Aggregators keen to address the SME market
Defaqto has been checking out the commercial insurance offerings of price comparison websites to find that 65% of the UK’s top 20 financial aggregators already provide access to business insurance, either as introducers to online providers, or through a limited panel of insurers.
With the home and motor insurance markets already well covered, price comparison websites are keen to explore new areas of coverage and according to Defaqto’s insight analyst, Mike Powell, SME commercial insurance is ripe for such expansion.
Mr Powell adds: “However many of the SME insurers have a great deal of work to do if they are to address this potential increase in demand from aggregators.”
The financial analyst’s research also revealed that 43% of intermediary insurers do not produce online quotations for SME insurance and would therefore have to make “significant investments” to address this.
Last month, Accenture warned that insurers need to be aware of the likely future development of the aggregator model.
With high levels of competition among the major aggregators, profits are under threat and the management consultancy suggests aggregators are likely want to retain more control over customer relationships in the future.
Category: Business Insurance News, Insurance News
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