GlobalData Plc shows comparison sites the way forward

US site successfully meets a cross-section of key insurance customer needs and reveals a path for the UK’s aggregators to reach business model 2.0.

The UK aggregator space has matured to a state where the four largest businesses (and marketing budgets) have won out. But there is little to differentiate them, and the business model continues to suffer from two key limitations. Many customers “window shop” and use each site interchangeably, while the sites also tend to focus on price above all else, which may not necessarily serve customers (or the market) best. represents a fresh approach, serving almost as a personal insurance manager. To register you fill in a short questionnaire so the site can get to know you. You are then built a personal dashboard from which you are advised on your most pressing insurance needs, others you may wish to consider, and coverage you do not currently require. Each step from this point is guided and simple. It is convenient but also, importantly, educative and framed by coverage needs to avoid ill-fitting policies. In all, it takes a clever step to owning the customer journey.

The site meets a cross-section of important behavioral drivers for insurance customers according to our latest insurance consumer survey: an online platform, complete with guidance, and able to track changing needs. This touches on the preferences of a collective 69% of consumers, and is a “perfect trio” for one in 10.

The site should serve as a lesson for the UK, where the key players are firmly wedged on a shared throne, paid for by costly marketing. New approaches from outside will struggle not to be drowned out – even Google faced this problem – so it is down to these four to move the conversation forward and stand out.

By Stewart Mcewan, Head of Content, UK General Insurance 

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