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United Kingdom Insurance Aggregators Report 2022: Explore the Ever-Changing Consumer Purchasing Behaviors Through Price Comparison Sites - ResearchAndMarkets.com

June 20, 2022 GMT

DUBLIN--(BUSINESS WIRE)--Jun 20, 2022--

woulThe “United Kingdom (UK) Insurance Aggregators 2022” report has been added to ResearchAndMarkets.com’s offering.

This report explores ever-changing consumer purchasing behaviors through price comparison sites. 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. Key factors that will influence the market over the coming years are also highlighted.

Motor and home insurance remain the most frequently purchased products on PCWs. In 2021, purchasing activity for these two products increased by 4.2 percentage points (pp) and 3.8pp respectively to reach 35.2% and 28.6%. But PCWs face a challenge in maintaining these high purchase frequencies as new Financial Conduct Authority (FCA) pricing rules have limited providers’ ability to aggressively compete on price to win new business.

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Falling premium prices across many of the lines discussed in this report led to a reduced proportion of consumers using PCWs to conduct pre-purchase research in 2021. However, when consumers did use PCWs to conduct research, they were more likely to make a purchase through a site compared to 2020.

Scope

  • PCWs are the third-largest distribution channel for non-life insurance, with 29.2% of respondents from The publisher’s 2021 UK Insurance Consumer Survey indicating they purchased a policy through this channel.
  • PCWs rely heavily on returning customers, which is one of the reasons why sites offer so many products. 62.2% of respondents indicated they chose their respective site because they had used it before.
  • The disparity between quotes for home and motor policies has greatly diminished in 2022, as the new FCA dual pricing rules are affecting providers’ ability to undercut themselves and rivals to win new business.

Reasons to Buy

  • Discover consumer purchasing trends through price comparison websites (PCWs) in 2021
  • Determine the market shares of the four leading PCWs in various general and life insurance lines
  • See the early effects of new insurance market regulations on PCWs
  • Ascertain pricing differences between PCWs 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:

1. Executive Summary

1.1 Market overview

1.2 Key findings

1.3 Critical success factors

2. The Aggregator Market

2.1 Aggregators are more frequently used to purchase non-life insurance products

2.2 Offering many products is key to winning return business

2.3 PCWs were used less frequently for research across all four non-life products in 2021

2.4 Falling prices contributed to increased conversion rates for some products

2.5 PCWs maintain a good level of churn and competition

2.6 FCA pricing rules and soaring energy bills will impact PCWs’ growth in 2022

3. Aggregators by Line of Business

3.1 Non-life insurance products on PCWs

3.2 Life insurance products on PCWs

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4. Competitor Profiles and Market Shares

4.1 Compare the Market was by far the most used PCW for non-life products in 2021

4.2 There is a more equitable spread of business for PCWs in the life insurance segment

4.3 Competitor profiles

5. Marketing

5.1 GoCompare was the leading advertising spender in 2021

5.2 TV advertising accounts for most of PCWs’ overall spend

6. Appendix

Companies Mentioned

  • MoneySuperMarket
  • Confused.com
  • GoCompare
  • Compare the Market
  • BGL Group
  • Admiral Group
  • Competition and Markets Authority
  • Financial Conduct Authority
  • Flow
  • LV=
  • Marshmallow
  • More Than
  • Darwin
  • Saga
  • Elephant
  • Diamond

For more information about this report visit https://www.researchandmarkets.com/r/wsgvqm

View source version on businesswire.com:https://www.businesswire.com/news/home/20220620005272/en/

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Laura Wood, Senior Press Manager

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KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY PROFESSIONAL SERVICES INSURANCE

SOURCE: Research and Markets

Copyright Business Wire 2022.

PUB: 06/20/2022 06:35 AM/DISC: 06/20/2022 06:36 AM

http://www.businesswire.com/news/home/20220620005272/en