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UK insurance aggregators hit peak levels – study

UK insurance aggregators hit peak levels – study | Insurance Business

UK insurance aggregators hit peak levels – study
Insurance comparison sites in the UK are leading other aggregators in several major markets worldwide in terms of usage, according to a new research by consultancy firm Finaccord.
The company’s Aggregation Metrics series shows that online sales of car and home insurance and usage rates of comparison sites continue to vary greatly across countries.
The latest report polled respondents from Australia, Canada, France, Germany, Italy, Spain, the UK and the US. It discovered that on an average, 46% of consumers bought for the first time or switched their car insurance policy through online means.
By country, however, the figure peaked at 74% in the UK and plunged to 17% in Canada. Over 40% of respondents in Britain used an aggregator to take out car insurance, way higher than 5% in both Canada and the US.
“Finaccord believes that online insurance comparison sites can expect to make progress in most countries albeit they may now have reached a peak in the mature UK market,” the company said.
Across the 64 comparison sites covered by the report, the UK’s Comparethemarket.com scored the highest recognition rate, as 56% of consumers were aware of the brand.
Meanwhile, Spanish comparison sites recorded the best rate of converting visitors to buyers at 26%, ahead of the eight-country average of 20%.
Finaccord’s research shows that online sales and comparison sites are more heavily used by new buyers and switchers than by other customers, including those renewing policies taken out in previous years.
The study also suggests that clients with non-standard car or home insurance policies are more likely to buy products online and to use a broader range of distribution channels.

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