United Kingdom (UK) Insurance Aggregators Market Trends and Analysis by Line of Business, Competitor Profiles and Marketing Strategies

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United Kingdom (UK) Insurance Aggregators Market Report Overview

Aggregators, also referred to as PCWs (price comparison website) represent one of the leading channels in the UK for researching and purchasing insurance. PCWs are the third most frequently used distribution channel in the UK following the direct and broker channels for personal insurance products. Aggregators are emerging as a research tool benefitting consumers looking for the best value for their money. The core benefit of PCWs is the speed and ease with which consumers can compare quotes from a wide range of insurers, customized to meet the individual needs of each customer.

The UK insurance aggregators 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. Key factors that will influence the market over the coming years are also highlighted.

Key Lines of Business Non-life Insurance Products and Life Insurance Products
Key Non-Life Insurance Products Motor Insurance, Home Insurance, Travel Insurance, and Pet Insurance
Key Life Insurance Products Income Protection Insurance, Term Assurance, and Term Assurance and Critical Illness
Key Companies Compare the Market, MoneySuperMarket, Go.Compare, Confused.com, Cavendish Online, and Choozi

For more insights on the UK insurance aggregators market, download a free sample report

UK Insurance Aggregators Market Dynamics

PCWs are more frequently used for non-life insurance than life insurance. PCWs must reinvent themselves in order to meet growing consumer needs effectively. The new FCA pricing regulations severely limit their ability to promote switching or draw in new customers. If PCWs want to remain relevant in the future, they must develop alternative incentives for users to utilize and make purchases through their sites. Offering value-added benefits is one such strategy. Furthermore, the cost-of-living crisis is also affecting the aggregator market. As inflation is expected to remain high in 2023, insurers will have to keep premiums up as they adjust their pricing strategies to the challenging economic environment. Accompanying this, supply chain issues are leading to item shortages, meaning customers must wait longer for repairs, such as in the home and motor insurance lines.

Majorly, consumers chose a specific PCW or aggregator because they had used it before. PCWs also benefit from economies of scope, which allow businesses to operate more efficiently by providing a range of related or complementary items. Because of its infrastructure, a PCW may readily add an additional product to its offering at a reduced cost. In addition, despite the cost-of-living crisis, the proportion of consumers using a PCW as a research tool increased across all four non-life personal lines in 2022.

UK Insurance Aggregators Market Segmentation by Line of Business

The UK insurance aggregators market is segmented by products into non-life insurance and life insurance. Aggregators or PCWs are more frequently used for non-life insurance products than for life insurance products. Some of the common non-life insurance products include motor, home, travel, and pet insurance. In 2022, the percentage of respondents purchasing motor insurance was the highest.

UK Insurance Aggregators Market Analysis by Line of Business, 2022 (%)

UK Insurance Aggregators Market Analysis by Line of Business, 2022 (%)

For more insights on the line of business in the UK insurance aggregators market, download a free sample report

UK Insurance Aggregators Market – Competitive Landscape

The key competitors in the UK insurance aggregators in the non-life insurance and life insurance line of businesses are Compare the Market, MoneySuperMarket, Confused.com, Go.Compare, Cavendish Online, and Choozi among others. In 2022, Compare the Market led the non-life insurance and life insurance market. Compare the Market was able to attract most consumers within motor insurance. Also, customers are choosing to opt for Compare the Market because of its incentives and the convenience of using the website.

UK Insurance Aggregators Market Analysis by Competitors, 2022 (%)

UK Insurance Aggregators Market Analysis by Competitors, 2022 (%)

For more insights on competitors in the UK insurance aggregators market, download a free sample report

Key Highlights

  • PCWs are the third-largest distribution channel for non-life insurance, with 24% of respondents from GlobalData’s 2022 UK Insurance Consumer Survey indicating they purchased a policy through this channel.
  • PCWs rely heavily on return customers, which is one of the reasons why sites offer so many products. 59.5% of respondents indicated they chose their respective site because they had used it before.
  • The proportion of consumers using PCWs as a pre-purchasing tool for research increased in 2022, but consumers who did use a PCW were less likely to purchase a policy through the site compared to previous years.
  • The percentage of respondents who switched at renewal decreased for both motor and home, highlighting the effects of FCA regulation on dual pricing.

Reasons to Buy

  • Discover consumer purchasing trends through price comparison websites (PCWs) in 2022.
  • Determine the market shares of the four leading PCWs in various general and life insurance lines.
  • See the effects of insurance market regulation on PCWs.
  • Understand the effects of inflation on consumer behavior.
  • Ascertain pricing differences between PCWs across a variety of life and non-life products.
  • Adapt your distribution strategy to ensure that it meets customer purchasing needs and behaviors.

Compare the Market
MoneySuperMarket
Go.Compare
Confused.com
Choozi
Cavendish
Amazon
Honcho
Flow
LV=
Churchill
Saga
Privilege
Marshmallow
More Than
Love Your Miles
Policy Expert
One Call
Tesco
Swinton
Admiral
Quote Your Home
Urban Jungle
Hastings
MBNA
Aviva
Get Safe
Insurefor.com
Coverwise
Big Blue Cover
Cedar Tree
Getcover.com
Coverwise
Cover for You
Puffin
Multitrip.com
Annual Travel Insurance
Post Office
Animal Friends
Everypaw
4Paws
Whistle & Wag
PDSA
Purely Pets
Spot on
Co-op
Waggel
Argos
ASDA
Legal & General
British Friendly
Shepards Friendly
Corinium Insurance
Bettersafe.com
National Assurance
HIP
The Exeter
Realm Protection
AIG
Zurich
Vitality
Beagle Street
Virgin Money
Budget
HSBC
Royal London
Ageon
Scottish Widows

Table of Contents

Table of Contents

1. Executive Summary

1.1 Market overview

1.2 Key findings

1.3 Critical success factors

2. The Aggregator Market

2.1 Aggregators are an important channel for the distribution of insurance policies

2.2 PCWs need to innovate amid FCA pricing rules

2.3 The cost-of-living crisis is affecting the aggregator market

2.4 The majority of consumers choose a PCW because they have used it before

2.5 Consumers increasingly used PCWs to conduct research across all four non-life products in 2022

2.6 Six of the seven lines saw their conversion rate decline

2.7 Motor and home insurance experienced a decrease in the number of respondents who switched

3. Aggregators by Line of Business

3.1 Non-life insurance products on PCWs

3.2 Life insurance products on PCWs

4. Competitor Profiles and Market Shares

4.1 Compare the Market is the leading PCW

4.2 Competitor profiles

5. New Competition in the Aggregator Market

5.1 Amazon launches UK insurance comparison site

5.2 Honcho’s failure demonstrates the dominance of the UK’s top four aggregators

6. Appendix

6.1 Abbreviations and acronyms

6.2 Definitions

6.3 Methodology

6.4 Secondary sources

6.5 Further reading

About GlobalData

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Table

List of Tables

Table 1: Breakdown of total advertising spend by the four leading PCWs (GBP000s), 2021

Figures

List of Figures

Figure 1: PCWs are more frequently used for non-life insurance than life insurance

Figure 2: Inflation peaked in October 2022 at 11.1%

Figure 3: Most customers choose a PCW because they have used the site before

Figure 4: Consumers are increasingly using PCWs to conduct research amid the cost-of-living crisis

Figure 5: Conversion rates decreased for six out of the seven products in 2022

Figure 6: The proportion of people who switched within the motor and home lines decreased in 2022

Figure 7: Over half of customer switches in the home and motor lines came through PCWs in 2022

Figure 8: Compare the Market offer the most expensive quotes for motor insurance

Figure 9: The impact of FCA regulation is clear as there is less price variation across PCWs

Figure 10: Policy Expert provides the cheapest home insurance quote on three out of four sites

Figure 11: There is greater disparity between home insurance quotes from the four leading PCWs in 2023

Figure 12: Compare the Market provide the most expensive quotes for travel insurance

Figure 13: Variation in prices across the four leading PCWs

Figure 14: Legal & General offers the cheapest quote across three of the four PCWs

Figure 15: Choozi provided the most expensive quotes across the six sites

Figure 16: Zurich offers the cheapest quote for term assurance with critical illness cover

Figure 17: HSBC provides the cheapest quote on Choozi for term assurance (level) with critical illness cover

Figure 18: Compare the Market remains the most frequently used PCW for non-life products

Figure 19: Compare the Market is the most frequently used PCW for life products

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