The importance of aggregators as a distribution channel for European insurers is increasing as strapped consumers search for better deals, according to research by CP Consulting.
The research analysed 43 aggregators in 10 European countries (Austria, Belgium, France, Germany, Italy, Netherlands, Portugal, Spain, Sweden and the UK). Collectively, the market for insurance price comparison in the 10 countries analysed is estimated to be worth over €600 million in 2011 in terms of revenues, with a growth of over 20 per cent over the previous year.
"European consumers are faced with a reduction in their disposable income, especially in Southern Europe, and are therefore more careful in their spending patterns", commented Carlo Palmieri, the managing director of CP Consulting. "There is particular focus on managing the bills, such as insurance, gas and electricity, mobile phones plans and broadband internet access. In this context aggregators help consumer understand the choice available and help them find the best deal."
Palmieri continued: "The aggregators industry is still in a development phase when compared to its full potential and this is evident when the industry revenues are benchmarked to population, GDP and other financial indicators". "The only market that appears to be reaching maturity is the UK and only for private motor car insurance."
The research indicates that strategic buyers such as insurance companies and brokers are cottoning on to the value of aggregators. Currently 14 out the 43 aggregators analysed in the report are owned by an insurance company or a broker; and the largest aggregator in France, Spain and the Netherlands is owned by an insurance Company.
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