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UK Insurance Aggregators 2019

UK Insurance Aggregators 2019

  • May 2019
  • 46 pages
  • ID: 3375734
  • Format: PDF
  • By GlobalData

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UK Insurance Aggregators 2019

Summary
PCWs have given consumers more control over the products they purchase and the brands in which they invest.Aggregators can stimulate competition between firms by helping to remove the barriers to market access and encouraging new entrants, which is ultimately good for consumers.

On the flipside, the commoditization of the products sold on aggregators has arguably created a race to the bottom in terms of the quality of cover provided.

This has also encouraged different behavior in the industry, which is not always favorable for consumers. The aggregators’ need to cram so much information on the page has often led to confusion over what exactly the customer has bought, especially in less mature, slightly more complex markets like pet insurance.

Comparing policies independently would be extremely time-consuming, whereas comparison sites are supposed to be a convenient and efficient tool any customer can access, even just for research purposes prior to a purchase (although as will be discussed, issues remain in terms of ensuring a true and transparent view of prices).

However, due to a lack of trust in the results, many consumers are not content with using just one site to compare prices, even if the same brands are almost universally available across the largest four comparison sites (Compare the Market, MoneySuperMarket, Confused.com, and GoCompare). This paves the way for more intuitive sites that could compare the aggregators, for example, or offer more of an advisory service.

The percentage of consumers conducting research on price comparison websites (PCWs) at renewal increased in motor and pet lines, while home and travel insurance saw declines. Motor insurance, the biggest market for PCWs, posted a rise of 4.5 percentage points (pp). This trend was replicated in the number of purchases made through the channel, with motor and pet also seeing more purchases.

The "UK Insurance Aggregators 2019", report explores the ever-changing consumer purchasing behavior through price comparison sites.It identifies what is most influential to customers when selecting a policy through this channel and reveals the brand strategies of the four leading sites.

Their distinct approaches to advertising are also highlighted, as well as the key factors that will influence the market over the coming years, including regulation and new technology.

Scope
- The motor insurance product has the strongest presence on comparison sites, with over two thirds of consumers purchasing policies through them.
- All four main aggregators reported improved year-on-year financial performances.
- Advertising spend is high for three of the four leading aggregators, with Confused.com leading the way as it continues to improve its market position in the individual product lines.

Reasons to buy
- Adapt your distribution strategy to ensure it still meets customer purchasing needs and behaviors.
- Ensure you remain competitive as new innovations revolutionize the consumer purchasing journey.
- Be informed of how new technologies could impact the aggregator channel over the next few years.
- Learn about the differences in pricing between the top four comparison sites.

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