UK Insurance Aggregators

Date: 2015-11

Insurance aggregators have become a major force in distribution since the big players in this space launched in the early to mid-2000s. The influence of aggregators has been particularly significant in the personal insurance market, but has also been increasing in the commercial insurance market in recent years.

– Inform your distribution strategy with an understanding of how consumers are choosing an aggregator.
– Gain insight into the different processes employed by some aggregators and whether they will be adopted by others.
– Examine the regulatory changes that are likely to occur in 2014 and beyond that will have an impact on the aggregator market.

– Which aggregators are consumers using the most for various lines of business?
– Which emerging trends are affecting the aggregator market and will their effects on the market be lasting?
– How do the Big Four aggregators differ in terms of their advertising effectiveness?

Key Highlights
Marketing is aggregators’ biggest cost, with the Big Four usually spending more on advertising than the largest insurers. In spite of this, the high expenditure is sustainable due to high conversion rates achieved by aggregators.

Currently, there is relatively little differentiation between the Big Four insurance aggregators. They all cover fairly similar portions of the provider market – particularly for motor and home insurance, and the focus of these sites is on price.

Wide most favored nation clauses are likely to be removed from aggregator-insurer contracts, which would increase competition between aggregators and curtail the growth in commissions. This would benefit insurers while hurting profits for aggregators.”

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