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UK Price Comparison Sites in General Insurance market report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Price Comparison Sites in Financial Services market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Scope of this Report

This Report looks at consumers’ use of price comparison websites when looking to research or arrange financial services products, specifically:

  • Car insurance
  • Home buildings and/or contents insurance
  • Travel insurance
  • Pet insurance
  • Life insurance
  • Current accounts
  • Savings accounts/Cash ISAs
  • Credit cards
  • Mortgages
  • Personal loans
  • Travel money

Mintel’s consumer research analyses the factors that impact consumers’ choice of price comparison website and looks at what types of information they would like to see appear within search filters. The Report also discusses consumer behaviour in relation to price comparison websites and investigates which new features and services aggregators could offer in order to meet consumer demand.

Expert analysis from a specialist in the field

Written by Paul Davies, a leading analyst in the Technology sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Price comparison sites have struggled to emulate the success they have had within insurance in other financial markets. Now that regulators are looking to reduce the barriers to switching in the retail banking industry, aggregators should consider ways in which they can adapt to suit markets where many people are influenced as much by service as they are by price or rates. Paul Davies
Head of Leisure, Foodservice, Travel & B2B research

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this Report
      • Executive Summary

          • The market
            • DCTs market study identifies opportunities for improvement
              • Increasing competition will bring both opportunities and challenges
                • Companies and brands
                  • Comparethemarket.com is the most popular PCW for finance
                    • Figure 1: Price comparison websites used for researching financial services products, September 2018
                  • PCWs are viewed positively, but need to do more to differentiate
                    • Figure 2: Attitudes towards and usage of selected brands, August 2018
                  • Banks adopt marketplace models
                    • Amazon rumoured to be launching an insurance PCW
                      • Advertising spend remains steady in 2017/18
                        • Figure 3: Total above-the line, online display and direct mail advertising expenditure by price comparison websites on financial services, 2013/14-2017/18
                      • The consumer
                        • PCWs most popular for comparing insurance
                          • Figure 4: Products researched through a price comparison website, September 2018
                        • High purchase rates for insurance following research
                          • Figure 5: Products purchased through a price comparison website, by products researched through a price comparison website, September 2018
                        • Open Banking could help solve product frustrations
                          • Figure 6: Frustrations experienced when using a price comparison website, September 2018
                        • Two in five would give a PCW access to their data
                          • Figure 7: Likelihood of sharing financial data with a price comparison website, September 2018
                        • Security needs to be guaranteed if brands want people to share data
                          • Figure 8: Concerns with sharing data with a price comparison website, September 2018
                        • One PCW isn’t sufficient for research
                          • Figure 9: Attitudes towards price comparison websites, September 2018
                        • What we think
                        • Issues and Insights

                          • The tech threat: should existing providers fear the likes of Amazon?
                            • The facts
                              • The implications
                                • Rewards breed false loyalty
                                  • The facts
                                    • The implications
                                    • The Market – What You Need to Know

                                      • DCTs market study identifies opportunities for improvement
                                        • Increasing competition will bring both opportunities and challenges
                                        • Market Environment

                                          • CMA’s market study identifies opportunities for improvement
                                            • Increasing competition will bring both opportunities and challenges
                                            • Companies and Brands – What You Need to Know

                                              • Comparethemarket.com is the most popular PCW for finance
                                                • PCWs are viewed positively, but need to do more to differentiate
                                                  • Banks adopt marketplace models
                                                    • Amazon rumoured to be launching an insurance PCW
                                                      • Advertising spend remains steady in 2017/18
                                                      • Market Share

                                                        • Comparethemarket.com is the most popular PCW for finance
                                                            • Figure 10: Price comparison websites used for researching financial services products, September 2018
                                                          • A third have used only one site
                                                            • Figure 11: Number of price comparison websites used to research financial services products, September 2018
                                                        • Brand Research

                                                            • What you need to know
                                                              • Brand map
                                                                • Figure 12: Attitudes towards and usage of selected brands, August 2018
                                                              • Key brand metrics
                                                                • Figure 13: Key metrics for selected brands, August 2018
                                                              • Moneysupermarket.com is most closely associated with trust
                                                                • Figure 14: Attitudes, by brand, August 2018
                                                              • Comparethemarket.com most strongly associated with fun
                                                                • Figure 15: Brand personality – macro image, August 2018
                                                              • Confused.com and Gocompare.com viewed less favourably than other brands
                                                                • Figure 16: Brand personality – micro image, August 2018
                                                              • Brand analysis
                                                                • Comparethemarket.com stands out from other leading PCWs
                                                                  • Figure 17: User profile of Comparethemarket.com, August 2018
                                                                • Moneysupermarket.com could benefit from more advertising continuity
                                                                  • Figure 18: User profile of Moneysupermarket.com, August 2018
                                                                • uSwitch.com viewed positively despite lower usage
                                                                  • Figure 19: User profile of uSwitch.com, August 2018
                                                                • Confused.com takes on new brand image
                                                                  • Figure 20: User profile of Confused.com, August 2018
                                                                • Gocompare.com looks to grow as an independent company
                                                                  • Figure 21: User profile of Gocompare.com, August 2018
                                                              • Launch Activity and Innovation

                                                                • Accepted-only product results
                                                                  • Figure 22: Realrates.com results image
                                                                • Automated switching
                                                                  • Do we need a comparison site for comparison sites?
                                                                    • Amazon rumoured to be launching an insurance PCW
                                                                      • Reverse marketplace Honcho set to launch
                                                                        • Banks adopt marketplace models
                                                                        • Advertising and Marketing Activity

                                                                          • Advertising spend remains steady in 2017/18
                                                                            • Figure 23: Total above-the line, online display and direct mail advertising expenditure by price comparison websites on financial services, 2013/14-2017/18
                                                                          • Comparethemarket.com remains as the highest spender
                                                                            • Figure 24: Total above-the line, online display and direct mail advertising expenditure by price comparison websites on financial services, by advertiser, 2015/16-2017/18
                                                                          • TV accounts for more than two thirds of total spend
                                                                            • Figure 25: Total above-the line, online display and direct mail advertising expenditure by price comparison websites on financial services, by media type, 2017/18
                                                                          • Nielsen Ad Intel coverage
                                                                          • The Consumer – What You Need to Know

                                                                            • PCWs most popular for comparing insurance
                                                                              • High purchase rates for insurance following research
                                                                                • Open Banking could help solve product frustrations
                                                                                  • Two in five would give a PCW access to their data
                                                                                    • Security needs to be guaranteed if brands want people to share data
                                                                                      • One PCW isn’t sufficient for research
                                                                                      • Product Research

                                                                                        • Two in three use PCWs to search for insurance…
                                                                                          • …but other financial services products lag behind
                                                                                            • Figure 26: Products researched through a price comparison website, September 2018
                                                                                          • Younger users more likely to use PCWs for more than just insurance
                                                                                            • Figure 27: Products researched through a price comparison website, by age, September 2018
                                                                                        • Purchase Activity

                                                                                          • 3 in 4 go on to purchase car insurance after researching it
                                                                                            • Figure 28: Products purchased through a price comparison website, by products researched through a price comparison website, September 2018
                                                                                        • Frustrations Using Price Comparison Websites

                                                                                          • Open Banking could help solve product frustrations
                                                                                              • Figure 29: Frustrations experienced when using a price comparison website, September 2018
                                                                                            • Faster applications times are a key selling point
                                                                                              • Non-insurance customers more likely to have experienced frustrations
                                                                                                • Figure 30: Frustrations experienced when using a price comparison website, by products researched, September 2018
                                                                                            • Data Sharing with Price Comparison Websites

                                                                                              • Two in five would give a PCW access to their data
                                                                                                  • Figure 31: Likelihood of sharing financial data with a price comparison website, September 2018
                                                                                                • Likelihood to share data is higher among younger generations
                                                                                                  • Figure 32: Likelihood of sharing financial data with a price comparison website, September 2018
                                                                                              • Important Factors When Sharing Data

                                                                                                • Users will expect sensible use of their data
                                                                                                  • Security needs to be guaranteed if brands want people to share data
                                                                                                    • Figure 33: Concerns with sharing data with a price comparison website, September 2018
                                                                                                • Attitudes towards Price Comparison Websites

                                                                                                  • One PCW isn’t sufficient for research
                                                                                                      • Figure 34: Attitudes towards price comparison websites, September 2018
                                                                                                    • Regular usage will make apps more relevant
                                                                                                      • FinTech bank marketplace models appeal to comfortable Millennials
                                                                                                          • Figure 35: Price Comparison Websites in Financial Services – CHAID – Tree output, September 2018
                                                                                                      • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                          • Abbreviations
                                                                                                            • Consumer research methodology