UK Insurance Aggregators 2024

This report explores ever-changing consumer purchasing behaviors through price comparison websites. It identifies the most influential factors for customers when selecting a policy through this channel. The report discusses the brand strategies and marketing approaches of the four leading sites. It also compares quotes provided by the leading aggregators for selected risk profiles across the key life and non-life insurance lines.

Motor and home insurance remain the policies most commonly acquired via price comparison websites (PCWs), despite witnessing downturns of 3 percentage points (pp) and 2.7pp in purchasing activity in 2023. However, the use of PCWs for research purposes is growing, with an increase observed in five of the seven lines of business. This trend is likely driven by the current cost-of-living crisis, which has compelled consumers to seek out increased value on these platforms. However, it is important to note that while research on PCWs has increased, the likelihood of consumers finalizing a purchase through these sites has diminished compared to 2022.

Scope

• The leading reason consumers chose a PCW was because they had used it before, with 61.7% of consumers citing this factor.
• Consumers are increasingly using a PCW to conduct research. For example, 69.2% of motor insurance customers did so in 2023.
• Compare the Market is the leading PCW within both non-life and life insurance, holding 49.3% and 43.7% shares respectively.

Reasons to Buy

• Discover consumer purchasing trends through price comparison websites in 2023
• Determine the market shares of the four leading aggregators across various general and life insurance lines
• See the effects of insurance market regulation on price comparison websites
• Understand the effects of inflation on consumer behaviors
• Ascertain pricing differences between aggregators across a variety of life and non-life products
• Adapt your distribution strategy to ensure that it meets customer purchasing needs and behaviors