United Kingdom (UK) Insurance Aggregators 2021

United Kingdom (UK) Insurance Aggregators 2021

Summary

This report explores the ever-changing consumer purchasing behavior through price comparison sites. It identifies the most influential factors for 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.

The percentage of consumers conducting research on price comparison websites (PCW) at renewal increased for motor, while home, travel, and pet insurance saw declines. Motor insurance, the biggest market for aggregators, posted a rise of 1.5 percentage points. However, this trend was not replicated in the number of purchases made through the channel, however, with both motor and pet recording declines. Confused.com offers the cheapest policies in two out of the four product lines.

Scope

- Motor insurance has the strongest presence on PCWs, with almost a third of consumers purchasing policies through them.
- Aggregator revenue performances were mixed. GoCo Group and Compare the Market owner BGL Group posted encouraging results, but COVID-19 hit the turnover revenues of MoneySuperMarket and outgoing Confused.com owner Admiral.
- 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.

Table of Contents
1. Executive Summary
1.1 Market changes driven by COVID-19 flag issues with the aggregator business model
1.2 Key findings
1.3 Critical success factors
2. Aggregator Market
2.1 Aggregators are an important channel for the distribution of insurance policies
2.2 PCWs experienced a slight decline in the distribution of policies in 2020
2.3 PCW market shares are driven by returning customers
2.4 PCWs are highly utilized as a pre-purchasing tool by consumers
2.5 Life insurance products experienced the biggest increase in conversion rates
2.6 Motor and home insurance saw the largest number of switchers through a PCW
2.7 FCA regulations on price walking will impact PCWs
2.8 Aggregators push for innovation
2.9 Tech providers challenge traditional aspects of the aggregator model
2.10 PCWs can further improve customer shopping experiences through API integration
3. Comparison Sites by Line of Business
3.1 Motor
- Confused.com offers the cheapest quotes for motor insurance
3.2 Home
3.3 Travel
- PCWs suspended the sale of travel insurance as a result of the COVID-19 pandemic
3.4 Pet
- The length of treatments drives the cost of policies for the four leading sites
3.5 Life products on PCWs
- Income protection
3.6 Term assurance
3.7 Term assurance and critical illness
4. Comparison Site Profiles
4.1 Compare the Market is the PCW of choice for personal insurance products
4.2 Consumers choices were more divided for life insurance products
4.3 Compare the Market
- BGL Groups financial earnings are on the rise despite CMA fine
- Compare the Markets branding image
4.4 MoneySuperMarket
- MoneySuperMarkets revenue fell by 11% due to COVID-19
- MoneySuperMarket branding
4.5 Confused.com
- Admiral Groups COVID-19-related rebate initiative reduced turnover revenue by 4% for H1 2020
- Confused.com launched an Amazon Alexa feature
- Confused.com branding
4.6 GoCompare
- Despite the implications of COVID-19, GoCo Group reported positive financial earnings in 2020
- GoCompare branding
5. Marketing
5.1 All PCWs have a strong focus on television advertisements
6. Appendix
6.1 Abbreviations and acronyms
6.2 Definitions
- Home insurance
- Life insurance
- Pet insurance
6.3 Methodology
- GlobalDatas UK Insurance Consumer Surveys
6.4 Secondary sources
6.5 Further reading
About GlobalData
Contact Us

List Of Figures

List of Figures
Figure 1: Despite the economic implications of COVID-19, consumers were more reluctant to purchase from a PCW in 2020
Figure 2: Most customers purchase through a PCW because they had used the site before
Figure 3: Traffic on PCWs is driven by consumers pre-purchasing activity
Figure 4: Less than half of consumers who used a site for research made a purchase on a PCW
Figure 5: Switching rates increased across motor, home, and travel
Figure 6: More than half of all consumers who use PCWs at the end of the policy ended up switching their motor and home insurance provider
Figure 7: Consumers could be paying more on premiums, more on compulsory excesses, and have less benefits included depending on the site they use
Figure 8: GoCompares promise to refund excess fees helped attracting more customers to the site in 2020
Figure 9: Implications of the COVID-19 pandemic are reflected on three of the four leading sites
Figure 10: Privilege offered the cheapest starting quote for two of the four sites
Figure 11: GoCompares average combined home insurance policies dropped dramatically in 2021
Figure 12: Policies from Insure & Escape were the cheapest on three of the four sites
Figure 13: Price quotes for pet insurance are significantly different despite most brands being the same
Figure 14: GoCompare and MoneySuperMarket offered the same products at the same price
Figure 15: Specialized life insurance PCW Cavendish offers better prices than the big four
Figure 16: Confused.com offers the cheapest average premium for term assurance with critical illness cover
Figure 17: Choozi offers more price-competitive quotes for level term assurance with additional critical illness cover
Figure 18: Confused.com remains the biggest advertisement spender for the fifth year in a row
Figure 19: Compare the Market also dominates the life insurance PCW market
Figure 20: Confused.com remains the biggest advertisement spender for the third year in a row
Figure 21: PCWs have a heavy reliance on television advertisements to reach consumers

Fill The Form For Sample Request

Full Name*

Business Email *

E-mail

Country *

Select Country Albania Algeria Afghanistan Angola Argentina Armenia Aruba Australia Austria Azerbaijan Andorra Anguilla Bahrain Bangladesh Barbados Belarus Belgium Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Brunei Bulgaria Burkina Faso Burundi Bosnia Cambodia Cameroon Central African Republic Chad Chile China Colombia Comoros Congo (Brazzaville) Cook Islands Costa Rica Cote d Ivoire Croatia Cuba Cyprus Czech Republic Cayman Islands Denmark Djibouti Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Fiji Finland France Gabon Gambia Georgia Germany Ghana Gibraltar Greece Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Herzegovina Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kuwait Korea Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Lithuania Luxembourg Liechtenstein Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Mauritania Mauritius Mexico Moldova Monaco Mongolia Montenegro Morocco Mozambique Myanmar Middle East & North Africa (MENA) Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria North Korea Norway Oman Pakistan Palau Palestinian Territories Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Palestine Qatar Romania Russia Rwanda Samoa Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Korea Spain Sri Lanka Saint Kitts and Nevis Saint Vincent and the Grenadines Sudan Suriname Swaziland Sweden Switzerland Syria Scotland San Marino Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States of America Uruguay Uzbekistan Uraguay Vanuatu Venezuela Vietnam Virgin Islands Yemen Zambia Zimbabwe Canada Grenada Cape Verde Belize Curacao Republic of Srpska Antigua and Barbuda Saint Lucia Falkland Islands Faroe Islands Federated States of Micronesia Guadeloupe Martinique Montserrat Niue

Contact No *

Alternate No

Note : * Kindly provide us with your company id and get the sample reports at the earliest.

There is no Reviews available