Dublin, July 15, 2024 (GLOBE NEWSWIRE) -- The "UK Insurance Aggregators 2024" report has been added to ResearchAndMarkets.com's offering.
This report explores ever-changing consumer purchasing behaviors through price comparison websites. It identifies the most influential factors for customers when selecting a policy through this channel.
The report discusses the brand strategies and marketing approaches of the four leading sites. It also compares quotes provided by the leading aggregators for selected risk profiles across the key life and non-life insurance lines.
Motor and home insurance remain the policies most commonly acquired via price comparison websites (PCWs), despite witnessing downturns of 3 percentage points (pp) and 2.7pp in purchasing activity in 2023. However, the use of PCWs for research purposes is growing, with an increase observed in five of the seven lines of business. This trend is likely driven by the current cost-of-living crisis, which has compelled consumers to seek out increased value on these platforms. However, it is important to note that while research on PCWs has increased, the likelihood of consumers finalizing a purchase through these sites has diminished compared to 2022.
Scope
- The leading reason consumers chose a PCW was because they had used it before, with 61.7% of consumers citing this factor.
- Consumers are increasingly using a PCW to conduct research. For example, 69.2% of motor insurance customers did so in 2023.
- Compare the Market is the leading PCW within both non-life and life insurance, holding 49.3% and 43.7% shares respectively.
Reasons to Buy
- Discover consumer purchasing trends through price comparison websites in 2023
- Determine the market shares of the four leading aggregators across various general and life insurance lines
- See the effects of insurance market regulation on price comparison websites
- Understand the effects of inflation on consumer behaviors
- Ascertain pricing differences between aggregators across a variety of life and non-life products
- Adapt your distribution strategy to ensure that it meets customer purchasing needs and behaviors
Key Topics Covered:
Executive Summary
- Market overview
- Key findings
- Critical success factors
The Aggregator Market
- Aggregators are more frequently used to purchase non-life insurance products
- FCA pricing rules limit PCWs' ability to attract new customers
- The leading reason consumers choose a PCW is because they have used it before
- PCWs are an essential tool for consumers conducting research before purchasing insurance
- Five of the seven lines saw their conversion rate decline
- Pet insurance witnessed an increase in the number of respondents who switched
Aggregators by Line of Business
- Non-life insurance products on PCWs
- Life insurance products on PCWs
Competitor Profiles and Market Shares
- Compare the Market is the leading PCW
- Competitor profiles
New Competition in the Aggregator Market
- Amazon's closure of its insurance store demonstrates the difficulty of entering the market
- US PCW acquires UK price comparison service
Companies Featured:
- Allianz
- Hastings Direct YouDrive
- Admiral
- Ford Insure
- Elephant
- Diamond
- Marshmallow
- Go.Compare
- MoneySuperMarket
- Confused.com
- Compare The Market
- Churchill
- Privilege
- Ford
- Bell
- Policy Expert
- Sky
- Quoteline Direct
- Gallagher
- One Call
- More Than
- Safeguard
- AA
- Multitrip.com
- Post Office
- Coverwise
- Cedar Tree
- Insurefor.com
- Insure & Escape
- Tesco
- Co-op
- ASDA
- Animal Friends
- Waggel
- Frank
- Whistle & Wag
- Lifetime Pet Cover
- The Insurance Emporium
- 4Paws
- Spot On
- Only Paws
- Legal & General
- British Friendly
- Holloway
- HIP
- Shepards Friendly
- Realm Protection
- LV=
- Royal London
- National Friendly
- Vitality
- Coronium
- The Exeter
- Cavendish Online
- AIG
- Quotemehappy.com
- Virgin
- Beagle Street
- HSBC
- Budget Insurance
- Scottish Widows
- Zurich
- Sainsburys
- BGL Group
- Greggs
- Microsoft
- Aveni.ai
- Amazon
- Honcho
- Youtility
- Squeeze
For more information about this report visit https://www.researchandmarkets.com/r/iqrhy4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
