Insurance aggregators have become a popular means of product distribution with a particular significance in the personal insurance market, although in recent years the channel has expanded into commercial lines. Currently, there are four aggregators that cater to a large proportion of the insurance market (known as the "Big Four").
Examines the introduction of new market legislation and how aggregators will respond.
Provides an overview of the investments made by aggregators in advertising and marketing.
Analyzes the use of technology and the new digital initiatives aggregators are looking to employ.
Reasons To Buy
Which insurance policies are being bought via aggregators?
How will the introduction of new legislation affect the aggregator market?
How can technology improve the customer experience when using aggregators?
Currently, the Big Four's insurance products have little differentiation from each other, particularly in the car insurance market. This is due to the exclusivity agreements they have signed with insurers, which prevent their products from being offered at a cheaper rate elsewhere.
The aggregator market model has experienced little change since its earliest days and has fallen behind other areas of finance in terms of servicing and retaining the customer; for example, aggregators can do more to make use of the new technological facilities that are now available.
Wide most favored nation clauses are considered to be the most damaging to the market as they absolutely limit market entry, prevent product innovation, and restrict price differentiation. This results in higher premiums for consumers because it is not possible for competing insurers to offer lower prices in order to gain market share.
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