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市場調査レポート

世界の保険業界でのオンラインアグリゲーターの台頭

Insight Report: The Rise of Online Aggregators

発行 Timetric 商品コード 307712
出版日 ページ情報 英文 38 Pages
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世界の保険業界でのオンラインアグリゲーターの台頭 Insight Report: The Rise of Online Aggregators
出版日: 2014年07月07日 ページ情報: 英文 38 Pages
概要

オンラインアグリゲーターは2002年に英国に出現して以来急成長をとげ、現在では自動車用保険の新規規約の60%、個人向け保険の50%を占めるようになりました。他の欧州諸国でもオンラインアグリゲーターは順調に成長し、さらに北米・アジア太平洋地域諸国などでも地歩と築いています。オンラインアグリゲーターの登場は世界各国(特に欧州諸国)で、個人への保険商品の方法を大幅に変更させつつあります。今後も市場拡大の傾向が続くと予想されますが、その実現のためには、新規顧客の獲得や以前からの顧客の維持、具体的には顧客中心型のサービスの提供や、スマートフォン/ソーシャルメディアへの対応などが必要となります。

当レポートでは、全世界の保険市場におけるオンラインアグリゲーターの台頭状況について分析し、オンラインアグリゲーションの技術的特性や優位性、成長促進・阻害要因、主要国市場の動向、今後の市場動向の見通しなどを調査・考察しております。

第1章 エグゼクティブ・サマリー

第2章 オンラインアグリゲーション

  • 保険のアグリゲーションの概念
  • オンラインアグリゲーションの進化
  • オンラインアグリゲーターの重要性
  • オンラインアグリゲーターが直面している課題
    • 利益率の縮小
    • 顧客ロイヤルティの喪失
    • 顧客側が直面している課題
  • オンラインアグリゲーターの影響度
    • 保険業の変革
    • 中核事業戦略への影響
    • 保険商品の販売プロセスへの影響
    • 販売促進戦略への影響

第3章 オンラインアグリゲーターの成長促進要因と課題

  • 成長促進要因
    • インターネットの普及
    • スマートフォンの拡散・活用
    • 消費者への恩恵
  • 課題
    • 架空の申請
    • 苛烈な競争
    • 顧客ロイヤルティの低さ
    • 保険商品の複雑性
    • 規制上のリスク

第4章 主要市場での傾向

  • 英国
  • 米国
  • インド

第5章 将来展望

  • オンラインアグリゲーター:次になすべきことは何か?
    • 今後の市場機会
    • 継続的な成長のための戦略
  • 保険業者・ブローカー:オンラインアグリゲーターと関係性
    • オンライン・アグリゲーターモデルの適用
    • オンライン・アグリゲーターとの競合

第6章 付録

図表一覧

目次
Product Code: IS0728MR

The report covers in-depth analysis of online aggregators market, and provides:

  • Insights into the evolution and growth of online aggregators
  • Detailed analysis of various factors driving the growth of online aggregators around the world, and different challenges faced by them
  • Comprehensive analysis of the impacts that online aggregators have on the insurance industry, and various challenges posed by them to insurers and brokers
  • Insights into online aggregators markets and trends in developed, developing and nascent aggregators' markets
  • Analysis of key strategies that should be adopted by online aggregators, and insurers and brokers

Summary

The emergence of online aggregators has revolutionized the distribution of insurance products and services. Distribution in the insurance industry has become increasingly diverse, with online aggregators, direct online sales, agencies, brokers, auction sites and mobile-based distribution. Online aggregators have enabled consumers to access multiple quotes from different insurance service providers, and their presence is spreading across the world, bringing fundamental changes to the insurance industry. This trend is likely to continue until 2020.

Online aggregators have become a growing phenomenon in the global insurance industry. Online aggregators first emerged as a marketing channel for insurance products and services in the UK insurance industry in 2002 with the launch of confused.com. After just a decade, online aggregators now account for 60% of new motor insurance policies and 50% of personal insurance lines. The growth trend is similar in other European markets such as Germany, France, Sweden, Spain, Italy, Ireland and the Netherlands. Although online aggregators are highly successful in the UK and other key European economies, they are yet to achieve similar success in other parts of the world. The American and Asia-Pacific regions provide growth opportunities for online aggregators over the next five to 10 years, and online aggregators have already established footholds in key markets such as the US, Canada, Australia, Hong Kong, Singapore, South Korea and India.

The rise of online aggregators has radically changed how personal insurance lines are marketed. Instead of aiding the sale of insurance products and services, online aggregators have now become a key competitor for insurers, and have led to price-based competition and falling profitability. Large insurers with well-established brands are the biggest losers in the online aggregator-dominated market, whereas smaller insurers are the biggest beneficiaries. Brand dilution, and falling rates of customer retention, market share and profitability are key challenges faced by leading insurers due to the emergence of online aggregators. Smaller insurers, low-cost providers and new entrants have benefitted from rising price-based competition and access to a wider customer base.

The addition of a new distribution channel for personal lines of insurance is also a direct threat to insurance brokers. Motor and home insurance in many European markets, including the UK, Germany, France and Italy, have transformed from a decades-old broker-led market to an online aggregator-led market in less than a decade. A similar trend is also expected in other key world economies in the next five to 10 years.

More than half the world's population is expected to have internet access and own smart mobile devices by 2018, and this trend is significantly changing consumer buying behavior. The ever-growing use of social media is also making customers more internet-aware, and consumers are using multiple channels to purchase insurance products, with growing numbers using online channels to make purchase decisions. Online aggregators are particularly attractive to these consumers and their changing buying behaviors. Convenience, ease of use, access to the best deals, and one-stop shopping are key factors that attract consumers to online aggregators.

Online aggregators are an easy gateway for fraudulent insurance activity, which is a key concern for insurers. Online quote generation makes it easy for customers to understand the impact of different answers on product pricing, encouraging customers to provide inaccurate information to bring prices down. This is resulting in poor underwriting performance.

The online aggregator market is highly competitive, with low entry barriers. Online aggregators face intense competition from other aggregators, other insurers, and other distribution channels such as direct sales, brokers and agencies. New communication and distribution channels such as social media and smartphone apps also offer competitive challenges.

A key success strategy for online aggregators is to increase their customer base, and retain existing customers. This can be achieved by providing customer-centric services and providing other services, such as customer assistance during the sales and indemnification processes. Online aggregators should also use technology such as smartphone apps and social media to engage with customers.

The profitability of online aggregators depends on annual customer volumes. Online aggregators' shopping windows should be interactive and customer-friendly, offering a rich experience and ensuring repeat visits. Online aggregators should focus on customer feedback to improve customers' shopping experiences, or offer complementary products, additional benefits or loyalty bonuses to ensure repeat visits.

Insurers can use the rise of online aggregators to increase sales and profitability. Offering products through online aggregators will require insurers to excel at underwriting, and offer products at the right price to remain competitive with adequate margins. Insurers will need to invest in data analytics and technical underwriting, and take advantage of the large quantities of customer data available through online aggregators, to achieve customized prices and product offerings, which are key success factors in an increasingly aggregator-dominated market.

Withdrawing from the online aggregators channel or directly competing with online aggregators are challenging positions for insurers and brokers. Long-term growth can be achieved through product innovation and branding strategies, and insurers should use technology and social media to gain a competitive advantage by strengthening distribution, improving underwriting, and strengthening customer relationships in order to successfully compete with online aggregators. Insurers also have to focus on cross-selling and up-selling to remain profitable.

Scope

  • This report covers growth opportunities for online aggregators around the world
  • The report discusses online aggregators market trends in the UK, the US and India
  • The report analyzes key long-term growth strategies for online aggregators
  • The report also analyzes key strategies that insurers and brokers should adopt to compete with online aggregators

Reasons To Buy

  • Gain insights into online aggregators markets across the world
  • Understand the growth potential of online aggregators and key growth strategies they should adopt
  • Understand various factors driving the growth of online aggregators and key challenges faced by them
  • Understand the reasons behind the dominance of online aggregators in the distribution of personal lines of insurance
  • Know various competitive strategies insurers and brokers should adopt to succeed in an aggregator-dominated market

Table of Contents

1. Executive Summary

2. The Rise of Online Aggregators

  • 2.1. The Concept of Insurance Aggregation
  • 2.2. The Evolution of Online Aggregators
  • 2.3. The Importance of Online Aggregators
  • 2.4. Challenges Posed by Online Aggregators
    • 2.4.1. Shrinking profit margins
    • 2.4.2. Loss of customer loyalty
    • 2.4.3. Issues faced by customers
  • 2.5. Impact of Online Aggregators
    • 2.5.1. Change in the insurance industry
    • 2.5.2. Impact on core business strategies
    • 2.5.3. Impact on sales process of insurance policies
    • 2.5.4. Impact on promotional strategies

3. Growth Drivers and Challenges for Online Aggregators

  • 3.1. Growth Drivers
    • 3.1.1. Internet penetration
    • 3.1.2. Smartphone penetration and apps
    • 3.1.3. Low entry barriers
    • 3.1.4. Benefits to consumers
  • 3.2. Challenges
    • 3.2.1. Fraudulent applications
    • 3.2.2. Intense competition
    • 3.2.3. Low customer loyalty
    • 3.2.4. Complexity in insurance policies
    • 3.2.5. Regulatory risks

4. Online Aggregators: Trends in Key Markets

  • 4.1. The UK
  • 4.2. The US
  • 4.3. India

5. Looking Ahead

  • 5.1. Online Aggregators: What Next?
    • 5.1.1. Opportunities ahead
    • 5.1.2. Strategies for continued growth
  • 5.2. Insurers and Brokers: Dealing with Online Aggregators
    • 5.2.1. Adapting to the online aggregator model
    • 5.2.2. Competing with online aggregators

6. Appendix

  • 6.1. Methodology
  • 6.2. Contact Timetric
  • 6.3. About Timetric
  • 6.4. Timetric's Services
  • 6.5. Disclaimer

List of Tables

  • Table 1: The Impact of Online Aggregators

List of Figures

  • Figure 1: The Pros and Cons of the Online Aggregator Model
  • Figure 2: Online Aggregators - Growth Drivers
  • Figure 3: Internet Penetration by Region, 2013-2014
  • Figure 4: Global Smartphone Subscription, 2013-2018
  • Figure 5: Why do Customers Prefer Online Aggregators?
  • Figure 6: Online Aggregators - Challenges
  • Figure 7: Marketing Suitability for Insurance Products through Online Channels
  • Figure 8: Shares of Digitally Influenced Insurance Sales in India (%), 2013
  • Figure 9: Online Insurance Market in India 2013
  • Figure 10: Online Aggregators - SWOT Analysis
  • Figure 11: Growth Strategies for Online Aggregators
  • Figure 12: Key Strategies to Compete with Online Aggregators
  • Figure 13: Use of Technology and Social Media at Various Levels of the Insurance Process
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