UK Insurance Aggregators 2018

NEW YORK, Feb. 22, 2018 /PRNewswire/ — Summary
The report “UK Insurance Aggregators 2018”, explores consumer purchasing behavior through price comparison sites and how it is changing. Percentage of consumers conducting research on price comparison websites at renewal increased in three of the four main personal lines, with travel insurance the only exception. This includes a rise of 4.5 percentage points (pp) in motor insurance, the biggest market for price comparison sites.

Read the full report: https://www.reportlinker.com/p03375734

However, aggregators failed to increase their market share in purchases by channel in three of the four lines, with home insurance the exception. This is mainly due to the dominance of the direct channel, with insurers increasingly having more ways in which to engage and communicate directly with customers.

Critical success factors –
– Better transparency: Aggregators need to provide consumers with greater confidence in their purchases by clarifying the information surrounding their policies.
– Brand awareness and trust are key: Our 2017 UK Insurance Consumer Survey found that the main reason consumers chose a particular aggregator across all four lines was that they had purchased from them before and trusted them.
– Individualizing the customer journey: Redesigning the initial application question set for quotes would help customers find products suited to their individual needs and requirements. One example is in the pet market, where three of the four aggregators ask for the pet’s name and use this information to personalize all questions.

Key findings include in this report –
– Three of the four main aggregators reported an improved year-on-year financial performance.
– Confused.com was the only one to launch a large-scale advertising campaign up to H1 2017, but Comparethemarket.com and Moneysupermarket.com released theirs later in the year.
– Travel insurance has the highest percentage of customers who bought through price comparison sites at 50.7%.

The report furthermore helps in understandingwhat is most influential to customers when selecting a policy through the channel and reveals the brand strategies of the four leading sites. Their distinct approaches to advertising are also highlighted, as well as key factors that will influence the market over the coming years – including regulation and new technology.

Companies mentioned in this report: Moneysupermarket.com, Confused.com, Gocompare.com, Comparethemarket.com, BGL Group, Admiral Group, Competition and Markets Authority, Financial Conduct Authority, , Brolly, Guevara, Merlinio, CompareChecker, Insurethebox, Saga, LV=, Quotemehappy, General Accident, InsureWiser, homenet, quotelinedirect, computerquoteinsurance.com, InsureAndGo, Puffin, Virgin Money, CoverWise, e&l, Paws & Claws, Purely Pets, Perfect Pets, Amazon, Google.

Scope
– Three of the four main aggregators reported an improved year-on-year financial performance.
– Web traffic increased but dominance in individual channels declined as consumers opted to go direct to insurers.
– Confused.com was the only aggregator to launch a large-scale campaign up to H1 2017, but Comparethemarket.com and Moneysupermarket.com released theirs later in the year.

Reasons to buy
– Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.
– 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.
– Read about differences in pricing between the top four comparison sites.

Read the full report: https://www.reportlinker.com/p03375734

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