Dallas, Texas (PRWEB) July 09, 2014
The emergence of online aggregators has revolutionized the distribution of insurance products and services. Distribution in the insurance industry has become increasingly diverse, with online aggregators, direct online sales, agencies, brokers, auction sites and mobile-based distribution. Online aggregators have enabled consumers to access multiple quotes from different insurance service providers, and their presence is spreading across the world, bringing fundamental changes to the insurance industry. This trend is likely to continue until 2020.
The report covers in-depth analysis of online aggregators market, and provides:
- Insights into the evolution and growth of online aggregators
- Detailed analysis of various factors driving the growth of online aggregators around the world, and different challenges faced by them
- Comprehensive analysis of the impacts that online aggregators have on the insurance industry, and various challenges posed by them to insurers and brokers
- Insights into online aggregators markets and trends in developed, developing and nascent aggregators’ markets
- Analysis of key strategies that should be adopted by online aggregators, and insurers and brokers
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Online aggregators have become a growing phenomenon in the global insurance industry. Online aggregators first emerged as a marketing channel for insurance products and services in the UK insurance industry in 2002 with the launch of confused.com. After just a decade, online aggregators now account for 60% of new motor insurance policies and 50% of personal insurance lines. The growth trend is similar in other European markets such as Germany, France, Sweden, Spain, Italy, Ireland and the Netherlands. Although online aggregators are highly successful in the UK and other key European economies, they are yet to achieve similar success in other parts of the world. The American and Asia-Pacific regions provide growth opportunities for online aggregators over the next five to 10 years, and online aggregators have already established footholds in key markets such as the US, Canada, Australia, Hong Kong, Singapore, South Korea and India.
The addition of a new distribution channel for personal lines of insurance is also a direct threat to insurance brokers. Motor and home insurance in many European markets, including the UK, Germany, France and Italy, have transformed from a decades-old broker-led market to an online aggregator-led market in less than a decade. A similar trend is also expected in other key world economies in the next five to 10 years.
More than half the world’s population is expected to have internet access and own smart mobile devices by 2018, and this trend is significantly changing consumer buying behavior. The ever-growing use of social media is also making customers more internet-aware, and consumers are using multiple channels to purchase insurance products, with growing numbers using online channels to make purchase decisions. Online aggregators are particularly attractive to these consumers and their changing buying behaviors. Convenience, ease of use, access to the best deals, and one-stop shopping are key factors that attract consumers to online aggregators.
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- In the UK insurance industry, online aggregators achieved rapid growth and after a decade they now account for 60% of new motor insurance policies and 50% of personal insurance lines. However, the growth leveled out in 2013, and some aggregators even recorded falling sales from 2012 levels.
- The emergence of online aggregators has strengthened the distribution of personal lines of insurance; however, it has increased price-based competition and emerged as one of the largest risks to insurers and brokers.
- The dominance of online aggregators in the distribution of motor insurance in the UK has led to reduction in premium rates by 15% between October 2012 and September 2013.
- Increasing penetration of internet and Smartphone is one of the key factors driving the growth of online aggregators across the world.
- The Americas and Asia-Pacific provides huge growth opportunities for online aggregators in the next five to 10 years.
Reasons to buy
- Gain insights into online aggregators markets across the world
- Understand the growth potential of online aggregators and key growth strategies they should adopt
- Understand various factors driving the growth of online aggregators and key challenges faced by them
- Understand the reasons behind the dominance of online aggregators in the distribution of personal lines of insurance
- Know various competitive strategies insurers and brokers should adopt to succeed in an aggregator-dominated market
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