DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/j8xb8s/insight_report) has announced the addition of the "Insight Report: The Rise of Online Aggregators" report to their offering.
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.
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 rise of online aggregators has radically changed how personal insurance lines are marketed. Instead of aiding the sale of insurance products and services, online aggregators have now become a key competitor for insurers, and have led to price-based competition and falling profitability. Large insurers with well-established brands are the biggest losers in the online aggregator-dominated market, whereas smaller insurers are the biggest beneficiaries. Brand dilution, and falling rates of customer retention, market share and profitability are key challenges faced by leading insurers due to the emergence of online aggregators. Smaller insurers, low-cost providers and new entrants have benefitted from rising price-based competition and access to a wider customer base.
- 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.
Key Topics Covered:
1 Executive Summary
2 The Rise of Online Aggregators
3 Growth Drivers and Challenges for Online Aggregators
4 Online Aggregators: Trends in Key Markets
5 Looking Ahead
- Accurex Marketing and Consulting Pvt. Ltd
- Deztination Insurance Solutions Pvt. Ltd
- Direct Line
- Gocompare.com Ltd
- Great Indian Marketing & Consulting Services Pvt. Ltd
- Hiscox UK
- I Call Soft (P) Ltd
- Kyobo Life Insurance
- Lifenet Insurance Company
- Mangotree Solutions Pvt Ltd
- Moneysupermarket.com Group Plc
- Policy Mantra Insutrade Pvt. Ltd
- State Farm
- Tokio Marine
- Voila Consultancy Services India Pvt. Ltd
- iGear Financial Services Pvt. Ltd
For more information visit http://www.researchandmarkets.com/research/j8xb8s/insight_report