2. Introduction
A new study* of UK consumers’ insurance buying habits has suggested that local
brokers are missing out on huge opportunities to attract online sales.
Over two-thirds of Brits (70%) say buy their insurance online, with price comparison
sites accounting for 44% of sales.
14% say they buy via a cashback site while just over one in five people (12%) use an
online broker to buy their cover.
When asked why they didn’t use their local broker, nearly half said they felt it was
cheaper to buy via a price comparison site (44%) even though most brokers will have
local deal price matching or even a bettering of like-for-like pricing online.
Nearly third of people surveyed also said they didn’t know who their local broker was.
*Independent research carried out on behalf of Speedie Consultants by Google Surveys, December 2014
Web: http://www.speedieconsulting.co.uk
Email: jason@speediepr.co.uk Tel: 01843 831088
3. How do you normally buy your home, pet, motor or other insurance?
On the telephone
12%
Web: http://www.speedieconsulting.co.uk
Email: jason@speediepr.co.uk Tel: 01843 831088
Online via a price
comparison site
44%
Online via a
cashback site
14%
Online via a
broker
12%
In Office / Shop
12%
Bank / Don't buy
6%
4. If you buy your insurance online, what device do you use?
Don’t buy
8%
Web: http://www.speedieconsulting.co.uk
Email: jason@speediepr.co.uk Tel: 01843 831088
PC
76%
Tablet
12%
Smartphone
4%
5. If you do not buy your insurance via a broker, what stops you?
Web: http://www.speedieconsulting.co.uk
Email: jason@speediepr.co.uk Tel: 01843 831088
Cheaper via
Comparison Site
44%
I don’t know who
they are
30%
Cannot buy online
via their website
12%
Cheaper to go via
Cashback site
10%
I use my bank /
Local office
4%
6. What influences the insurance you buy?
Web: http://www.speedieconsulting.co.uk
Email: jason@speediepr.co.uk Tel: 01843 831088
Price
Quality of Cover 54%
24%
Ease of Purchase
8%
Cashback /
Discount
8%
Combination
of Factors
6%
7. Summary
Jason Hulott, from Speedie Consultants, the digital marketing specialists who
commissioned the survey, said: “We have worked with both price comparison sites
and local insurance brokers and, to me, it seems that price comparison sites are only
better marketers. Pound for pound in their local area a broker can compete, but they
are not making themselves known in their area on price.
“It is time the local broker started to look at their marketing efforts in order to
compete locally – online is a great way to attract local customers using regional and
geographic targeting, and by engaging with social media”.
Mr. Hulott adds that the study also revealed that 76% of people use a desktop
computer to buy insurance, suggesting that mobile transactions growth in other
products has not yet translated into insurance sales – only 4% of those questioned
used their smartphone to buy insurance.
Web: http://www.speedieconsulting.co.uk
Email: jason@speediepr.co.uk Tel: 01843 831088