Financial Services & Insurance Research News

UK insurance aggregators market explored in latest research

Financial Services Market Research

This market report scrutinizes the UK Insurance Aggregators industry. It provides an analysis of market size, share, trends, value, volume, dynamics, as well as a forecast of the future.

"UK Insurance Aggregators 2018", report explores consumer purchasing behavior through price comparison sites and how it is changing. It discovers what 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.

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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.

Aggregator Market Highlights

  • Aggregator web traffic picks up as premiums soar
  • Aggregators’ promise to save consumers time and money holds strong appeal
  • Aggregators are increasingly important as a research tool, but conversion rates are dropping

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Key findings

  • 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%.

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.

The proportion of consumers using aggregators for research purposes rose in three of the four leading personal lines categories in 2017, after continuously declining for three consecutive years in all four lines. The motor and pet lines saw rises of just under 5.0 percentage points as consumers looked for savings when faced with increasing premiums in both sectors.

However, this increased traffic did not necessarily lead to more purchases through price comparison websites.

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This market research report helps you

- 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.

News From

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