Net Metrics: Consumer Usage of On-Line Aggregators, Brokers and Other Intermediaries in UK Insurance


March 1, 2008
160 Pages - SKU: FIN1729255
License type:
Table of Contents Search inside this report Related Reports
0.0 EXECUTIVE SUMMARY
Banks and building societies offering current accounts generate the highest volumes of web traffic .
Social networking and video sharing provider sites are very widely used by younger consumers
Utilisation of the Internet as a distribution interface is surging for certain classes of insurance…
… although is retreating for others as consumers increasingly learn how best to use the medium....
Longevity of Internet usage is an important factor driving likelihood to purchase on-line insurance ...
Consumers are focusing on a more limited number of sites to research and purchase insurance….
… and feel more likely to use that of their main bank or building society than any other option
Most consumers understand the difference between on-line aggregators and on-line brokers
Usage of on-line aggregators and brokers of insurance drops off slightly in the over 65 age group...
Users of on-line aggregators and brokers are motivated primarily by finding the best price
Only a minority of consumers state that they are loyal to their main on-line aggregator or broker
Over 10% of consumers making use of on-line aggregators and brokers question their accuracy….
… although they appear to be satisfied with most aspects of the service that they receive
Confused.com has overtaken the AA and the RAC in terms of its rating for consumer awareness…
… with other on-line aggregators generally outperforming on-line brokers for this measure
Only a minority of aggregators and brokers are definitely trusted by more than 10% of consumers ..
moneysupermarket.com achieves comparatively high ratings in terms of actual usage to purchase.
On-line aggregation and broking of insurance has not yet been subject to significant consolidation..
1.0 INTRODUCTION
Research rationale
The updated Net Metrics research incorporates a variety of new analyses of consumer behaviour
Research sample
Web-based aggregators and brokers of banking products
On-line aggregators and brokers of insurance can use a variety of operating models…
… although some of the most successful protagonists possess differentiated approaches…
… and provision of white-labelled searching facilities between competitors is also commonplace...
Who owns whom in on-line aggregation and broking of insurance?
Strengths and weaknesses
The Internet research methodology is characterised by several advantages and drawbacks
Finaccord
Other UK consumer research publications
UK affinity and partnership marketing publications
IPT / Tpoll
Errors, omissions and limit of liability
2.0 MARKET ANALYSIS
Introduction
Consumer propensity to visit different types of web site
Frequency of visits is a key metric in the emerging environment for on-line financial services…
… with banking institutions offering current accounts being well-positioned in this respect
… and both social networking providers and video sharing providers also scoring highly
Insurance companies and some traditional affinity partners generate relatively little web traffic
Over 80% of individuals aged between 16 and 24 visit the sites of social networking providers
The gap in usage by age group for the web sites of video sharing providers is slightly less acute ...
Consumer propensity to purchase via the Internet
Consumers are most likely to have made on-line acquisitions of books or music…
… with well over a half of respondents having bought insurance via the Internet at least once
On-line sales of computers and associated peripherals appear to be subject to a decline…
… although use of the Internet as a dist. interface is increasing for most forms of insurance
Propensity to research and purchase insurance products over the Internet
Nearly two thirds of those who use the Internet to research insurance also purchase on-line
There is a clear link between longevity of Internet use and propensity to buy insurance on-line
Number of quotes solicited prior to purchasing on-line insurance
Consumers are using a more limited number of web sites to research and purchase insurance
Likelihood to research or purchase insurance by type of web site
Consumer propensity to research or purchase insurance varies greatly by type of web site
Banking entities offering current accounts should make the most of high volumes of web traffic
Awareness and influence of the on-line insurance aggregation concept
Most consumers are aware of the difference between on-line aggregation and on-line broking…...
… although a surprisingly high proportion assert that they are not influenced by this awareness ....
Consumer usage of aggregators or brokers of insurance
Between 25 and 64, usage of on-line aggregators and brokers of insurance is fairly constant
Characteristics of effective insurance aggregator and broker web sites
Over 75% of respondents consider eight characteristics to be either very or quite important
Personalisation and the availability of exclusive products are the least valued characteristics
Insurance aggregator or broker web sites used most frequently
Two competitors are subject to the most frequent usage by almost a half of respondents…
Loyalty towards insurance aggregators and brokers used most frequently
… although the research is indicative of low rates of loyalty towards even the leading players
A key challenge for aggregators and brokers will be to maximise the loyalty of their customers
Accuracy of insurance aggregators and brokers used most frequently
Over one in ten consumers have concerns over the accuracy of product information provided…...
… although the experience does not differ greatly among the leading aggregators and brokers
Satisfaction with insurance aggregators used most frequently
On-line aggregation of insurance is set to be reviewed by the Financial Services Authority
Finaccord’s research facilitates the measurement of consumer satisfaction levels…
… and indicates that the majority are satisfied by the service offered by insurance aggregators
3.0 COMPETITOR ANALYSIS
Introduction
Consumer awareness of aggregation and broking web sites
Confused.com surges past the AA in terms of its recognition rating among consumers…
… and moneysupermarket.com and comparethemarket.com have both improved their rating…....
…. but well over half of the web brands covered are not recognised by over 75% of respondents ..
Consumer trust of aggregation and broking web sites
Several web brands have achieved a significant rise in their trust rating during the last year…
… although the majority lack the financial resources to genuinely win the trust of consumers
Consumer usage to purchase of aggregation and broking web sites
In terms of utilisation to buy insurance, moneysupermarket.com is performing efficiently…
… with both gocompare.com and Tesco Compare also having made significant progress
Over 20 players register at least a reasonable degree of awareness and trust among consumers..
BUDGET, Insureandgo and moneysupermarket.com perform well in terms of actual utilisation
The AA’s rating for trust is bolstered by the fact that breakdown recovery is its core business
Four on-line competitors are likely to be growing at rates well in excess of their rivals
While Confused.com is strengthening its leadership position in the on-line aggregation market… ..
… it does not appear that the sector has been subject to much consolidation during the last year ..
4.0 AGGREGATOR AND BROKER PROFILES
Introduction
4.1 AA (www.theaa.com)
4.2 AdviceOnline (www.adviceonline.co.uk)
4.3 A-Plan (www.aplan.co.uk)
4.4 Auto Direct (www.autodirectinsuranceservices.co.uk)
4.5 AWD Moneyextra (www.moneyextra.com)
4.6 BeatThatQuote.com (www.beatthatquote.com)
4.7 BUDGET (www.budgetinsurance.com)
4.8 Bullhorn.co.uk (www.bullhorn.co.uk)
4.9 buy.co.uk (www.buy.co.uk)
4.10 comparemoreatDixons.co.uk (www.comparemore.co.uk)
4.11 comparethemarket.com (www.comparethemarket.com)
4.12 ConfidentCover.com (www.confidentcover.com)
4.13 Confused.com (www.confused.com)
4.14 CoverSave (www.coversave.co.uk)
4.15 Diamond (www.diamond.co.uk)
4.16 Direct Choice (www.directchoice.co.uk)
4.17 Easy Quote (www.easy-quote.co.uk)
4.18 EasyCover (www.easycover.com)
4.19 elephant.co.uk (www.elephant.co.uk)
4.20 Endsleigh (www.endsleigh.co.uk)
4.21 Express Insurance (www.expressinsurance.co.uk)
4.22 FinanceDaily.co.uk (www.financedaily.co.uk)
4.23 Find.co.uk (www.find.co.uk)
4.24 First Insurance (www.first.co.uk)
4.25 Fool.co.uk (www.fool.co.uk)
4.26 Girl Motor (www.girlmotor.com)
4.27 gocompare.com (www.gocompare.com)
4.28 Goodinvestor.com (www.goodinvestor.com)
4.29 Hastings Direct (www.hastingsdirect.com)
4.30 insurances.co.uk (www.insurances.co.uk)
4.31 insurancewide.com (www.insurancewide.com)
4.32 insure (www.insure.co.uk)
4.33 Insureandgo (www.insureandgo.com)
4.34 Interactive Investor (www.iii.co.uk)
4.35 Its4me (www.its4me.co.uk)
4.36 Know Your Money (www.knowyourmoney.co.uk)
4.37 Ladybird Insurance (www.ladybirdinsurance.co.uk)
4.38 masterquote (www.masterquote.co.uk)
4.39 MoneyExpert (www.moneyexpert.com)
4.40 Moneyfacts (www.moneyfacts.co.uk)
4.41 MoneyMonkey.co.uk (www.moneymonkey.co.uk)
4.42 Moneynet (www.moneynet.co.uk)
4.43 Moneyquest (www.moneyquest.co.uk)
4.44 MoneySavingExpert (www.moneysavingexpert.com)
4.45 moneysupermarket (www.moneysupermarket.com)
4.46 Moneyway (www.moneyway.co.uk)
4.47 Moneywise (www.moneywise.com)
4.48 Motor Direct (www.motordirect.co.uk)
4.49 NationalPrice.com (www.nationalprice.com)
4.50 Only Insurance (www.onlyinsurance.com)
4.51 Peoples Choice (www.peopleschoice.com)
4.52 PriceRunner (www.pricerunner.co.uk)
4.53 Q4 Insure (www.q4.com)
4.54 Quoteline Direct (www.quotelinedirect.co.uk)
4.55 Quotezone (www.quotezone.co.uk)
4.56 RAC (www.rac.co.uk)
4.57 Reduce My Quote (www.reducemyquote.co.uk)
4.58 Screentrade (www.screentrade.co.uk)
4.59 simplyswitch (www.simplyswitch.com)
4.60 Swinton (www.swinton.co.uk)
4.61 Tesco Compare (www.tescocompare.com)
4.62 The Insurance Centre (www.theinsurancecentre.co.uk)
4.63 The Thrifty Scot (www.thriftyscot.co.uk)
4.64 theidol.com (www.theidol.com)
4.65 thisismoney.co.uk (www.thisismoney.co.uk)
4.66 Unravelit (www.unravelit.com)
4.67 uSwitch.com (www.uswitch.com)
4.68 webmoney (www.webmoney.co.uk)
4.69 yesinsurance.co.uk (www.yesinsurance.co.uk)
4.70 Your Money (www.yourmoney.com)
GRAPHICS / TABLES
Sample breakdown by age group, household income band and geographical location - entire survey
Sample breakdown by longevity of Internet usage - entire survey
Aggregators and brokers of banking products covered for the first time in the 2008 research
Who owns whom in web-based aggregation and broking of banking products in the UK?
Who owns whom in web-based aggregation and broking of banking products in the UK? (continued)
Consumer propensity to visit different types of web site, 2008
Consumer propensity to visit different types of web site, 2008 (data)
Consumer propensity to visit the web sites of social networking providers, 2008: detailed segmentation (data)
Consumer propensity to visit the web sites of video sharing providers, 2008: detailed segmentation (data)
Consumer propensity to purchase assorted goods and services via the Internet, 2008
Comparison of consumer propensity to purchase assorted goods and services via the Internet, 2006-8 (data)
% of custs. acquiring different ins. prods. through the Internet - 2007, 2005 and all previous years comp. (data)
Consumer propensity to research and take out insurance products over the Internet, 2008
Consumer propensity to research and take out ins. products over the Internet, 2008: detailed segment. (data)
Number of quotes solicited by consumers prior to taking out ins. products over the Internet, 2006-8 compared
Number of quotes solicited by cons. prior to taking out ins. products over the Internet, 2006-8 compared (data)
Consumer likelihood to research or take out insurance products from different types of web site, 2008
Consumer likelihood to research or take out insurance products from different types of web site, 2008 (data)
Comparison of consumer propensity to visit and cons. likelihood to search for or take out ins. products, 2008
Awareness of the difference between on-line insurance aggs. and on-line brokers of insurance, 2008
Consumer usage of web sites of aggregators or brokers of insurance, 2008 (data)
Importance of agg. and broker web site characteristics in persuading custs. to take out insurance, 2008
Imp. of agg. and broker web site characteristics in persuading custs. to take out insurance, 2008 (data)
Insurance agg. or broker web sites used most frequently by cons. to research or take out ins. products, 2008
Degree of loyalty engendered by banking aggregators and brokers used most frequently, 2008
Degree of loyalty engendered by banking aggregators and brokers used most frequently, 2008 (data)
Perceived accuracy of insurance aggregators and brokers used most frequently, 2008
Perceived accuracy of insurance aggregators and brokers used most frequently, 2008 (data)
Cons. satisfaction with agg. web site used most freq. when searching for and / or taking out insurance, 2008
Cons. satisfaction with agg. used most freq. when searching for and / or taking out insurance, 2008 (data)
Ranking of web sites of aggregators and brokers of insurance by overall consumer awareness, 2008
Ranking of web sites of aggregators and brokers of insurance by overall consumer awareness, 2008 (cont.)
Ranking of web sites of aggregators and brokers of insurance by consumer trust, 2008
Ranking of web sites of aggregators and brokers of insurance by consumer trust, 2008 (continued)
Ranking of web sites of aggregators and brokers of insurance by consumer usage to purchase, 2008
Ranking of web sites of aggregators and brokers of insurance by consumer usage to purchase, 2008 (cont.)
Consumer awareness, trust and usage to take out insurance of the www.theaa.com web site
Consumer awareness, trust and usage to take out insurance of the www.adviceonline.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.aplan.co.uk web site
Consumer awareness, trust and usage to take out ins. of the www.autodirectinsuranceservices.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.moneyextra.com web site
Consumer awareness, trust and usage to take out insurance of the www.beatthatquote.com web site
Consumer awareness, trust and usage to take out insurance of the www.budgetinsurance.com web site
Consumer awareness, trust and usage to take out insurance of the www.bullhorn.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.buy.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.comparemore.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.comparethemarket.com web site
Consumer awareness, trust and usage to take out insurance of the www.confidentcover.com web site
Consumer awareness, trust and usage to take out insurance of the www.confused.com web site
Consumer awareness, trust and usage to take out insurance of the www.coversave.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.diamond.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.directchoice.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.easy-quote.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.easycover.com web site
Consumer awareness, trust and usage to take out insurance of the www.elephant.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.endsleigh.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.expressinsurance.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.financedaily.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.find.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.first.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.fool.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.girlmotor.com web site
Consumer awareness, trust and usage to take out insurance of the www.gocompare.com web site
Consumer awareness, trust and usage to take out insurance of the www.goodinvestor.com web site
Consumer awareness, trust and usage to take out insurance of the www.hastingsdirect.com web site
Consumer awareness, trust and usage to take out insurance of the www.insurances.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.insurancewide.com web site
Consumer awareness, trust and usage to take out insurance of the www.insure.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.insureandgo.com web site
Consumer awareness, trust and usage to take out insurance of the www.iii.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.its4me.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.knowyourmoney.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.ladybirdinsurance.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.masterquote.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.moneyexpert.com web site
Consumer awareness, trust and usage to take out insurance of the www.moneyfacts.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.moneymonkey.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.moneynet.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.moneyquest.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.moneysavingexpert.com web site
Consumer awareness, trust and usage to take out insurance of the www.moneysupermarket.com web site
Consumer awareness, trust and usage to take out insurance of the www.moneyway.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.moneywise.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.motordirect.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.nationalprice.com web site
Consumer awareness, trust and usage to take out insurance of the www.onlyinsurance.com web site
Consumer awareness, trust and usage to take out insurance of the www.peopleschoice.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.pricerunner.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.q4.com web site
Consumer awareness, trust and usage to take out insurance of the www.quotelinedirect.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.quotezone.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.rac.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.reducemyquote.com web site
Consumer awareness, trust and usage to take out insurance of the www.screentrade.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.simplyswitch.com web site
Consumer awareness, trust and usage to take out insurance of the www.swinton.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.tescocompare.com web site
Consumer awareness, trust and usage to take out insurance of the www.theinsurancecentre.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.thriftyscot.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.theidol.com web site
Consumer awareness, trust and usage to take out insurance of the www.thisismoney.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.unravelit.com web site
Consumer awareness, trust and usage to take out insurance of the www.uswitch.com web site
Consumer awareness, trust and usage to take out insurance of the www.webmoney.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.yesinsurance.co.uk web site
Consumer awareness, trust and usage to take out insurance of the www.yourmoney.com web site
 
Research assistance
We can help you find what you need. Call us or write us:
US: 800.298.5699
Int'l: +1.240.747.3093
Need help in your search?
 
Related Markets

Technology Reports
 
 

Share this report


Other tasks

 
 
Join Alert Me now!
Receive bi-weekly email alerts on new market research

Sign up today!