DUBLIN–(BUSINESS WIRE)–woulThe “United Kingdom (UK) Insurance Aggregators 2022” report has been added to from ResearchAndMarkets.com offer.
This report explores consumers’ ever-changing buying behaviors through price comparison sites. It identifies the most influential factors for customers when selecting a policy through this channel. The report examines the branding strategies and marketing approaches of the top four sites. Key factors that will influence the market over the coming years are also highlighted.
Automobile and home insurance remain the most frequently purchased products on PCWs. In 2021, purchase activity for these two products increased by 4.2 percentage points (pp) and 3.8 pp respectively to 35.2% and 28.6%. But PCWs face a challenge in maintaining these high purchase frequencies, as new pricing rules from the Financial Conduct Authority (FCA) have limited providers’ ability to compete aggressively on price to win new business.
Lower premium prices across many ranges discussed in this report led to a reduction in the proportion of consumers using PCWs to conduct pre-purchase research in 2021. However, when consumers used PCWs to conduct research, they were more likely to make a purchase through a site compared to 2020.
PCWs are the third largest distribution channel for non-life insurance, with 29.2% of respondents to the publisher’s 2021 UK Insurance Consumer Survey indicating that they have purchased a policy through this channel.
PCWs are highly dependent on returning customers, which is one of the reasons the sites offer so many products. 62.2% of respondents said they chose their respective site because they had already used it.
The disparity between quotes for home and car policies has narrowed significantly in 2022 as new FCA dual pricing rules affect the ability of providers to underestimate themselves and competitors to win new business.
Reasons to buy
Find out consumer buying trends via shopping carts (PCW) in 2021
Determine the market shares of the top four PCWs in various general and life insurance lines
See the first effects of new insurance market regulations on PCWs
Determine price differences between PCWs on a variety of life and non-life products
Adapt your distribution strategy to ensure it meets customer needs and buying behaviors
Main topics covered:
1.1 Market Overview
1.2 Main results
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 the key to winning return business
2.3 PCWs were less frequently used for research on the four non-life products in 2021
2.4 Lower prices contributed to higher 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 PCW growth in 2022
3. Aggregators by industry
3.1 Non-life insurance products on PCW
3.2 Life insurance products on PCW
4. Competitor profiles and market shares
4.1 Compare Market was by far the most used PCW for non-life products in 2021
4.2 There is a fairer distribution of business for PCWs in the life insurance segment
4.3 Competitor Profiles
5.1 GoCompare was the top ad spender in 2021
5.2 Television advertising accounts for the bulk of overall PCW spending
Compare the market
Competition and Markets Authority
Financial Conduct Authority
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For more information about this report visit https://www.researchandmarkets.com/r/wsgvqm