Aarkstore.com | Your Comprehensive Resource For Market Research

Search for Market research reports

Toll Free No USA & Canada:1-800-986-4312

Report Details:

UK Insurance Aggregators 2010

Published Date : 12 January 2011 Pages : 87 Add to Cart - UK Insurance Aggregators 2010
     
Introduction
 
 This comprehensive report provides insight into the market size of aggregator-instigated sales of private motor and home insurance and examines key competitor developments within the market. It also analyses the impact of advertising on the sector and forecasts the future growth of insurance aggregators in the home and motor insurance sectors.
 
 Features and benefits
 
 * Understand the market potential for aggregators
 * Assist in strategy development to enter the aggregator market
 * Gain insight into the main trends affecting the aggregator market
 
 Highlights
 
 Aggregator-instigated new business has grown substantially in the recent years. In 2007, sales initiated by aggregators accounted for just 2% of new business in the home insurance market and Datamonitor estimates that this figure has now reached 15%.Competitive pressures continue to intensify in the insurance aggregator market, with increasingly higher marketing spend from competitors fighting for market share
 
 Your key questions answered
 
 * Who are the main competitors in the aggregator space?
 * How has the aggregator market grown in the recent years?
 * What are the new trends and new strategies in the aggregator space?
 
  • EXECUTIVE SUMMARY
    • Aggregator-instigated sales continue to increase as a proportion of total business
      • New motor insurance business is distributed mainly via brokers, both directly and through aggregator sites
      • Home insurance policies sold through insurance aggregators have also increased
    • Insurance aggregators are now a powerful part of the general insurance distribution landscape
      • OFT study results: price comparison sites are a useful tool for customers who want to shop around, but more awareness is needed about their limitations
    • Awareness of price comparison sites among consumers is still growing, expanding the market for aggregators
      • Only 19% of respondents have never used a price comparison site
    •  FSCI Survey results: focus on home insurance
      • Fewer respondents used insurance aggregators to look for home insurance than motor insurance
      • Successful TV advertising defines success for insurance aggregators
      • Motor insurance sales through insurance aggregators can still increase in the coming years
  • MARKET CONTEXT
    • Introduction
    • Aggregator-instigated sales continue to increase as a proportion of total business
      • New motor insurance business is distributed mainly via brokers, both directly and through aggregator sites
      • Home insurance policies sold through insurance aggregators have also increased
    • Insurance aggregators are now a powerful part of the general insurance distribution landscape
      • Rising insurance premiums, intense competition, and heightened popularity have resulted in price comparison sites becoming integral to the motor insurance market
      • Most insurers and brokers feel that they have to sell through price comparison sites if they want to remain competitive
      • For many insurers, insurance aggregators have become the main, if not the only, distribution channel
      • Pricing strategies vary across the market
      • Consumer attitudes are the key factor defining the role of insurance aggregators and how powerful they can become
    • Media coverage surrounding price comparison sites
      • Concerns over the use of private data with ongoing studies from Which?
      • Price comparison websites have been blamed for encouraging car insurance fraud
      • Are customers buying the products they need?
    • OFT study provides a balanced overview of price comparison sites
      • OFT study results: price comparison sites are a useful tool for customers who want to shop around, but more awareness is needed about their limitations
      • Consumers cited a number of problems they experienced when searching for products via price comparison sites
      • The OFT report provides a number of conclusions and recommendations
  • CUSTOMER FOCUS
    • Awareness of price comparison sites among consumers is still growing, expanding the market for aggregators
      • Only 19% of respondents have never used a price comparison site
      • 36% of respondents use two comparison sites when searching for products
      • Most respondents said that price comparison sites have drawbacks
      • Half of all respondents said that price comparison sites do not list all providers and prefer to go to supplier's site directly to check availability
      • The most popular insurance products consumer shop for on price comparison sites include motor, home, and travel insurance
      • Speedy comparisons are the key draw for users of insurance aggregators
      • Based on the consumer survey results, price comparison sites could improve their service
      • Investing in a brand can still pay dividends on price comparison websites
      • The majority of respondents decide not to choose the cheapest product
    •  FSCI Survey results: focusing on motor insurance
      • Most respondents visited a price comparison site to obtain a quotation for their car insurance
      • Price comparison sites are most popular among 25–34 year olds and least popular among those aged 65 and over
      • Responses differed across the socio-economic groups, with groups A and B using price comparison sites most often
      • Many consumers see price comparison sites mainly as a research tool
    •  FSCI Survey results: focus on home insurance
      • Fewer respondents used insurance aggregators to look for home insurance than motor insurance
    • Increasing advertising spend has now become an entry barrier for potential new competitors
      • Successful TV advertising defines success for insurance aggregators
      • Gio Compario and the meerkat, examples of old-fashioned TV advertising that works
      • Confused.com troubled with falling revenues, and Tesco Compare reducing its operations
  • COMPETITIVE DYNAMICS
    • Introduction
    • Brand recognition of insurance aggregators among consumers
      • Moneysupermarket.com was mentioned by over half of the respondents, giving it the highest brand recognition
    • Tesco has been trying to enter the insurance aggregators market
      • Tesco Compare have reduced the scale of their operations
    • Recent entrants and leavers in the market
      • Saga's Confident Cover has left the market
      • Argos Compare recently entered the insurance aggregator market
    • Confused.com
      • Confused.com lost market share in 2010 and has been struggling after an unsuccessful TV campaign
      • Confused.com media spend
      • Confused.com's daily reach has remained relatively static over the past months
    • Comparethemarket.com and the meerkat
      • Comparethemarket.com grew by an estimated 70% in 2010
      • Comparethemarket.com's advertising spend has increased significantly between 2009 and 2010
      • TV advertising is the most important advertising tool for Comparethemarket.com
      • The number of visits to Comparethemarket.com's website increased since 2009
      • Comparethemarket.com's price comparison site has added clarity for consumers
    • Gocompare.com and Gio Compario
      • Achieved profitability with £12m post-tax profit in 2009
      • Gocompare.com now invests heavily in advertising, aiming to increase its market share
      • Internet visits to Gocompare.com increased slightly in 2010
    • Moneysupermarket.com
      • Increased revenue from insurance by 9.3% between H1 2010 and H1 2009
      • TV adverts featuring comedian Omid Djalili had a limited effect on revenues
      • Moneysupermarket.com has substantially higher Internet traffic compared to other insurance aggregators
  • FUTURE DECODED
    • Future conditions in the insurance aggregator market
      • Insurance aggregators can continue to strengthen their position as a key distribution channel for motor and home insurance
      • Advertising war not sustainable anymore; cash-back offers are likely to become the main differentiator between price comparison sites
      • Alternative scenarios include a potential revolution in how insurers and brokers use insurance aggregators, including a government-run price comparison system
    • Future growth in the insurance aggregator market
      • Motor insurance sales through insurance aggregators could still increase in the coming years
      • Aggregator-instigated home insurance sales have the potential to grow even more in the coming years
  • APPENDIX
    • Definitions
    • Methodology
    • Further reading
    • Ask the analyst
    •  consulting
    • Disclaimer
  • TABLES
    • Table: Forecast of aggregator-instigated private motor insurance sales, 2007e to 2012f
    • Table: Estimated aggregator-instigated private motor insurance sales, 2007e to 2010e
    • Table: Estimated proportion of aggregator-instigated private motor insurance sales, 2007e to 2010e
    • Table: Estimated aggregator-instigated home insurance sales, 2007e to 2010e
    • Table: Examples of quotes for home insurance, across different price comparison sites, with same criteria used
    • Table: "Although you use price comparison sites, do you think they have drawbacks?"
    • Table: Aggregators by advertising spend (£), 2007 to H1 2010
    • Table: Top insurance aggregators' advertising spend by media (£), 2010 H1
    • Table: Operating profit and revenue for Confused.com (£m), H2 2005 to H1 2010
    • Table: Confused.com's advertising spend (£), 2007 to H1 2009
    • Table: Confused.com's advertising spend by media, H1 2008 to H1 2009
    • Table: Comparethemarket.com's advertising spend (£), 2007 to H1 2010
    • Table: Comparethemarket.com's advertising spend by media, H1 2008 to H1 2010
    • Table: Gocompare.com's advertising spend (£), 2007 to H1 2010
    • Table: Gocompare.com's advertising spend by media, H1 2008 to H1 2010
    • Table: Key revenue figures for Moneysupermarket.com, H1 2006 to H1 2010
    • Table: Key performance indicators for Moneysupermarket.com, H1 2006 to H1 2010
    • Table: Moneysupermarket.com's advertising spend, 2007 to H1 2009
    • Table: Moneysupermarket.com's advertising spend by media, H1 2008 to H1 2010
    • Table: Key variables affecting the growth of the aggregator channel, 2010–12
    • Table: Forecast of aggregator-instigated private motor insurance sales, 2007e to 2012f
    • Table: Forecast of aggregator-instigated home insurance sales, 2007e to 2012f
  • FIGURES
    • Figure: Over 50% of new private motor insurance is generated through price comparison websites
    • Figure: Aggregator-instigated home insurance business increased from an estimated 2% in 2007 to 14% in 2010
    • Figure: "Have you ever used any price comparison websites?"
    • Figure: "When your home insurance last came up for renewal, did you visit any price comparison sites to obtain quotations?"
    • Figure: Aggregator-instigated sales will account for 63% of new private motor sales in 2012
    • Figure: Over 50% of new private motor insurance is generated through price comparison websites
    • Figure: Aggregator-instigated home insurance business increased from an estimated 2% in 2007 to 14% in 2010
    • Figure: "Have you ever used any price comparison websites?"
    • Figure: "When searching for that product on price comparison sites, how many different price comparison sites did you use?"
    • Figure: "You say you used price comparison websites to compare products and services, but did not always purchase through the price comparison website, why was that?"
    • Figure: "What products do you search for on price comparison sites?"
    • Figure: "Why did you decide to use a price comparison site to search for or purchase that product or service?"
    • Figure: "What, if anything, should be done to make price comparison sites a more reliable way to search for the best deal?"
    • Figure: "Did you end up purchasing the product the price comparison site listed as the cheapest?"
    • Figure: "Why not?" (Of those who did not end up purchasing the product the price comparison site listed as the cheapest)
    • Figure: "When your car insurance last came up for renewal, did you visit any price comparison sites to obtain quotations?"
    • Figure: "When your car insurance last came up for renewal, did you visit any price comparison sites to obtain quotations?"
    • Figure: "When your car insurance last came up for renewal, did you visit any price comparison sites to obtain quotations?"
    • Figure: "Once you had obtained quotes from the price comparison site, did you go on to buy one of the policies or were you just using the site for research purposes?"
    • Figure: "Once you had obtained quotes from the price comparison site, did you go on to buy one of the policies or were you just using the site for research purposes?"
    • Figure: "Once you had obtained quotes from the price comparison site, did you go on to buy one of the policies or were you just using the site for research purposes?"
    • Figure: "When your home insurance last came up for renewal, did you visit any price comparison sites to obtain quotations?"
    • Figure: "When your home insurance last came up for renewal, did you visit any price comparison sites to obtain quotations?"
    • Figure: "When your home insurance last came up for renewal, did you visit any price comparison sites to obtain quotations?"
    • Figure: "Once you had obtained quotes from the price comparison site, did you go on to buy one of the policies or were you just using the site for research purposes?"
    • Figure: "Once you had obtained quotes from the price comparison site, did you go on to buy one of the policies or were you just using the site for research purposes?"
    • Figure: "Once you had obtained quotes from the price comparison site, did you go on to buy one of the policies or were you just using the site for research purposes?"
    • Figure: Gocompare.com was the largest spender on advertising in H1 2010
    • Figure: Confused.com covered an entire street in bubble wrap
    • Figure: TV advertising accounted for the largest marketing spend of the leading four players in H1 2010
    • Figure: "Which price comparison sites do you use regularly?"
    • Figure: "Which price comparison sites do you use regularly?"
    • Figure: Tesco features as the top cheapest provider on its Tesco Compare price comparison site
    • Figure: Argos Compare features mainly unknown brands
    • Figure: Confused.com has reported a fall in its operating profit margin
    • Figure: Confused.com's total advertising expenditure declined in H1 2010
    • Figure: Confused.com's global daily reach
    • Figure: Confused.com price comparison example: home insurance
    • Figure: Comparethemarket.com
    • Figure: Comparethemarket.com has increased its marketing spend by 28% in H1 2010
    • Figure: Comparethemarket.com's Internet use has remained largely unchanged over the last months
    • Figure: Comparethemarket.com price comparison example: home insurance
    • Figure: Gocompare.com price comparison example: home insurance
    • Figure: Gocompare.com advertising spend increased in H1 2010 after an earlier decline
    • Figure: Gocompare.com invests 80% of its marketing funding in TV advertising
    • Figure: Gio Compario now features on Gocompare.com's site
    • Figure: Internet visits at Gocompare.com remain below its competitors
    • Figure: Revenue from services other than transactions increased in H1 2010
    • Figure: The number of visitors at Moneysupermarket.com has increased
    • Figure: Moneysupermarket.com continues to increase its marketing spend
    • Figure: Moneysupermarket.com's global daily reach, compared with Gocompare.com and Comparethemarket.com
    • Figure: Moneysupermarket.com price comparison example: home insurance
    • Figure: Aggregator-instigated sales will account for 63% of new private motor sales in 2012
    • Figure: Aggregator-instigated sales of home insurance will continue to grow significantly

Related Keywords : UK, Insurance, Aggregators, 2010, company reports, company profiles, country reports, market size, market research reports, market analysis, primary, business, publications, analysis, company, profile, service, revenue, opportunities, company information, country, segment, trends, market forecasts, country, reports, competitor, country, risk, report, market, industry, research, marketing

Published By : Datamonitor


PDF Format Reports will be
delivered by email within
12 to 24 hours after placing
 the order (Mon-Fri IST)