Last week, Gravytrain’s CEO, Kevin Taylor, talked to POSTonline.co.uk about the future of aggregators and how insurers and brokers can best build their brand among customers as, even though price is important when making purchases, it has recently been revealed that brand recognition trumps price when consumers buy via price comparison sites.
In a recent study of 2200 UK consumers, we found that 35% bought from brands they recognised and trust, while just 20% bought from whoever offered the lowest quote.
The research also showed that those who targeted the over 55s, particularly needed to focus on building brand awareness, as 43% of the over 55s buy from brands they trust.
The study revealed that 69% of consumers were likely to select one insurer over another on a price comparison site, if there were added extras such as the opportunity to pay in instalments and free legal advice, which shows that having the lowest price seems even less important.
Kevin concludes that to drive brand awareness, it’s vital that brokers and insurers invest in targeted multi-channel marketing activity. For example, through search marketing, radio ads, social media or direct mail, which will be more successful than just investing money on an aggregator presence.
Kevin says, “What is important is that insurers and brokers understand what consumers look for from suppliers on these sites. Today, it seems this is more than just a low price; it is a trusted brand that offers them added value.”
If you are a POSTonline subscriber, you can read the full article on POSTonline.co.uk.