UK Insurance Aggregators 2017 - Receiving less Web Traffic Despite Continued Investment in Promotional Activities

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UK Insurance Aggregators 2017

Summary

"UK Insurance Aggregators 2017", explores consumer purchasing behaviour 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 approach to advertising is also highlighted, as well as key factors that will influence the market over the coming years, including regulation and new technology.

Aggregators remain a prominent route to market for private motor cover (the insurance product primarily established in the aggregator space) and to a lesser extent home insurance, travel insurance, and pet insurance and SME cover in turn. Growth is expected in the number of consumers turning to these platforms for cheap policies - although popularity is closely tied to the ebb and flow of rate movement driving shop-around behavior.

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As per our General Insurance Consumer Survey, aggregators are losing share of personal lines product distribution and are being utilized less for other purposes, such as research. However, the number of customers opting to switch provider at the end of a policy is increasing, and it is these consumers who would be most inclined to resort to aggregators to find a different policy.

Scope

- The main four aggregators have reported an improved year-on-year financial performance.
- Aggregators are receiving less web traffic despite continued investment in promotional activities.
- The big four have all launched new marketing campaigns despite their advertising expenditure continuing to fluctuate across the board.
- Over half of pet insurance customers now purchase through a price comparison website.

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Table of Contents

1. EXECUTIVE SUMMARY 3
1.1. Aggregators remain relevant despite a decline in footprint 3
1.2. Key findings 3
1.3. Critical success factors 3
2. THE AGGREGATOR MARKET 9
2.1. Introduction 9
2.1.1. Defining aggregators and their purpose 9
3. CHANNEL IMPACT 10
3.1. Mapping the aggregator customer 10
3.1.1. Aggregator influence is tailing off despite signs of growth 10
3.1.2. Continued growth of the direct channel indicates reduced aggregator usage 11
3.1.3. Aggregators are progressing despite a decline in distribution share 12
3.2. Aggregator use is primarily decided on familiarity 15
3.2.1. Customers remain loyal to an aggregator they are familiar with 15
3.2.2. Customer acquisition for smaller and newer comparison sites is a mountain to climb 15
3.2.3. Price is essential to influencing customer purchases on aggregators 17
3.2.4. Almost two thirds of consumers do not look past the top five quotes on an aggregator 18
4. THE OVERALL PICTURE OF THE FOUR MAIN PROVIDERS 20
4.1. Aggregators need to vary their approach to the market 20
4.1.1. Comparethemarket.com and Moneysupermarket.com are the most dominant 20
4.1.2. Confused.com offers consumers the cheapest average premium price 21
4.2. Comparethemarket.coms revenues hit record heights 22
4.2.1. Comparethemarket.com enjoys record half-year sales 22
4.2.2. Comparethemarket.com focuses on the characterization of the brand 22

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