Based on a survey of over 1,000 consumers, Aggregation Metrics: Consumer Approaches to Online Insurance Comparison Sites in the UK offers new insights into the current development and future prospects of online insurance comparison sites in the UK. It examines consumer propensity to research and purchase any kind of insurance online plus the size of the available market for the key products of car and home insurance, as defined by new customers and switchers; it then analyses the distribution channels and interfaces used for acquiring these policies, highlighting both the share of aggregators, in particular, and the share of online sales, in general, including indicators for the speed at which these are growing.
Moreover, it investigates the extent to which online insurance buyers in the UK are using tablets or mobile phones for this purpose, as opposed to regular laptop or desktop computers, and establishes whether propensity to use aggregators is influenced by a range of variables including not only gender, age, annual household income and employment status but also type of cover held, differentiating between standard and non-standard policies and (for car insurance only) between telematics-enabled policies and not telematics-enabled policies. In addition, it benchmarks the performance of eight of the leading insurance comparison sites in the UK in terms of awareness levels, conversion rates and sales.
For a number of the metrics in scope, note that the latest data for 2016 is compared with that from the previous equivalent Aggregation Metrics survey carried out in 2012 in order to show their evolution over time.
Key features of this report and the consumer data file that accompanies it include:
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Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services. Finaccord is part of Aon Global Operations, Singapore Branch.