Personal lines aggregators
In 2007 the British Insurance Brokers’ Association (BIBA) commissioned research into understanding the insurance aggregator website market. Up until 2007 there had been very little objective examination of the relatively new phenomenon of aggregator websites. This research was undertaken to fill that gap in the industry and illustrate the then current market picture and potential impact on the entire general insurance industry.
The research deployed a three-tier approach:
- A thorough search of the public domain for industry facts such as quote volumes, profits and ownership.
- Mystery shopping with the largest 10 aggregator sites; obtaining quotes and understanding the breadth and scope of services offered.
- 250 online interviews with insurance buyers split evenly between users and non-users of aggregator sites.
As well as providing market clarity the research highlighted a need for greater control by the regulator of comparison websites to avoid any detriment to the consumer.
FWD worked with the FSA and BIBA to help develop policy and in particular ensure consumers had enough information about policy cover to make an informed choice on factors beyond price. Significant multi-channel news coverage of the research was achieved.