This report explores the ever-changing consumer purchasing behavior through price comparison sites. It identifies the most influential factors for customers when selecting a policy through this channel and reveals the brand strategies of the four leading sites. Their distinct approaches to advertising are also highlighted, as well as the key factors that will influence the market over the coming years, including regulation and new technology.
The percentage of consumers conducting research on price comparison websites (PCW) at renewal increased for motor, while home, travel, and pet insurance saw declines. Motor insurance, the biggest market for aggregators, posted a rise of 1.5 percentage points. However, this trend was not replicated in the number of purchases made through the channel, however, with both motor and pet recording declines. Confused.com offers the cheapest policies in two out of the four product lines.
- Motor insurance has the strongest presence on PCWs, with almost a third of consumers purchasing policies through them.
- Aggregator revenue performances were mixed. GoCo Group and Compare the Market owner BGL Group posted encouraging results, but COVID-19 hit the turnover revenues of MoneySuperMarket and outgoing Confused.com owner Admiral.
- Advertising spend is high for three of the four leading aggregators, with Confused.com leading the way as it continues to improve its market position in the individual product lines.
Reasons To Buy
- Adapt your distribution strategy to ensure it still meets customer purchasing needs and behaviors.
- Ensure you remain competitive as new innovations revolutionize the consumer purchasing journey.
- Be informed of how new technologies could impact the aggregator channel over the next few years.
- Learn about the differences in pricing between the top four comparison sites.