United Kingdom Aggregators Report 2022: Explore the ever-changing behavior of consumers through price comparison sites – ResearchAndMarkets.com

DUBLIN – (BUSINESS CHP) – woul The report “United Kingdom (UK) Insurance Aggregators 2022” was added to ResearchAndMarkets.com’s supply.

This report examines the ever-changing behavior of consumers when buying through price comparison sites. It identifies the most influential factors for customers in choosing a policy through this channel. The report examines the brand strategies and marketing approaches of the four leading sites. Key factors that will affect the market in the coming years are also highlighted.

Car and home insurance remain PCW’s most commonly purchased products. In 2021, the purchasing activity for these two products increased by 4.2 percentage points (pp) and 3.8 percentage points, respectively, to reach 35.2% and 28.6%. But PCW faces the challenge of maintaining these high buying frequencies, as FCA’s new pricing rules have a limited ability for suppliers to compete aggressively on price to win new business.

The reduction in premium prices on many of the lines discussed in this report has led to a reduced share of consumers using PCW to conduct pre-purchase research in 2021. However, when consumers have used PCW to conduct research, it is more likely to make a purchase through the site compared to 2020

Scope

  • PCWs are the third largest non-life insurance distribution channel, with 29.2% of respondents to the publisher’s 2021 Consumer Insurance Survey indicating that they purchased a policy through this channel.

  • PCW relies heavily on returning customers, which is one of the reasons why sites offer so many products. 62.2% of the respondents indicated that they chose the respective site because they had used it before.

  • The gap between quotes for home and car policies has narrowed significantly in 2022 as new FCA double pricing rules affect the ability of suppliers to undermine themselves and competitors to win new business.

Reasons to buy

  • Discover trends in consumer purchases through price comparison websites (PCWs) in 2021

  • Determine the market shares of the four leading PCWs in different non-life and non-life insurance lines

  • See the early effects of the new insurance market regulations on PCW

  • Identify price differences between PCWs in different life-saving and non-life-saving products

  • Adapt your distribution strategy to ensure it meets customer needs and behavior when buying

Main topics covered:

1. Summary

1.1 Market overview

1.2 Main findings

1.3 Critical factors for success

2. The aggregators market

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

2.2 Offering many products is the key to winning a return business

2.3 PCWs were used less frequently for research on all four non-animal products in 2021.

2.4 Reducing prices has contributed to higher exchange rates for some products

2.5 PCWs maintain a good level of low tide and competition

2.6 FCA pricing rules and rising energy bills will affect PCW growth in 2022.

3. Business aggregators

3.1 PCW non-life insurance products

3.2 PCW Life Insurance Products

4. Competitor profiles and market shares

4.1 Compare The market was the most used PCW for non-rescue products in 2021.

4.2 There is a fairer distribution of PCW business in the life insurance segment

4.3 Profiles of competitors

5. Marketing

5.1 GoCompare was the leading spend on advertising in 2021

5.2 Television advertising accounts for the majority of PCW’s total costs

6. Appendix

The mentioned companies

  • MoneySuperMarket

  • Confused.com

  • GoCompare

  • Compare the market

  • BGL Group

  • Admiralty Group

  • Competition and Markets Authority

  • Financial Conduct Authority

  • Stream

  • LV =

  • Marshmallow

  • More than

  • Darwin

  • saga

  • Elephant

  • Diamond

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

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