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How the rise of financial services aggregators will affect the insurance industry
 

How the rise of financial services aggregators will affect the insurance industry

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A look at how the rise of online price comparison sites for the financial services industry could impact the UK insurance industry.

A look at how the rise of online price comparison sites for the financial services industry could impact the UK insurance industry.

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How the rise of financial services aggregators will affect the insurance industry How the rise of financial services aggregators will affect the insurance industry Presentation Transcript

  • The Rise of Aggregators What are the implications? Jamie Riddell Director [email_address]
  • Introduction: Cheeze particulars…
    • Part of Digital Marketing Group plc
    • Offices in London & Ipswich
    • Turnover of £14 million in 2007
    • 35 employees
    • IPA, DMA & SEMPO Accredited
  • A brief history of online aggregators
    • Moneysupermarket is one of the oldest aggregators online and launched “.com” in 1999
    • Travelsupermarket was launched in 2004
    • Increased presence, investment and development since 2006
    • Heavy TV advertising pushing ‘convenience’, ‘speed’ and ‘one-stop-shop’
    • Proprietary technology has advanced and XML schema’s are being rolled out across all sectors
  • Aggregator Traffic
  • Why are they popular?
  • How can you feature? Banners Text Link Sponsorship Button
  • XML Feed Placements (Home, Motor)
  • Why do we use aggregators? Volume Brand Media Mix Account -ability Control
  • Volume = mass market access 2,772,000 U/A Source: Neilsen Netratings September 2008 726,000 U/A 978,000 U/A 312,000 U/A Be ‘bigger’ than you are Take advantage of their advertising Gain access to ‘pre qualified’ audience Benefit from repeat visitors Cross sell!
  • Aggregators allow you to build your brand Source: Neilsen Netratings September 2008 Take advantage of ‘ walled garden’ product areas Chose which products are shown Chose where you are shown Appear in their TV campaigns ‘ Out-shout’ your competition Begin a relationship through CRM
  • Aggregators are accountable Accountability Reporting packages offered to suit budget & brief Integrate aggregator tracking within your current online campaigns Better understand length and path of customer journey Data supplied direct to you/your Call centre Third party adserving accepted Track through to purchase Track through to ROI Data not opinion
  • Aggregators can form an integral part of your Media Mix Aggregator Direct Online Marketing: Search Online Branding Display Advertising Offline Marketing: Affiliates Search Engine Optimisation ‘ Natural traffic’
  • Aggregators offer control over pricing Chose the aggregator(s) you want to use
    • Pricing models:
    • CPA
    • CPC
    • Tenancy
    • CPM
    • Sponsorship
    Negotiate six month/ 1 year deals
  • Implications Positive Negative There is a “partner benefit” from the mass brand awareness of aggregators Sustain your Paid & Natural search
    • Are you paying for the same customer twice? (common theory)
    • Aggregator
    • Conversion through PPC
    • But, do the maths! Positive ROI
  • Implications Positive Negative Aggregator deals are negotiable Fix your CPA deal and manage your PPC campaigns/costs Your position on an aggregator site may not reflect what your feel is your brand position in the marketplace.
  • Implications Positive Negative Your presence on an aggregator site could help boost your brand credibility Price competition means service & value offer play a small part in the decision making process.
  • What does this mean for insurers?
    • However:
    • Risk of over-dependency
    • Their contractual terms can be aggressive
    • Their IT requirements can be expensive & demanding
    • Aggregator sales team service levels are (generally) poor
    Who can afford to miss out on 2.7m unique users?
  • Implications
    • Benefits currently outweigh drawbacks
    • Commercial and Personal products can all benefit from an aggregator presence
    • We need to understand them to use them properly
    • We need to be prepared for them to ‘disappear’, are you over-reliant on them for sales?
    • They must be part of a mixed media schedule
  • The Future
    • Online sales will continue to grow – whether direct or via paid advertising
    • Aggregators spend a significant amount to attract their customers, & if this spend declines, will their traffic follow?
    • Use their success to develop your own site – customers want an easy quote process & a good price !
    Growth Service 5 Star Rating New Aggregators? Plateau for MSM?
  • Online drives the whole market Source: PricewaterhouseCoopers / Internet Advertising Bureau, The Advertising Association / WARC: WARC estimate for directories. Year on year growth for 2007 Total advertising market growth = 4.3%
  • Any Questions? www.cheeze.com