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United Kingdom (UK) Insurance Aggregators Market Share, Trends and Analysis by Line of Business, Competitor Profiles and Marketing Strategies, 2023 Update

Publisher GlobalData
Published May 10, 2023
Length 38 Pages
SKU # GBDT17972399

Description

United Kingdom (UK) Insurance Aggregators Market Share, Trends and Analysis by Line of Business, Competitor Profiles and Marketing Strategies, 2023 Update


Summary

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. Key factors that will influence the market over the coming years are also highlighted.

Despite experiencing respective declines of 1.7 percentage points (pp) and 1.1pp in terms of purchasing activity, motor and home remain the most frequently purchased insurance products on PCWs. A driving factor behind decreases in these lines is Financial Conduct Authority (FCA) rules that have limited providers’ ability to aggressively compete on price to win new business. Accompanying this are inflation and supply chain issues resulting in claims inflation, thus causing premiums to soar. With consumers struggling to find better value on aggregators, five of the seven lines of business discussed in this report experienced a decline in purchasing activity on PCWs.

Scope
  • PCWs are the third-largest distribution channel for non-life insurance, with 24% of respondents from GlobalData’s 2022 UK Insurance Consumer Survey indicating they purchased a policy through this channel.
  • PCWs rely heavily on return customers, which is one of the reasons why sites offer so many products. 59.5% of respondents indicated they chose their respective site because they had used it before.
  • The proportion of consumers using PCWs as a pre-purchasing tool for research increased in 2022, but consumers who did use a PCW were less likely to purchase a policy through the site compared to previous years.
  • The percentage of respondents who switched at renewal decreased for both motor and home, highlighting the effects of FCA regulation on dual pricing.
Reasons to Buy
  • Discover consumer purchasing trends through price comparison websites (PCWs) in 2022.
  • Determine the market shares of the four leading PCWs in various general and life insurance lines.
  • See the effects of insurance market regulation on PCWs.
  • Understand the effects of inflation on consumer behavior.
  • 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.

Table of Contents

38 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • Aggregators are an important channel for the distribution of insurance policies
    • PCWs need to innovate amid FCA pricing rules
    • The cost-of-living crisis is affecting the aggregator market
    • The majority of consumers choose a PCW because they have used it before
    • Consumers increasingly used PCWs to conduct research across all four non-life products in 2022
    • Six of the seven lines saw their conversion rate decline
    • Motor and home insurance experienced a decrease in the number of respondents who switched
    • Non-life insurance products on PCWs
    • Life insurance products on PCWs
    • Compare the Market is the leading PCW
    • Competitor profiles
    • Amazon launches UK insurance comparison site
    • Honcho's failure demonstrates the dominance of the UK’s top four aggregators
    • Abbreviations and acronyms
    • Definitions
    • Methodology
    • Secondary sources
    • Further reading
  • About GlobalData
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