2021 UK Insurance Aggregators Market Report- Trends, Segmentation, Market Growth | MoneySuperMarket
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Top Companies Mentioned in this Report-
Compare the Market
Competition and Markets Authority
Financial Conduct Authority
Paws & Claws
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 of this Report-
- 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 this Report-
- 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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Table of Contents in this Report-
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
- Confused.com offers the cheapest quotes for motor insurance
- PCWs suspended the sale of travel insurance as a result of the COVID-19 pandemic
- 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
- MoneySuperMarkets revenue fell by 11% due to COVID-19
- MoneySuperMarket branding
- 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
- Despite the implications of COVID-19, GoCo Group reported positive financial earnings in 2020
- GoCompare branding
5.1 All PCWs have a strong focus on television advertisements
6.1 Abbreviations and acronyms
- Home insurance
- Life insurance
- Pet insurance
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