Based on a survey of over 1,000 consumers, Aggregation Metrics: Consumer Approaches to Online Insurance Comparison Sites in Germany offers new insights into the current development and future prospects of online insurance comparison sites in Germany. It examines consumer propensity to research and purchase any kind of insurance online plus the size of the available market for the key products of car and home insurance, as defined by new customers and switchers; it then analyses the distribution channels and interfaces used for acquiring these policies, highlighting both the share of aggregators, in particular, and the share of online sales, in general, including indicators for the speed at which these are growing.
Moreover, it investigates the extent to which online insurance buyers in Germany are using tablets or mobile phones for this purpose, as opposed to regular laptop or desktop computers, and establishes whether propensity to use aggregators is influenced by a range of variables including not only gender, age, annual household income and employment status but also type of cover held, differentiating between standard and non-standard policies and (for car insurance only) between telematics-enabled policies and not telematics-enabled policies. In addition, it benchmarks the performance of eight of the leading insurance comparison sites in Germany in terms of awareness levels, conversion rates and sales.
For a number of the metrics in scope, note that the latest data for 2016 is compared with that from the previous equivalent Aggregation Metrics survey carried out in 2012 in order to show their evolution over time.
Key features of this report and the consumer data file that accompanies it include:
unique data showing whether German consumers use one, two, three or up to seven or more sites when researching insurance products;
standardised figures illustrating distribution channels employed for acquiring car and home insurance, differentiating between 'available' customers buying for the first time or switching provider and customers simply renewing a policy bought in a previous year;
similar statistics showing the distribution interfaces used in Germany for the same two policy types with a split between sales in a face-to-face setting, online sales, phone sales (both inbound and outbound) and postal sales;
performance benchmarking for eight of the leading aggregators – namely, CHECK24, Comfortplan, FinanceScout24, GELD.de, Preisvergleich.de, TarifCheck24, TopTarif and Verivox – in order to indicate rates of recognition, usage to research insurance and usage to actually buy insurance;
survey results specific to non-standard car and home insurance – including a breakdown of the reasons why some German customers have non-standard cover – plus (for car insurance) data concerning telematics-enabled policies.
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Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services. Finaccord is part of Aon Global Operations, Singapore Branch.