Insurance Aggregator websites (aka Comparison websites) enable clients to complete a single form and obtain quotes from different insurers. Quotes for all insurers are returned, and the potential client can select a quote to purchase. Alternatively, as the quotation is stored in the insurer’s system, the client can return later (say, up to 30 days) to complete the purchase.
Over the past few years, there has been a substantial increase in the number of insurance contracts concluded via the internet. The aggregators are developed with this in mind. They are marketed as the “ultimate online one-stop insurance shop, giving consumers instant and easy access to a range of insurance solutions, tailored specifically to their insurance profile". Particularly prevalent in the personal lines marketplace, aggregators are starting to develop a presence in the commercial lines marketplace. Despite aggregators having a stronger presence in some markets than others, the study finds that they play an important role in the industry and have become a significant new business source for almost half of insurers.
Some examples of these sites serving different markets, servicing the personal lines marketplace, are:
In simple terms, that's how we retrieve a quote:
Discover IT has a solution for a reliable, high-performance interface with aggregators. We developed the interface for Principle Insurance and Moneysupermarket.com, one of the United Kingdom's largest aggregators. This basic architecture will be the same for all aggregators.
The key requirements when designing that solution are:
Get in touch today for a real-life demo and start your Insurance Business Transformation!