As a car insurance provider trying to win new customers you’re operating in a fiercely competitive marketplace. Especially if you’re competing for that business on a price comparison website.
But while some providers try to win by playing their Ace card – maybe a well-known brand with strong awareness and a keen price – others are playing a whole hand of four or five cards. That is, multiple brands or products strategically deployed and positioned to win a customer’s business.
So, if you’re asking yourself who is winning and why, part of the answer is found in watching the hands, not the cards.
The FCA’s recent market study endorsed price comparison websites as a model for fair competition and consumer choice. That means that winning in those marketplaces could be more important than ever.
Our latest research shows that nearly 20% of consumers shopping for car insurance on price comparison websites will be looking at a results page with the top 3 prices coming from the brands with the same parent company. It’s like choosing between a Magnum, Cornetto or Solero on a sunny day – each choice lead to a sale for Unilever.
In the coming weeks, through a series of articles, we will look at how brand portfolios are deployed and the advantages they offer in such highly competitive marketplaces.
We will cover these areas:
• Creating choice through product tiering and brand differentiation
• Maximising conversion potential through how brands are presented and priced
• Meeting consumer needs and compliance with IDD
Watch how the hands are played.
Market View gives you a uniquely comprehensive understanding of market pricing behaviour within the motor insurance industry. Using brand visible data, it contains actionable insight which will enable you to make informed decisions around pricing strategy, based on your current competitive position across the whole market including aggregators.
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