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Aggregation Metrics: Consumer Approaches to Online Insurance

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Based on a survey of over 6,000 consumers, Aggregation Metrics: Consumer Approaches to Online Insurance Comparison Sites in Europe offers new insights into the current development and future prospects of insurance aggregators in six countries: France, Germany, Italy, Poland, Spain and the UK.

It examines the degree to which consumers in these countries research and purchase any kind of insurance online plus the size of the available market for the key products of motor and household insurance, as defined by new customers and switchers; it then analyses the distribution channels and interfaces used for acquiring these policies in each country, highlighting both the share of aggregators 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 each country are using tablet computers or mobile phones for this purpose, as opposed to regular laptop or desktop computers, and establishes whether propensity to use aggregators is influenced by age and / or annual household income. In addition, it benchmarks the performance of up to eight of the leading insurance comparison sites in each country in terms of awareness levels, conversion rates and sales.

For many analyses, the latest data for 2012 is compared with that from a previous survey undertaken on the same subject in 2008 to show how the environment for insurance aggregators has evolved over time.

Key features of this report and the consumer data file that accompanies it include:

- unique data showing whether consumers in each country use one, two, three or up to seven or more websites when researching insurance products;

- standardised figures illustrating distribution channels employed for acquiring motor and household insurance, differentiating between 'available' customers buying for the first time or switching provider and customers simply renewing a policy bought in a previous year;

- similar statistics showing the distribution interfaces used for the same two policy types in each country with a split between sales in a face-to-face setting, online sales, telephone sales (both inbound and outbound) and postal sales;

- performance benchmarking for the leading aggregators in each of the six countries in order to indicate rates of recognition, usage to research insurance and usage to actually buy insurance;

- survey results that outline planned usage of online insurance comparison sites in each country and how future utilisation is likely to vary between previous users of aggregators and non-users.

Table of Contents

Consumers are most likely to research and buy insurance online in the UK...
...and least likely to do so in France
The average number of websites used by consumers to research insurance has fallen since 2008
Nearly a quarter of buyers of motor and household cover switched provider or took out a new policy in 2012
Aggregators are the second most important channel for switchers and new buyers of motor insurance...
...while the internet has become the leading sales interface for this product
Aggregator sales for household cover have grown even faster than for motor insurance...
... as have online sales
Outside of the UK, there are good prospects for further gains in sales via aggregators...
... though marketing strategies need to match growing use of tablet computers and mobile phones

What is this report about?
European consumer research
Other international research reports

Consumer propensity to research and purchase insurance products online
Use of the internet to research and acquire insurance is least-developed in France
Segmentation by age and annual household income
Respondents aged 55 or over are least likely to research or purchase insurance online
Propensity to research or acquire insurance online tends to increase with rising annual household income
Number of websites consulted when researching insurance online
Respondents who research insurance products online are most likely to make use of three websites
The average number of websites used by online respondents has fallen since 2008
Motor insurance
Switchers and new buyers within the total
The annual churn rate for motor insurance is highest in the UK and lowest in France
Distribution channels used to acquire motor insurance
Behind direct sales, aggregators constitute the second most important distribution system in all countries...
... and are likely to have made significant inroads into the share of traditional channels since 2008
Use of cashback websites to buy motor insurance is visible in all countries other than Germany

For more information kindly visit :
Aggregation Metrics: Consumer Approaches to Online Insurance Comparison Sites in Europe


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